Magna International Correlations

MGA Stock

EUR 32.87 0.21 0.64%

The current 90-days correlation between Magna International and Kingdee International Software is 0.28 (i.e., Modest diversification). The correlation of Magna International is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Magna International Correlation With Market

Very weak diversification

The correlation between Magna International and DJI is 0.42 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Magna International and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Magna International could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Magna International when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Magna International - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Magna International to buy it.

Moving together with Magna Stock

0.72	DNO	Dno ASA	Pair Corr
0.65	DNOA	DENSO P ADR	Pair Corr
0.79	CON	Continental Aktiengesellscha	Pair Corr
0.76	CON	Continental Aktiengesellscha	Pair Corr
0.7	BBZA	BB Biotech AG	Pair Corr
0.75	BBZA	BB Biotech AG	Pair Corr
0.78	TCO2	TESCO PLC ADR1	Pair Corr
0.77	XV7	SERESCO 16	Pair Corr
0.91	SCQA	Scotts Miracle-Gro	Pair Corr
0.81	NEFA	NESTE OYJ UNSPADR	Pair Corr
0.79	9EE	ZINZINO AB B	Pair Corr
0.76	1XV	Axway Software SA	Pair Corr
0.7	3N7A	NEW PACIFIC METALS	Pair Corr
0.68	BC7	BLOCKCHAIN GRP SA	Pair Corr
0.9	VWSB	Vestas Wind Systems	Pair Corr
0.87	WDC	WESTERN DIGITAL	Pair Corr
0.81	ARW	Arrow Electronics	Pair Corr
0.76	39M	Moneysupermarket	Pair Corr
0.84	LGA	LG Display	Pair Corr
0.84	E908	Lyxor 1	Pair Corr
0.8	DBPE	Xtrackers LevDAX	Pair Corr

Moving against Magna Stock

0.77

DBPD

Xtrackers ShortDAX

Pair Corr

Related Correlations Analysis

	KDIC	AOF	TG9	PSAN	A9F	VTE1	0GS	MWJ
KDIC		0.41	0.35	0.39	0.38	0.44	0.52	0.06	KDIC
AOF	0.41		0.36	0.69	0.45	-0.1	0.78	0.39	AOF
TG9	0.35	0.36		0.71	0.84	0.51	0.56	0.37	TG9
PSAN	0.39	0.69	0.71		0.87	0.36	0.68	0.31	PSAN
A9F	0.38	0.45	0.84	0.87		0.5	0.66	0.41	A9F
VTE1	0.44	-0.1	0.51	0.36	0.5		0.11	-0.07	VTE1
0GS	0.52	0.78	0.56	0.68	0.66	0.11		0.6	0GS
MWJ	0.06	0.39	0.37	0.31	0.41	-0.07	0.6		MWJ
	KDIC	AOF	TG9	PSAN	A9F	VTE1	0GS	MWJ

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

A9F	+ 0.87	PSAN
A9F	+ 0.84	TG9
0GS	+ 0.78	AOF
PSAN	+ 0.71	TG9
PSAN	+ 0.69	AOF
0GS	+ 0.68	PSAN

High negative correlations

VTE1	- 0.1	AOF
MWJ	- 0.07	VTE1

Risk-Adjusted Indicators

There is a big difference between Magna Stock performing well and Magna International Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Magna International's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
KDIC	2.96	0.22	0.05	0.42	3.61	(3.63)	7.38	(3.97)	21.48
AOF	1.39	0.13	0.06	0.23	1.62	(1.48)	3.32	(3.36)	12.06
TG9	1.58	0.01	(0.02)	0.02	2.17	(1.86)	3.57	(4.03)	11.30
PSAN	2.22	0.18	0.05	(5.68)	2.44	(2.47)	6.25	(3.91)	17.12
A9F	1.46	(0.01)	0.00	0.15	0.00	0.00	4.50	(3.55)	10.15
VTE1	1.86	(0.08)	0.00	(1.05)	0.00	0.00	4.29	(3.57)	13.24
0GS	2.17	0.18	0.05	0.61	2.63	(2.67)	7.69	(4.78)	20.16
MWJ	3.13	0.39	0.08	0.95	3.37	(4.72)	10.00	(6.52)	42.68

Be your own money manager

Our tools can tell you how much better you can do entering a position in Magna International without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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