Cellnex Telecom Correlations

CLLNY Stock

USD 17.98 0.15 0.83%

The current 90-days correlation between Cellnex Telecom SA and CBRE Group Class is -0.07 (i.e., Good diversification). The correlation of Cellnex Telecom 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.

Cellnex Telecom Correlation With Market

Significant diversification

The correlation between Cellnex Telecom SA and NYA is 0.05 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Cellnex Telecom SA and NYA in the same portfolio, assuming nothing else is changed.

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

Moving together with Cellnex Pink Sheet

0.92	CLNXF	Cellnex Telecom SA	Pair Corr
0.84	VONOY	Vonovia SE ADR	Pair Corr
0.75	VNNVF	Vonovia SE	Pair Corr
0.62	FFIE	Faraday Future Intel	Pair Corr
0.63	PRU	Prudential Financial	Pair Corr
0.65	GME	GameStop Corp Earnings Call Today	Pair Corr
0.67	WMT	Walmart Aggressive Push	Pair Corr
0.67	AAPL	Apple Inc Financial Report 1st of August 2024	Pair Corr
0.74	SCHW-PD	Charles Schwab	Pair Corr
0.71	OGEN	Oragenics	Pair Corr

Moving against Cellnex Pink Sheet

0.64	AE	Adams Resources Energy	Pair Corr
0.37	CSGP	CoStar Group	Pair Corr
0.31	VTAGY	Vantage Towers AG	Pair Corr
0.7	CCUSD	Cocoa	Pair Corr
0.37	TAYD	Taylor Devices	Pair Corr

Related Correlations Analysis

	DUO	MDJH	FRPH	MMI	FLJ	NEN	KW	CBRE	RMAX	DBRG
DUO		0.34	-0.22	0.06	0.59	0.35	0.46	-0.11	0.3	-0.51	DUO
MDJH	0.34		-0.22	-0.04	0.43	-0.07	-0.17	0.26	0.02	0.14	MDJH
FRPH	-0.22	-0.22		0.13	-0.26	0.12	-0.04	-0.09	-0.04	-0.08	FRPH
MMI	0.06	-0.04	0.13		-0.24	-0.32	0.16	0.47	0.69	0.03	MMI
FLJ	0.59	0.43	-0.26	-0.24		0.31	0.19	0.01	0.0	-0.25	FLJ
NEN	0.35	-0.07	0.12	-0.32	0.31		0.5	-0.51	0.04	-0.7	NEN
KW	0.46	-0.17	-0.04	0.16	0.19	0.5		-0.42	0.62	-0.88	KW
CBRE	-0.11	0.26	-0.09	0.47	0.01	-0.51	-0.42		0.28	0.63	CBRE
RMAX	0.3	0.02	-0.04	0.69	0.0	0.04	0.62	0.28		-0.38	RMAX
DBRG	-0.51	0.14	-0.08	0.03	-0.25	-0.7	-0.88	0.63	-0.38		DBRG
	DUO	MDJH	FRPH	MMI	FLJ	NEN	KW	CBRE	RMAX	DBRG

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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

RMAX	+ 0.69	MMI
DBRG	+ 0.63	CBRE
RMAX	+ 0.62	KW
FLJ	+ 0.59	DUO
KW	+ 0.5	NEN
CBRE	+ 0.47	MMI

High negative correlations

DBRG	- 0.88	KW
DBRG	- 0.7	NEN
CBRE	- 0.51	NEN
DBRG	- 0.51	DUO
CBRE	- 0.42	KW
DBRG	- 0.38	RMAX

Risk-Adjusted Indicators

There is a big difference between Cellnex Pink Sheet performing well and Cellnex Telecom 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 Cellnex Telecom'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
DUO	11.18	3.22	0.35	(1.94)	7.05	(20.45)	10.53	(10.84)	350.95
MDJH	5.60	0.21	0.02	(0.55)	7.43	(7.07)	15.08	(11.11)	52.82
FRPH	1.22	(0.03)	0.00	(0.03)	0.00	0.00	2.53	(2.64)	7.53
MMI	1.38	(0.19)	0.00	(0.11)	0.00	0.00	2.52	(3.10)	6.61
FLJ	11.26	2.79	0.22	(2.56)	10.33	(17.42)	28.57	(17.65)	272.59
NEN	1.31	0.09	0.04	(1.27)	1.77	(1.41)	2.88	(3.02)	8.67
KW	1.88	0.27	0.13	0.22	1.91	(2.16)	4.24	(3.15)	13.87
CBRE	1.02	(0.09)	0.00	(0.06)	0.00	0.00	2.32	(2.32)	7.66
RMAX	3.37	0.10	0.03	0.03	3.61	(4.09)	9.13	(6.73)	19.99
DBRG	1.63	(0.49)	0.00	0.64	0.00	0.00	2.55	(3.69)	20.54

Be your own money manager

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