Hanover Insurance Correlations

THGI34 Stock

460.00 0.00 0.00%

The current 90-days correlation between Hanover Insurance and Take Two Interactive Software is -0.11 (i.e., Good diversification). The correlation of Hanover Insurance 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.

Hanover Insurance Correlation With Market

Significant diversification

The correlation between The Hanover Insurance and DJI is 0.01 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding The Hanover Insurance and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Hanover Stock

0.76	TSMC34	Taiwan Semiconductor	Pair Corr
0.65	MSFT34	Microsoft	Pair Corr
0.62	AMZO34	Amazon Inc	Pair Corr

Moving against Hanover Stock

0.81	BERK34	Berkshire Hathaway	Pair Corr
0.7	BABA34	Alibaba Group Holding	Pair Corr
0.51	B1SA34	Banco Santander Chile	Pair Corr

Related Correlations Analysis

	T1TW34	SSFO34	U1AL34	U1RI34	CHCM34	LEVE3	AALL34	TRAD3
T1TW34		0.1	0.39	0.59	0.48	0.13	0.42	0.03	T1TW34
SSFO34	0.1		0.03	-0.03	0.68	-0.1	0.31	0.05	SSFO34
U1AL34	0.39	0.03		0.83	0.4	0.31	0.9	0.38	U1AL34
U1RI34	0.59	-0.03	0.83		0.43	0.26	0.82	0.25	U1RI34
CHCM34	0.48	0.68	0.4	0.43		0.27	0.64	0.24	CHCM34
LEVE3	0.13	-0.1	0.31	0.26	0.27		0.32	0.65	LEVE3
AALL34	0.42	0.31	0.9	0.82	0.64	0.32		0.43	AALL34
TRAD3	0.03	0.05	0.38	0.25	0.24	0.65	0.43		TRAD3
	T1TW34	SSFO34	U1AL34	U1RI34	CHCM34	LEVE3	AALL34	TRAD3

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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

AALL34	+ 0.9	U1AL34
U1RI34	+ 0.83	U1AL34
AALL34	+ 0.82	U1RI34
CHCM34	+ 0.68	SSFO34
TRAD3	+ 0.65	LEVE3
AALL34	+ 0.64	CHCM34

High negative correlations

LEVE3	- 0.1	SSFO34
U1RI34	- 0.03	SSFO34

Risk-Adjusted Indicators

There is a big difference between Hanover Stock performing well and Hanover Insurance 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 Hanover Insurance'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
T1TW34	1.35	(0.08)	(0.06)	0.04	1.68	(1.44)	3.09	(2.76)	8.81
SSFO34	1.80	(0.08)	(0.05)	(0.01)	2.39	(1.86)	4.76	(4.98)	11.73
U1AL34	2.32	0.49	0.12	(5.43)	2.39	(2.87)	4.58	(4.43)	21.97
U1RI34	1.72	0.36	0.13	1.10	1.71	(1.84)	4.99	(3.45)	14.67
CHCM34	1.82	(0.02)	0.00	0.12	2.27	(2.08)	3.56	(3.93)	18.21
LEVE3	1.11	0.04	(0.08)	(0.27)	1.22	(1.22)	3.23	(2.19)	7.35
AALL34	2.23	0.34	0.07	2.18	2.77	(2.28)	4.76	(4.61)	21.85
TRAD3	3.35	0.25	0.01	(0.41)	3.85	(3.65)	6.67	(7.30)	22.36

Hanover Insurance Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with Hanover Insurance stock to make a market-neutral strategy. Peer analysis of Hanover Insurance could also be used in its relative valuation, which is a method of valuing Hanover Insurance by comparing valuation metrics with similar companies.

Take Two Interactive Software salesforce inc United Airlines Holdings United Rentals Charter Communications MAHLE Metal Leve American Airlines Group TC Traders Club American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup SentinelOne CVS Health Corp

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