Backstageplay Correlations
| BP Stock | CAD 0.05 0.00 0.00% |
The correlation of Backstageplay 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 Backstageplay moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Backstageplay 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.
Good diversification
The correlation between Backstageplay and NYA is -0.06 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Backstageplay and NYA in the same portfolio, assuming nothing else is changed.
Backstageplay |
The ability to find closely correlated positions to Backstageplay could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Backstageplay 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 Backstageplay - 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 Backstageplay to buy it.
Moving together with Backstageplay Stock
Moving against Backstageplay Stock
| 0.96 | BFM | Bedford Metals Corp | PairCorr |
| 0.82 | GOOG | Alphabet CDR | PairCorr |
| 0.66 | AMZN | Amazon CDR | PairCorr |
| 0.6 | JPM | JPMorgan Chase | PairCorr |
| 0.54 | NVDA | NVIDIA CDR | PairCorr |
Related Correlations Analysis
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Be your own money manager
Our tools can tell you how much better you can do entering a position in Backstageplay 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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Backstageplay Corporate Management
Elected by the shareholders, the Backstageplay's board of directors comprises two types of representatives: Backstageplay inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Backstageplay. The board's role is to monitor Backstageplay's management team and ensure that shareholders' interests are well served. Backstageplay's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Backstageplay's outside directors are responsible for providing unbiased perspectives on the board's policies.
| Hodgins CA | Corp CFO | Profile | |
| BA LLB | CEO Founder | Profile | |
| Simon Collins | Ex Chairman | Profile | |
| Laura Malone | Director Communications | Profile | |
| Robert Williams | Chief Director | Profile |
Already Invested in Backstageplay?
The danger of trading Backstageplay is mainly related to its market volatility and Company 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 Backstageplay 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 Backstageplay. The Sharpe ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile Backstageplay 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 Trending Equities to better understand how to build diversified portfolios, which includes a position in Backstageplay. Also, note that the market value of any company could be tightly coupled with the direction of predictive economic indicators such as signals in board of governors. You can also try the Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
Complementary Tools for Backstageplay Stock analysis
When running Backstageplay's price analysis, check to measure Backstageplay's market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy Backstageplay is operating at the current time. Most of Backstageplay's value examination focuses on studying past and present price action to predict the probability of Backstageplay's future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move Backstageplay's price. Additionally, you may evaluate how the addition of Backstageplay to your portfolios can decrease your overall portfolio volatility.
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