SCANDMEDICAL SOLDK-040 Correlations

K41 Stock   0.55  0.03  5.17%   
The current 90-days correlation between SCANDMEDICAL SOLDK 040 and Rogers Communications is -0.11 (i.e., Good diversification). The correlation of SCANDMEDICAL SOLDK-040 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.

SCANDMEDICAL SOLDK-040 Correlation With Market

Good diversification

The correlation between SCANDMEDICAL SOLDK 040 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 SCANDMEDICAL SOLDK 040 and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to SCANDMEDICAL SOLDK-040 could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace SCANDMEDICAL SOLDK-040 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 SCANDMEDICAL SOLDK-040 - 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 SCANDMEDICAL SOLDK 040 to buy it.

Moving against SCANDMEDICAL Stock

  0.71AC8 Aristocrat LeisurePairCorr
  0.592M6 Medtronic PLC Earnings Call TodayPairCorr
  0.52IX1 IDEXX LaboratoriesPairCorr
  0.52FDU COMMERCIAL VEHICLEPairCorr
  0.51YIZH Sinopec Oilfield ServicePairCorr
  0.44KGHA KGHM Polska Miedz Earnings Call TodayPairCorr

Related Correlations Analysis


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

HKU2UA0
HKUCNJ
T2GHKU
2UA0CNJ
T2GCNJ
T2G2UA0
  

High negative correlations

SRI2UA0
SRIHKU
SRIRCIB
HKURCIB
2UA0RCIB
SRIT2G

Risk-Adjusted Indicators

There is a big difference between SCANDMEDICAL Stock performing well and SCANDMEDICAL SOLDK-040 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 SCANDMEDICAL SOLDK-040'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.

Be your own money manager

Our tools can tell you how much better you can do entering a position in SCANDMEDICAL SOLDK-040 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 Equity Forecasting Now

   

Equity Forecasting

Use basic forecasting models to generate price predictions and determine price momentum
All  Next Launch Module