Nasdaq Correlations

IXIC
 Index
  

 11,178  3.65  0.0326%   

The correlation of Nasdaq 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 Nasdaq moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Nasdaq 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.
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The ability to find closely correlated positions to Nasdaq could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Nasdaq 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 Nasdaq - 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 Nasdaq to buy it.

Moving together with Nasdaq

0.96AAPLApple Inc Fiscal Year End 27th of October 2022 PairCorr
0.96MSFTMicrosoft Corp Fiscal Year End 26th of July 2022 PairCorr
0.95GOOGAlphabet Cl CPairCorr
0.9BRK-ABerkshire HathawayPairCorr
0.82FBMeta Platforms OldPairCorr
0.73UNHUnitedhealth GroupPairCorr
0.93DJIDOWPairCorr
0.97GSPCSP 500PairCorr
0.9NYANYSEPairCorr

Moving against Nasdaq

0.68ATASYAtlantia Spa ADRPairCorr
0.66MRKMerck CompanyPairCorr
0.64BMYMPBristol Myer SquiPairCorr
0.64BYDDYByd CompanyPairCorr
0.63BYDDFByd Ltd HPairCorr
0.62SIGASiga TechnologiesPairCorr

Related Correlations

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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   
FUBER
FMSFT
UBERMSFT
JPMA
CRMMSFT
JPMMSFT
  
High negative correlations   
TUBER
MRKUBER
MRKF
TMSFT
MRKCRM
CRMT

Nasdaq Competition Risk-Adjusted Indicators

Nowadays, there is a big difference between Nasdaq stock performing well and Nasdaq 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 Nasdaq'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 2.84  0.15  0.06  0.10  3.55  0.05 (2.99)  5.66 (5.40)  36.79 
MSFT 1.94  0.04  0.00 (0.15)  0.00 (0.0155)  0.00  2.97 (4.24)  9.36 
UBER 3.38 (0.29)  0.00 (0.33)  0.00 (0.11)  0.00  6.55 (7.19)  18.56 
F 2.44 (0.21)  0.00 (0.31)  0.00 (0.10)  0.00  3.89 (5.54)  16.83 
T 1.29  0.37  0.26  0.39  1.38  0.24 (1.47)  2.99 (2.47)  12.17 
A 1.99  0.03  0.00 (0.15)  0.00 (0.0062)  0.00  3.19 (3.50)  9.77 
CRM 2.65  0.03  0.00 (0.16)  0.00 (0.0291)  0.00  6.33 (5.28)  16.84 
JPM 1.43 (0.11)  0.00 (0.29)  0.00 (0.06)  0.00  2.98 (3.00)  10.78 
MRK 1.05  0.29  0.34  0.42  0.95  0.28 (1.23)  2.16 (1.65)  7.61 
XOM 1.94  0.24  0.09  0.10  2.91  0.11 (1.70)  3.03 (3.96)  11.86 

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Nasdaq Distribution of Returns

 Predicted Return Density 
      Returns 
Nasdaq's volatility is measured either by using standard deviation or beta. Standard deviation will reflect the average amount of how Nasdaq stock'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 a Company's Stock Price Volatility?

Several factors can influence a company'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.

Nasdaq Against Global Markets

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Check out Your Current Watchlist. Note that the Nasdaq information on this page should be used as a complementary analysis to other Nasdaq's statistical models used to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.

Other Tools for Nasdaq Index

When running Nasdaq price analysis, check to measure Nasdaq'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 Nasdaq is operating at the current time. Most of Nasdaq's value examination focuses on studying past and present price action to predict the probability of Nasdaq's future price movements. You can analyze the entity against its peers and financial market as a whole to determine factors that move Nasdaq's price. Additionally, you may evaluate how the addition of Nasdaq to your portfolios can decrease your overall portfolio volatility.
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