Western Asset Correlations
| HYI Etf | USD 11.68 0.06 0.51% |
The correlation of Western Asset 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 perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Western Asset moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Western Asset High 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.
Weak diversification
The correlation between Western Asset High and NYA is 0.38 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Western Asset High and NYA in the same portfolio, assuming nothing else is changed.
Western |
The ability to find closely correlated positions to Western Asset could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Western Asset 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 Western Asset - 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 Western Asset High to buy it.
Moving together with Western Etf
Related Correlations Analysis
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Western Asset Competition Risk-Adjusted Indicators
There is a big difference between Western Etf performing well and Western Asset ETF 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 Western Asset'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| META | 1.71 | 0.42 | 0.28 | 0.36 | 1.24 | 3.27 | 24.74 | |||
| MSFT | 0.94 | (0.01) | 0.00 | 0.05 | 1.03 | 2.11 | 5.31 | |||
| UBER | 1.60 | 0.07 | 0.08 | 0.10 | 1.53 | 2.83 | 18.39 | |||
| F | 1.59 | 0.00 | 0.03 | 0.06 | 1.86 | 4.07 | 9.61 | |||
| T | 0.92 | (0.01) | (0.04) | 0.03 | 1.15 | 2.18 | 5.92 | |||
| A | 1.20 | (0.06) | (0.02) | 0.02 | 1.44 | 2.26 | 6.31 | |||
| CRM | 1.24 | (0.06) | (0.02) | 0.02 | 1.98 | 2.83 | 10.84 | |||
| JPM | 0.78 | 0.05 | 0.04 | 0.10 | 1.31 | 1.72 | 8.65 | |||
| MRK | 0.64 | 0.04 | 0.04 | 0.10 | 0.66 | 1.18 | 6.92 | |||
| XOM | 0.80 | 0.27 | 0.29 | 0.64 | 0.48 | 1.96 | 4.66 |
Be your own money manager
Our tools can tell you how much better you can do entering a position in Western Asset 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.Did you try this?
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Already Invested in Western Asset High?
The danger of trading Western Asset High is mainly related to its market volatility and ETF 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 Western Asset 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 Western Asset. The Sharpe ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile Western Asset High 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 Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Western Asset High. Also, note that the market value of any etf could be tightly coupled with the direction of predictive economic indicators such as signals in manufacturing. You can also try the Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
The market value of Western Asset High is measured differently than its book value, which is the value of Western that is recorded on the company's balance sheet. Investors also form their own opinion of Western Asset's value that differs from its market value or its book value, called intrinsic value, which is Western Asset's true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because Western Asset's market value can be influenced by many factors that don't directly affect Western Asset's underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between Western Asset's value and its price as these two are different measures arrived at by different means. Investors typically determine if Western Asset is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Western Asset's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.