JD SPORTS Correlations

9JD Stock

0.87 0.05 5.43%

The correlation of JD SPORTS 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.

JD SPORTS Correlation With Market

Average diversification

The correlation between JD SPORTS FASH and DJI is 0.1 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding JD SPORTS FASH and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against 9JD Stock

0.42	S0V	Seaboard	Pair Corr
0.31	FR70	FAST RETAIL ADR	Pair Corr
0.53	CID	Companhia Energtica	Pair Corr
0.51	LL0	HOVE AS DK	Pair Corr
0.38	ICA	Orica	Pair Corr
0.37	HBC2	HSBC Holdings plc	Pair Corr
0.36	LLD2	Lloyds Banking Group	Pair Corr

Related Correlations Analysis

	9B7	2DG	6HW	RS6	3RKU	MEL	HEI	ITB	N4Q1
9B7		0.1	0.09	0.12	-0.02	0.13	0.12	-0.06	-0.23	9B7
2DG	0.1		-0.17	0.02	-0.36	-0.06	-0.15	-0.29	-0.1	2DG
6HW	0.09	-0.17		-0.4	0.27	-0.21	0.24	-0.27	-0.03	6HW
RS6	0.12	0.02	-0.4		-0.16	0.8	0.28	0.44	-0.61	RS6
3RKU	-0.02	-0.36	0.27	-0.16		0.05	0.31	0.15	-0.12	3RKU
MEL	0.13	-0.06	-0.21	0.8	0.05		0.28	0.39	-0.74	MEL
HEI	0.12	-0.15	0.24	0.28	0.31	0.28		0.26	-0.45	HEI
ITB	-0.06	-0.29	-0.27	0.44	0.15	0.39	0.26		-0.16	ITB
N4Q1	-0.23	-0.1	-0.03	-0.61	-0.12	-0.74	-0.45	-0.16		N4Q1
	9B7	2DG	6HW	RS6	3RKU	MEL	HEI	ITB	N4Q1

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

MEL	+ 0.8	RS6
ITB	+ 0.44	RS6
ITB	+ 0.39	MEL
HEI	+ 0.31	3RKU
HEI	+ 0.28	RS6
HEI	+ 0.28	MEL

High negative correlations

N4Q1	- 0.74	MEL
N4Q1	- 0.61	RS6
N4Q1	- 0.45	HEI
RS6	- 0.4	6HW
3RKU	- 0.36	2DG
ITB	- 0.29	2DG

Risk-Adjusted Indicators

There is a big difference between 9JD Stock performing well and JD SPORTS 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 JD SPORTS'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
9B7	4.09	(2.10)	0.00	2.72	0.00	0.00	1.57	(2.31)	137.32
2DG	3.19	0.20	0.02	(0.17)	3.78	(5.71)	9.09	(5.88)	27.01
6HW	0.30	(0.02)	0.00	0.10	0.00	0.00	1.43	(0.59)	7.07
RS6	1.04	(0.08)	0.00	0.37	0.00	0.00	1.97	(2.53)	6.14
3RKU	4.19	0.51	0.04	(0.27)	8.57	(5.77)	7.14	(5.98)	88.58
MEL	0.96	(0.19)	0.00	1.28	0.00	0.00	1.75	(1.94)	5.41
HEI	1.40	0.06	(0.01)	(0.04)	1.55	(1.69)	3.31	(2.64)	8.08
ITB	0.80	0.03	(0.02)	1.52	0.95	(0.79)	1.56	(1.43)	4.11
N4Q1	1.21	0.20	0.07	(1.15)	1.51	(1.53)	2.59	(3.03)	10.22

Be your own money manager

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