Correlation · how the book moves together
The book holds 12 names, but over the last 120 trading days they've moved enough alike to behave like about 6.6 independent bets. Even the tightest pair, RDDT and SOUN (0.52), keeps some independence. Links like these tighten in a crash, so this is a fair-weather read, not a guarantee.
Names
12
Behaves like
~6.6 bets
Average link
0.07
Moving as one
0 pairs
120 days of daily returns · effective bets via the equal-weight equicorrelation approximation N / (1 + (N−1)·ρ̄) — an estimate, not a measurement
What the linked names would cost in a drawdown lives on Risk — concentration is measured there.
Risk →The pairs that move most as one. When these run together, the book is less diversified than the names suggest.
0.52
move as one
0.43
move as one
0.42
move as one
0.42
move as one
0.39
move as one
0.37
move as one
How each name tracks the big forces. Treasuries up means rates down, so a positive treasuries link is a rate-sensitive name.
Moves with
Moves against
Moves with
Moves against
Every pair at once. Blue means names move together, red means they move opposite, faint means little connection. Drag sideways on a phone.
Hover a name to light its links; click to lock its cluster.
| Name | Sector | What it is | How much this name moves when the S&P 500 moves 1%. 1.0 = one-for-one; higher = amplifies the market. |
|---|---|---|---|
| ETOReToro | Financials | Retail brokerage, crypto-linked | 1.47 |
| RDDTReddit | Communication services | Social, ad cycle | 1.94 |
 NTESNetEase | Communication services | China gaming | 0.47 |
 HALOHalozyme | Health care | Drug-delivery royalties | 0.54 |
Moves with
Moves against
| WMWaste Management | Industrials | Recession-resistant cash | -0.51 |
 PLMRPalomar | Financials | Specialty insurance | -0.41 |
 XLEEnergy Select SPDR | Energy | Oil and energy hedge | -0.59 |
| TSMTaiwan Semi | Technology | AI chips, the foundry | 2.39 |
| KGCKinross Gold | Materials | Gold miner | 2.22 |
| MCDMcDonald's | Consumer | Defensive franchise | -0.04 |
 PYPLPayPal | Financials | Digital payments | 0.66 |
| SOUNSoundHound AI | Technology | Voice AI, high beta | 2.81 |
Beta is computed from the same return window as the map. Sectors are from the broker data; the macro links above are computed from prices.
