Wesfarmers Correlations

WFAFY Stock

USD 27.35 0.06 0.22%

The current 90-days correlation between Wesfarmers ADR and Commonwealth Bank of is 0.12 (i.e., Average diversification). The correlation of Wesfarmers 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Wesfarmers Correlation With Market

Average diversification

The correlation between Wesfarmers Ltd ADR and DJI is 0.16 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Wesfarmers Ltd ADR and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Wesfarmers Pink Sheet

0.66	WFAFF	Wesfarmers Limited	Pair Corr
0.9	PYPL	PayPal Holdings Earnings Call This Week	Pair Corr
0.81	AA	Alcoa Corp	Pair Corr
0.88	CRS	Carpenter Technology	Pair Corr
0.71	SGI	Somnigroup International Symbol Change	Pair Corr
0.93	META	Meta Platforms Earnings Call This Week	Pair Corr
0.74	DDC	DDC Enterprise Upward Rally	Pair Corr
0.73	KKR	KKR Co LP Normal Trading	Pair Corr
0.73	PSIX	Power Solutions Inte Downward Rally	Pair Corr
0.72	BP	BP PLC ADR	Pair Corr
0.85	NVDA	NVIDIA	Pair Corr
0.9	PINS	Pinterest Aggressive Push	Pair Corr
0.69	RMSYF	Ramsay Health Care	Pair Corr
0.78	BLK	BlackRock	Pair Corr

Moving against Wesfarmers Pink Sheet

0.62	CNCK	Coincheck Group NV	Pair Corr
0.37	574599BR6	MAS 3125 15	Pair Corr
0.33	PMN	ProMIS Neurosciences	Pair Corr
0.37	15135UAP4	Cenovus Energy 525	Pair Corr

Related Correlations Analysis

	FND	HVT	CMWAY	VCISY	SAXPY	BXBLY	OVCHY
FND		0.82	0.39	0.49	0.59	0.44	0.64	FND
HVT	0.82		0.66	0.78	0.85	0.76	0.8	HVT
CMWAY	0.39	0.66		0.74	0.72	0.92	0.68	CMWAY
VCISY	0.49	0.78	0.74		0.87	0.74	0.71	VCISY
SAXPY	0.59	0.85	0.72	0.87		0.83	0.84	SAXPY
BXBLY	0.44	0.76	0.92	0.74	0.83		0.78	BXBLY
OVCHY	0.64	0.8	0.68	0.71	0.84	0.78		OVCHY
	FND	HVT	CMWAY	VCISY	SAXPY	BXBLY	OVCHY

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Risk-Adjusted Indicators

There is a big difference between Wesfarmers Pink Sheet performing well and Wesfarmers 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 Wesfarmers' 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
FND	1.97	0.22	(0.02)	(0.22)	2.16	(2.38)	4.42	(4.33)	17.27
HVT	1.81	0.40	0.08	(0.83)	1.71	(2.24)	4.61	(3.72)	14.94
CMWAY	1.25	0.08	0.01	0.29	1.44	(1.27)	1.95	(2.11)	10.53
VCISY	0.84	0.09	(0.03)	0.54	0.92	(0.96)	1.79	(1.64)	6.12
SAXPY	0.72	0.19	0.06	1.18	0.64	(0.84)	2.25	(1.47)	4.95
BXBLY	0.99	0.13	0.04	0.42	1.09	(1.19)	2.33	(1.86)	7.80
OVCHY	1.14	0.22	0.04	2.12	1.46	(1.17)	3.11	(2.70)	9.31

Be your own money manager

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