ITM Power Correlations
| ITMPF Stock | USD 0.92 0.04 4.55% |
The current 90-days correlation between ITM Power Plc and Ceres Power Holdings is -0.19 (i.e., Good diversification). The correlation of ITM Power 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.
ITM Power Correlation With Market
Weak diversification
The correlation between ITM Power Plc and DJI is 0.31 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ITM Power Plc and DJI in the same portfolio, assuming nothing else is changed.
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The ability to find closely correlated positions to ITM Power could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace ITM Power 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 ITM Power - 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 ITM Power Plc to buy it.
Moving together with ITM Pink Sheet
| 0.64 | GE | GE Aerospace | PairCorr |
| 0.63 | GEV | GE Vernova LLC | PairCorr |
| 0.63 | SMAWF | Siemens AG Class | PairCorr |
| 0.72 | SBGSY | Schneider Electric Earnings Call This Week | PairCorr |
| 0.69 | SBGSF | Schneider Electric Earnings Call This Week | PairCorr |
| 0.69 | EMR | Emerson Electric Sell-off Trend | PairCorr |
| 0.66 | NSFDF | NXT Energy Solutions | PairCorr |
| 0.76 | NPEGF | Nippon Electric Glass Earnings Call This Week | PairCorr |
| 0.87 | GRP-UN | Granite Real Estate | PairCorr |
| 0.71 | FCX | Freeport McMoran Copper | PairCorr |
| 0.76 | MQ | Marqeta | PairCorr |
| 0.82 | SASOF | Sasol Limited | PairCorr |
| 0.77 | IBM | International Business | PairCorr |
| 0.73 | CLS | Celestica | PairCorr |
| 0.71 | UNCFF | UniCredit SpA Earnings Call This Week | PairCorr |
| 0.74 | NNE | Nano Nuclear Energy Buyout Trend | PairCorr |
| 0.65 | JLL | Jones Lang LaSalle | PairCorr |
| 0.77 | LRE | Lead Real Estate | PairCorr |
| 0.69 | NSUPF | Northern Superior | PairCorr |
Moving against ITM Pink Sheet
| 0.69 | GLABF | Gemina Laboratories | PairCorr |
| 0.49 | DMI | Diamcor Mining Earnings Call This Week | PairCorr |
| 0.69 | HCTI | Healthcare Triangle | PairCorr |
| 0.77 | CEAD | CEAD Old Symbol Change | PairCorr |
Related Correlations Analysis
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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
| High negative correlations
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Risk-Adjusted Indicators
There is a big difference between ITM Pink Sheet performing well and ITM Power 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 ITM Power'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| NLLSF | 3.51 | 0.37 | 0.01 | (1.38) | 3.98 | 8.33 | 30.59 | |||
| NXHSF | 2.66 | (0.02) | 0.00 | 0.24 | 0.00 | 1.92 | 57.50 | |||
| NLLSY | 1.13 | 0.04 | 0.00 | 0.28 | 0.00 | 0.00 | 21.27 | |||
| ROSN | 1.95 | (0.27) | 0.00 | (0.66) | 0.00 | 7.14 | 34.43 | |||
| DFKCY | 1.38 | (0.31) | (0.06) | 0.05 | 2.32 | 2.07 | 11.13 | |||
| CPWHF | 3.35 | 0.99 | 0.13 | (13.52) | 2.93 | 9.68 | 34.44 | |||
| AFGYF | 5.48 | 0.94 | 0.10 | 0.71 | 5.03 | 21.05 | 60.80 | |||
| HTOO | 5.55 | (0.53) | 0.00 | (0.38) | 0.00 | 12.79 | 63.63 | |||
| REKR | 4.16 | 0.97 | 0.06 | (0.42) | 4.84 | 9.09 | 39.71 |
Be your own money manager
Our tools can tell you how much better you can do entering a position in ITM Power 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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ITM Power Corporate Management
| John Newton | Managing Motive | Profile | |
| Martin Clay | Operations Director | Profile | |
| Rebecca Markillie | Marketing CEO | Profile | |
| BSc MPhil | CEO Director | Profile |