PARTS SOURCE Correlations

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

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   
BGFVBBBY
BGFVBARK
BBBYBARK
BBYAAN
BGFVBBY
BBYBARK
  
High negative correlations   
MREOBBW
MREOAAN
MREOBBY
MREOAAP
MREOBARK
BBWBBBY

PARTS SOURCE Competition Risk-Adjusted Indicators

Nowadays, there is a big difference between PARTS SOURCE stock performing well and PARTS SOURCE company 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 PARTS SOURCE'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
AAN 2.39 (0.35)  0.00 (0.49)  0.00 (0.13)  0.00  4.69 (5.34)  14.12 
AAP 1.87 (0.05)  0.00 (0.24)  0.00 (0.026)  0.00  3.02 (4.66)  13.49 
ASO 3.11  0.44  0.06  0.03  3.88  0.06 (3.48)  8.82 (5.45)  22.10 
AZO 1.84  0.30  0.10  0.13  3.10  0.12 (1.68)  3.27 (3.97)  13.46 
BARK 4.63 (1.16)  0.00 (0.70)  0.00 (0.25)  0.00  8.46 (10.13)  25.57 
BBBY 4.46 (2.03)  0.00 (1.52)  0.00 (0.36)  0.00  8.08 (9.94)  32.56 
BBW 3.22  0.23  0.00 (0.04)  0.00  0.033  0.00  6.04 (5.81)  20.85 
BBY 2.33 (0.26)  0.00 (0.38)  0.00 (0.11)  0.00  4.31 (5.58)  14.91 
BGFV 2.93 (0.35)  0.00 (0.45)  0.00 (0.11)  0.00  4.88 (6.08)  18.67 
MREO 7.74  0.70  0.07  0.34  9.02  0.05 (10.28)  14.55 (17.04)  76.70 

View Currently 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 PARTS SOURCE stock to make a market-neutral strategy. Peer analysis of PARTS SOURCE could also be used in its relative valuation, which is a method of valuing PARTS SOURCE by comparing valuation metrics with similar companies.

Investing PARTS SOURCE INC

You need to understand the risk of investing before taking a position in PARTS SOURCE. The danger of trading PARTS SOURCE INC is mainly related to its market volatility and company specific events. As an investor, you must understand the concept of risk-adjusted return before you start trading. The most common way to measure the risk of PARTS SOURCE is by using the Sharpe ratio. The ratio expresses how much excess return you acquire for the extra volatility you endure for holding a more risker asset than PARTS SOURCE. The Shape ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile PARTS SOURCE INC is, you must compare it to a benchmark. Traditionally, the risk-free rate of return is the rate of return on the shortest-dated U.S. Treasury, such as a 3-year bond.
Check out Trending Equities. Note that the PARTS SOURCE INC information on this page should be used as a complementary analysis to other PARTS SOURCE'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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.

Other Tools for PARTS Stock

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