ORMAT TECHNOLOGIES Correlations

HNM Stock

76.58 0.10 0.13%

The current 90-days correlation between ORMAT TECHNOLOGIES and ARDAGH METAL PACDL 0001 is -0.2 (i.e., Good diversification). The correlation of ORMAT TECHNOLOGIES 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.

ORMAT TECHNOLOGIES Correlation With Market

Good diversification

The correlation between ORMAT TECHNOLOGIES and DJI is -0.16 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ORMAT TECHNOLOGIES and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with ORMAT Stock

0.75	MSF	Microsoft Earnings Call This Week	Pair Corr
0.74	MSF	Microsoft Earnings Call This Week	Pair Corr
0.74	MSF	Microsoft Earnings Call This Week	Pair Corr
0.75	MSF	Microsoft Earnings Call This Week	Pair Corr
0.74	MSF	Microsoft Earnings Call This Week	Pair Corr
0.74	AMZ	Amazon Inc Earnings Call This Week	Pair Corr
0.81	KBIA	KB Financial Group Earnings Call Today	Pair Corr
0.76	OIX	ORIX	Pair Corr
0.74	OIXA	Orix Corp Ads	Pair Corr

Moving against ORMAT Stock

0.5	TKDA	Takeda Pharmaceutical Earnings Call This Week	Pair Corr
0.43	DBPD	Xtrackers ShortDAX	Pair Corr
0.41	SUMB	SUMITOMO P SP Earnings Call This Week	Pair Corr

Related Correlations Analysis

	LY1	7JZ	SRI	9IA	PIK	US8	SRI	FR70
LY1		-0.15	0.52	-0.35	-0.42	0.15	0.54	0.1	LY1
7JZ	-0.15		0.5	-0.16	-0.35	0.71	0.48	-0.59	7JZ
SRI	0.52	0.5		-0.5	-0.6	0.56	0.99	-0.28	SRI
9IA	-0.35	-0.16	-0.5		0.38	-0.61	-0.46	0.41	9IA
PIK	-0.42	-0.35	-0.6	0.38		-0.49	-0.6	0.4	PIK
US8	0.15	0.71	0.56	-0.61	-0.49		0.52	-0.77	US8
SRI	0.54	0.48	0.99	-0.46	-0.6	0.52		-0.25	SRI
FR70	0.1	-0.59	-0.28	0.41	0.4	-0.77	-0.25		FR70
	LY1	7JZ	SRI	9IA	PIK	US8	SRI	FR70

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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

SRI	+ 0.99	SRI
US8	+ 0.71	7JZ
US8	+ 0.56	SRI
SRI	+ 0.54	LY1
SRI	+ 0.52	LY1
SRI	+ 0.52	US8

High negative correlations

FR70	- 0.77	US8
US8	- 0.61	9IA
SRI	- 0.6	PIK
PIK	- 0.6	SRI
FR70	- 0.59	7JZ
9IA	- 0.5	SRI

Risk-Adjusted Indicators

There is a big difference between ORMAT Stock performing well and ORMAT TECHNOLOGIES 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 ORMAT TECHNOLOGIES'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
LY1	2.07	(0.24)	0.00	(0.15)	0.00	0.00	5.88	(5.56)	16.41
7JZ	2.71	0.75	0.21	0.98	2.63	(3.38)	6.74	(4.26)	24.48
SRI	2.56	0.35	0.03	(2.89)	2.49	(5.04)	5.00	(4.35)	19.23
9IA	2.08	0.20	(0.01)	(0.81)	2.42	(4.21)	5.00	(4.41)	26.33
PIK	1.69	0.07	(0.08)	(0.15)	1.88	(2.18)	3.94	(3.76)	12.06
US8	2.45	0.43	0.09	2.59	2.43	(3.00)	6.06	(4.32)	22.50
SRI	2.47	0.30	0.02	4.20	2.72	(4.86)	4.76	(6.67)	19.11
FR70	1.21	(0.14)	0.00	1.75	0.00	0.00	2.21	(2.74)	9.72

Be your own money manager

Our tools can tell you how much better you can do entering a position in ORMAT TECHNOLOGIES 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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