Shelf Drilling Correlations
| SHLF Stock | 18.76 0.02 0.11% |
The correlation of Shelf Drilling 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 Shelf Drilling moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Shelf Drilling 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 Shelf Drilling and NYA is -0.13 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Shelf Drilling and NYA in the same portfolio, assuming nothing else is changed.
Shelf |
The ability to find closely correlated positions to Shelf Drilling could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Shelf Drilling 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 Shelf Drilling - 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 Shelf Drilling to buy it.
Moving together with Shelf Stock
| 0.64 | BORR | Borr Drilling | PairCorr |
| 0.64 | DDRIL | Dolphin Drilling | PairCorr |
| 0.74 | NODL | Northern Drilling Earnings Call This Week | PairCorr |
| 0.78 | AKH | Aker Horizons AS | PairCorr |
Moving against Shelf Stock
| 0.9 | ODL | Odfjell Drilling | PairCorr |
| 0.84 | DVD | Deep Value Driller | PairCorr |
| 0.83 | KOG | Kongsberg Gruppen ASA | PairCorr |
| 0.82 | MING | Sparebank 1 SMN Earnings Call This Week | PairCorr |
| 0.81 | SDRL | Seadrill | PairCorr |
| 0.74 | NHY | Norsk Hydro ASA Earnings Call This Week | PairCorr |
| 0.74 | SRBNK | Sparebank 1 SR | PairCorr |
| 0.72 | TEL | Telenor ASA Earnings Call This Week | PairCorr |
| 0.66 | EQNR | Equinor ASA | PairCorr |
| 0.63 | ARCH | Archer Limited Earnings Call This Week | PairCorr |
| 0.55 | NOL | Northern Ocean | PairCorr |
| 0.49 | AKER | Aker ASA Earnings Call This Week | PairCorr |
| 0.46 | OTL | Odfjell Technology | PairCorr |
| 0.44 | DNB | DnB ASA | PairCorr |
Related Correlations Analysis
Please specify at least 3 valid symbols having historical data to build a meaningful correlation cloud. You can use symbol search above to locate your securities.
Be your own money manager
Our tools can tell you how much better you can do entering a position in Shelf Drilling 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?
Run Instant Ratings Now
Instant RatingsDetermine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance |
| All Next | Launch Module |
Shelf Drilling Corporate Management
Elected by the shareholders, the Shelf Drilling's board of directors comprises two types of representatives: Shelf Drilling inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Shelf. The board's role is to monitor Shelf Drilling's management team and ensure that shareholders' interests are well served. Shelf Drilling'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, Shelf Drilling's outside directors are responsible for providing unbiased perspectives on the board's policies.
| David Mullen | CEO Director | Profile | |
| William Hoffman | Ex COO | Profile | |
| Ian Clark | Ex VP | Profile | |
| Gregory OBrien | Ex CFO | Profile |
Already Invested in Shelf Drilling?
The danger of trading Shelf Drilling 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 Shelf Drilling 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 Shelf Drilling. The Sharpe ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile Shelf Drilling 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 World Market Map to better understand how to build diversified portfolios, which includes a position in Shelf Drilling. 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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
Complementary Tools for Shelf Stock analysis
When running Shelf Drilling's price analysis, check to measure Shelf Drilling'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 Shelf Drilling is operating at the current time. Most of Shelf Drilling's value examination focuses on studying past and present price action to predict the probability of Shelf Drilling's future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move Shelf Drilling's price. Additionally, you may evaluate how the addition of Shelf Drilling to your portfolios can decrease your overall portfolio volatility.
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum |