ORMAT TECHNOLOGIES Correlations

HNM Stock

75.84 0.04 0.05%

The current 90-days correlation between ORMAT TECHNOLOGIES and SENECA FOODS A is -0.05 (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 -0.08 (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

0.76	MSF	Microsoft Earnings Call This Week	Pair Corr
0.75	MSF	Microsoft Earnings Call This Week	Pair Corr
0.71	MSF	Microsoft Earnings Call This Week	Pair Corr
0.77	MSF	Microsoft Earnings Call This Week	Pair Corr
0.75	MSF	Microsoft Earnings Call This Week	Pair Corr
0.71	AMZ	Amazon Inc Earnings Call This Week	Pair Corr
0.76	KBIA	KB Financial Group	Pair Corr
0.65	OIX	ORIX	Pair Corr
0.62	OIXA	Orix Corp Ads	Pair Corr

Moving against ORMAT Stock

0.46	SUMB	SUMITOMO P SP Earnings Call This Week	Pair Corr
0.38	TKDA	Takeda Pharmaceutical Earnings Call This Week	Pair Corr
0.32	DBPD	Xtrackers ShortDAX	Pair Corr

Related Correlations Analysis

	XSFA	CM2	LWF	0M7	2LH	5ZM	FV8
XSFA		0.55	0.23	0.64	-0.57	-0.51	0.55	XSFA
CM2	0.55		0.3	0.72	-0.38	-0.38	0.61	CM2
LWF	0.23	0.3		0.5	0.3	-0.47	0.26	LWF
0M7	0.64	0.72	0.5		-0.26	-0.71	0.42	0M7
2LH	-0.57	-0.38	0.3	-0.26		-0.11	-0.33	2LH
5ZM	-0.51	-0.38	-0.47	-0.71	-0.11		-0.24	5ZM
FV8	0.55	0.61	0.26	0.42	-0.33	-0.24		FV8
	XSFA	CM2	LWF	0M7	2LH	5ZM	FV8

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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

0M7	+ 0.72	CM2
0M7	+ 0.64	XSFA
FV8	+ 0.61	CM2
CM2	+ 0.55	XSFA
FV8	+ 0.55	XSFA
0M7	+ 0.5	LWF

High negative correlations

5ZM	- 0.71	0M7
2LH	- 0.57	XSFA
5ZM	- 0.51	XSFA
5ZM	- 0.47	LWF
5ZM	- 0.38	CM2
2LH	- 0.38	CM2

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
XSFA	1.42	0.18	(0.02)	(4.51)	1.45	(1.79)	3.53	(2.52)	8.87
CM2	1.72	0.25	0.01	(1.17)	2.44	(1.89)	4.08	(3.10)	10.69
LWF	1.37	0.32	(0.04)	(0.11)	1.83	(1.86)	3.81	(2.03)	13.10
0M7	2.04	0.36	0.03	2.78	2.10	(6.51)	6.25	(5.88)	16.76
2LH	1.32	(0.19)	0.00	(1.13)	0.00	0.00	3.44	(2.93)	11.89
5ZM	1.01	(0.04)	0.00	0.56	0.00	0.00	2.53	(2.09)	8.15
FV8	1.61	0.22	0.06	0.58	1.66	(2.06)	3.85	(2.88)	10.46

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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