The Stock Rover Correlation Facility analyzes the statistical relationship between individual holdings within the portfolios or watchlists selected on the left. In addition to these assets, you can add any ticker Stock Rover can price—including stocks, indices, ETFs, mutual funds, and even other portfolios—via the Add Quote box for side-by-side analysis.
Correlation measures, on a scale of -1 to 1, how likely two assets are to move in tandem.
A correlation of 1 indicates perfect positive correlation (moving in the same direction 100% of the time), while a -1 indicates perfect negative correlation (moving in opposite directions 100% of the time). A value of 0 suggests the assets are uncorrelated, meaning they are just as likely to move together as they are to move in opposite directions.
Stock Rover calculates these values using daily, dividend-adjusted price change percentages for all equities, funds, and portfolios in the table.
To learn more about the strategic use of this tool, read our blog post: What is Correlation and Why Does it Matter?
You can also watch a video of the Correlation facility in action here. (Note: This video features a previous version of Stock Rover, so minor interface differences may exist.)
Accessing Correlation
Correlation is located under Portfolio Tools in the Start Menu. If it is not visible, you can add it by customizing your Start Menu. Simply click the hamburger icon (☰) in the upper-left corner to access configuration options.
