ATX Correlations

ATX
 Index
  

 2,797  17.23  0.61%   

The correlation of ATX is a statistical measure of how it moves in relation to other equities. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as ATX moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if ATX moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Check out Your Current Watchlist.
The ability to find closely correlated positions to ATX could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace ATX 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 ATX - 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 ATX to buy it.

Moving together with ATX

+0.72AMZNAMAZON COM INCPairCorr
+0.82SXXSouth East EuropePairCorr

Related Correlations

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Correlation Matchups

The Correlation Coefficient is a useful tool to identify correlated or non-correlated securities, which is essential in developing a diversified portfolio. It tells us the relationship between two positions you have in your portfolio or considering acquiring. Over a given time period, the two securities movetogether 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   
  
High negative correlations   
MRKUBER
TUBER
TTWTR
XOMT
XOMMRK
MRKTWTR

ATX Competition Risk-Adjusted Indicators

Nowadays, there is a big difference between ATX Index performing well and ATX index doing well compared to the competition. There are way too many exceptions to the normal that investors can tell for sure what's good or bad unless they analyze ATX's multiple risk-adjusted performance indicators. 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
Information
Ratio
Expected
Shortfall
Potential
Upside
Value
At Risk
Maximum
Drawdown
TWTR 2.04  0.54  0.17  0.44  2.43  0.14 (2.14)  4.32 (2.97)  15.22 
MSFT 1.37 (0.03)  0.00 (0.06)  0.00 (0.019)  0.00  2.85 (2.94)  12.18 
UBER 2.80  0.51  0.15  0.35  2.76  0.12 (3.00)  5.77 (5.13)  25.11 
F 2.34  0.28  0.08  0.11  3.13  0.08 (2.55)  5.27 (5.04)  18.47 
T 1.04 (0.40)  0.00 (0.61)  0.00 (0.26)  0.00  1.32 (2.33)  8.93 
A 1.68  0.21  0.11  0.12  1.74  0.09 (2.02)  3.97 (3.13)  11.70 
CRM 1.97 (0.07)  0.00 (0.09)  0.00 (0.0365)  0.00  3.94 (3.96)  10.76 
JPM 1.42  0.02  0.00 (0.02)  0.00  0.0069  0.00  3.03 (2.88)  8.06 
MRK 0.86 (0.06)  0.00 (0.19)  0.00 (0.0328)  0.00  1.66 (1.87)  4.57 
XOM 1.78  0.28  0.14  0.28  1.90  0.13 (2.04)  4.04 (3.24)  9.95 

Did you try this?

Run Portfolio File Import Now

   

Portfolio File Import

Quickly import all of your third-party portfolios from your local drive in csv format
All  Next Launch Module

ATX Distribution of Returns

   Predicted Return Density   
       Returns  
ATX's volatility is measured either by using standard deviation or beta. Standard deviation will reflect the average amount of how atx index's price will differ from the mean after some time.To get its calculation, you should first determine the mean price during the specified period then subtract that from each price point.

What Drives an ATX Price Volatility?

Several factors can influence a Index's stock volatility:

Industry

Specific events can influence volatility within a particular industry. For instance, a significant weather upheaval in a crucial oil-production site may cause oil prices to increase in the oil sector. The direct result will be the rise in the stock price of oil distribution companies. Similarly, any government regulation in a specific industry could negatively influence stock prices due to increased regulations on compliance that may impact the company's future earnings and growth.

Political and Economic environment

When governments make significant decisions regarding trade agreements, policies, and legislation regarding specific industries, they will influence stock prices. Everything from speeches to elections may influence investors, who can directly influence the stock prices in any particular industry. The prevailing economic situation also plays a significant role in stock prices. When the economy is doing well, investors will have a positive reaction and hence, better stock prices and vice versa.

The Company's Performance

Sometimes volatility will only affect an individual company. For example, a revolutionary product launch or strong earnings report may attract many investors to purchase the company. This positive attention will raise the company's stock price. In contrast, product recalls and data breaches may negatively influence a company's stock prices.

ATX Against Global Markets

Submit ATX Story

Become Macroaxis ATX Contributor

Submit your story or your unique perspective on ATX and reach a very diverse and influential demographic landscape united by one goal - building optimal portfolios
Submit Macroaxis Story
Submit ATX Story  
Check out Your Current Watchlist. You can also try Transaction History module to view history of all your transactions and understand their impact on performance.

Other Tools for ATX Index

When running ATX price analysis, check to measure ATX's market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy ATX is operating at the current time. Most of ATX's value examination focuses on studying past and present price action to predict the probability of ATX's future price movements. You can analyze the entity against its peers and financial market as a whole to determine factors that move ATX's price. Additionally, you may evaluate how the addition of ATX to your portfolios can decrease your overall portfolio volatility.
Transaction History
View history of all your transactions and understand their impact on performance
Go
Aroon Oscillator
Analyze current equity momentum using Aroon Oscillator and other momentum ratios
Go
Bond Directory
Find actively traded corporate debentures issued by US companies
Go
Correlation Analysis
Reduce portfolio risk simply by holding instruments which are not perfectly correlated
Go
Idea Analyzer
Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas
Go
Equity Forecasting
Use basic forecasting models to generate price predictions and determine price momentum
Go