Coloplast Correlations

CLPBY Stock

USD 9.44 0.02 0.21%

The current 90-days correlation between Coloplast A and Straumann Holding AG is -0.31 (i.e., Very good diversification). The correlation of Coloplast 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 correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Coloplast Correlation With Market

Good diversification

The correlation between Coloplast A and DJI is -0.09 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Coloplast A and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Coloplast could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Coloplast 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 Coloplast - 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 Coloplast A to buy it.

Moving together with Coloplast Pink Sheet

0.67	BDX	Becton Dickinson	Pair Corr
0.76	ALC	Alcon AG	Pair Corr

Moving against Coloplast Pink Sheet

0.86	MSFT	Microsoft Earnings Call This Week	Pair Corr
0.86	META	Meta Platforms Earnings Call This Week	Pair Corr
0.84	AVGO	Broadcom	Pair Corr
0.83	AMZN	Amazon Inc Earnings Call This Week	Pair Corr
0.82	NVDA	NVIDIA	Pair Corr
0.79	RMD	ResMed Inc	Pair Corr
0.74	AX	Axos Financial Earnings Call This Week	Pair Corr
0.65	PTHL	Pheton Holdings	Pair Corr
0.61	GOOG	Alphabet Class C Earnings Call Today	Pair Corr
0.48	ISRG	Intuitive Surgical	Pair Corr
0.41	HOCPF	HOYA	Pair Corr
0.85	CLH	Clean Harbors Earnings Call This Week	Pair Corr
0.8	JPM	JPMorgan Chase	Pair Corr
0.75	UTMD	Utah Medical Products Earnings Call Today	Pair Corr
0.71	ODFL	Old Dominion Freight	Pair Corr
0.7	TSLA	Tesla Inc Earnings Call Today	Pair Corr
0.69	PIPR	Piper Sandler Companies Earnings Call This Week	Pair Corr
0.65	FPAFF	First Pacific	Pair Corr
0.63	GOOGL	Alphabet Class A Earnings Call Today	Pair Corr
0.61	LII	Lennox International	Pair Corr
0.59	CGXYY	China Galaxy Securities	Pair Corr
0.56	FENG	Phoenix New Media	Pair Corr
0.53	SRM	SRM Entertainment, Common	Pair Corr
0.48	LTRY	Lottery, Common Stock	Pair Corr
0.45	GITS	Global Interactive Symbol Change	Pair Corr

Related Correlations Analysis

	SAUHY	HOCPY	ESLOF	ESLOY	SSMXY	ANSLY	POCI	TPGVF	CZMWF	CZMWY
SAUHY		0.46	0.3	0.27	-0.68	0.0	0.77	-0.13	0.1	0.03	SAUHY
HOCPY	0.46		0.54	0.43	-0.15	0.0	0.22	-0.49	-0.13	-0.05	HOCPY
ESLOF	0.3	0.54		0.73	-0.2	0.0	0.06	-0.3	0.03	-0.08	ESLOF
ESLOY	0.27	0.43	0.73		-0.15	0.0	0.02	-0.34	0.08	0.04	ESLOY
SSMXY	-0.68	-0.15	-0.2	-0.15		0.0	-0.63	-0.24	-0.04	0.28	SSMXY
ANSLY	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	ANSLY
POCI	0.77	0.22	0.06	0.02	-0.63	0.0		-0.08	-0.1	-0.27	POCI
TPGVF	-0.13	-0.49	-0.3	-0.34	-0.24	0.0	-0.08		0.28	0.17	TPGVF
CZMWF	0.1	-0.13	0.03	0.08	-0.04	0.0	-0.1	0.28		0.63	CZMWF
CZMWY	0.03	-0.05	-0.08	0.04	0.28	0.0	-0.27	0.17	0.63		CZMWY
	SAUHY	HOCPY	ESLOF	ESLOY	SSMXY	ANSLY	POCI	TPGVF	CZMWF	CZMWY

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

POCI	+ 0.77	SAUHY
ESLOY	+ 0.73	ESLOF
CZMWY	+ 0.63	CZMWF
ESLOF	+ 0.54	HOCPY
HOCPY	+ 0.46	SAUHY
ESLOY	+ 0.43	HOCPY

High negative correlations

SSMXY	- 0.68	SAUHY
POCI	- 0.63	SSMXY
TPGVF	- 0.49	HOCPY
TPGVF	- 0.34	ESLOY
TPGVF	- 0.3	ESLOF
CZMWY	- 0.27	POCI

Risk-Adjusted Indicators

There is a big difference between Coloplast Pink Sheet performing well and Coloplast Company 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 Coloplast'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
SAUHY	1.23	0.07	0.01	0.28	1.16	(1.45)	2.71	(2.14)	8.14
HOCPY	1.49	0.12	0.02	0.39	1.51	(1.66)	3.64	(2.74)	7.67
ESLOF	1.51	0.12	(0.05)	(0.23)	1.79	(1.64)	2.94	(3.07)	8.87
ESLOY	1.13	(0.05)	(0.07)	0.08	1.64	(1.04)	1.80	(2.66)	8.65
SSMXY	1.13	(0.25)	0.00	(3.26)	0.00	0.00	1.52	(2.47)	8.43
ANSLY	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
POCI	2.30	0.19	0.05	0.42	2.65	(2.77)	5.80	(4.48)	14.38
TPGVF	1.33	(0.53)	0.00	(0.22)	0.00	0.00	0.00	0.00	34.54
CZMWF	1.05	(0.15)	0.00	1.32	0.00	0.00	2.93	(4.96)	16.45
CZMWY	1.90	(0.21)	0.00	(0.19)	0.00	0.00	3.84	(4.00)	11.62

Be your own money manager

Our tools can tell you how much better you can do entering a position in Coloplast 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.

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