MODIVCARE INC Correlations

PRF0 Stock

EUR 2.52 0.12 5.00%

The current 90-days correlation between MODIVCARE INC DL and Option Care Health is 0.15 (i.e., Average diversification). The correlation of MODIVCARE INC 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.

MODIVCARE INC Correlation With Market

Average diversification

The correlation between MODIVCARE INC DL 001 and DJI is 0.14 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding MODIVCARE INC DL 001 and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to MODIVCARE INC could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace MODIVCARE INC 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 MODIVCARE INC - 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 MODIVCARE INC DL 001 to buy it.

Moving together with MODIVCARE Stock

0.75	0NR	UNIPHAR PLC EO	Pair Corr
0.71	TEY	Teradyne	Pair Corr
0.74	FA2	FORWARD AIR P	Pair Corr
0.84	F1YN	Lundin Gold	Pair Corr
0.76	JOT	ELEKTROBIT	Pair Corr
0.69	AG8	AGILENT TECH	Pair Corr

Moving against MODIVCARE Stock

0.94	03F	IDP EDUCATION LTD	Pair Corr
0.68	MM6A	Option Care Health	Pair Corr
0.47	DBPD	Xtrackers ShortDAX	Pair Corr

Related Correlations Analysis

	8ZN	FRE	FME	SAB	MM6A	50I	PRF0	0NR
8ZN		0.52	0.52	0.67	-0.45	0.43	0.47	0.72	8ZN
FRE	0.52		0.86	0.67	-0.07	0.66	0.48	0.77	FRE
FME	0.52	0.86		0.68	0.15	0.66	0.13	0.63	FME
SAB	0.67	0.67	0.68		-0.06	0.51	0.26	0.6	SAB
MM6A	-0.45	-0.07	0.15	-0.06		-0.03	-0.68	-0.45	MM6A
50I	0.43	0.66	0.66	0.51	-0.03		0.19	0.46	50I
PRF0	0.47	0.48	0.13	0.26	-0.68	0.19		0.75	PRF0
0NR	0.72	0.77	0.63	0.6	-0.45	0.46	0.75		0NR
	8ZN	FRE	FME	SAB	MM6A	50I	PRF0	0NR

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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

FME	+ 0.86	FRE
0NR	+ 0.77	FRE
0NR	+ 0.75	PRF0
0NR	+ 0.72	8ZN
SAB	+ 0.68	FME
SAB	+ 0.67	8ZN

High negative correlations

PRF0	- 0.68	MM6A
0NR	- 0.45	MM6A
MM6A	- 0.45	8ZN
MM6A	- 0.07	FRE
MM6A	- 0.06	SAB
50I	- 0.03	MM6A

Risk-Adjusted Indicators

There is a big difference between MODIVCARE Stock performing well and MODIVCARE INC 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 MODIVCARE INC'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
8ZN	1.80	0.47	0.14	(1.86)	1.72	(2.24)	3.67	(3.23)	9.03
FRE	0.87	0.07	(0.03)	0.43	0.92	(0.95)	1.97	(1.38)	4.56
FME	1.17	0.02	(0.02)	0.16	1.54	(1.20)	2.62	(1.76)	9.65
SAB	0.96	0.12	0.00	3.50	1.10	(1.06)	2.09	(2.40)	7.12
MM6A	1.67	(0.14)	0.00	(0.74)	0.00	0.00	3.73	(4.83)	9.80
50I	2.72	0.12	0.01	0.54	3.66	(3.06)	9.62	(6.59)	22.02
PRF0	10.13	2.56	0.33	1.07	6.73	(15.03)	42.67	(14.29)	111.16
0NR	1.89	0.49	0.14	(5.68)	1.97	(2.16)	4.53	(3.24)	10.13

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Our tools can tell you how much better you can do entering a position in MODIVCARE INC 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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