Megaport Correlations

MP1 Stock

10.94 0.24 2.15%

The current 90-days correlation between Megaport and Commonwealth Bank of is -0.06 (i.e., Good diversification). The correlation of Megaport 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.

Megaport Correlation With Market

Pay attention - limited upside

The correlation between Megaport and DJI is -0.72 (i.e., Pay attention - limited upside) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Megaport and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Megaport Stock

0.9	BOQPF	Bank of Queensland	Pair Corr
0.88	MQGPD	Macquarie Group	Pair Corr
0.82	MQG	Macquarie Group	Pair Corr
0.82	BOQPG	Bank of Queensland	Pair Corr
0.81	NABPJ	National Australia Bank	Pair Corr
0.81	RC1	Redcastle Resources Split	Pair Corr
0.8	NABPI	National Australia Bank	Pair Corr
0.8	NAB	National Australia Bank	Pair Corr
0.8	WHC	Whitehaven Coal	Pair Corr
0.79	G50	G50 Corp	Pair Corr
0.79	PEX	Peel Mining	Pair Corr
0.76	NABPK	National Australia Bank	Pair Corr
0.76	NMG	New Murchison Gold	Pair Corr
0.75	IMR	Imricor Medical Systems Earnings Call This Week	Pair Corr
0.75	EMP	Emperor Energy Earnings Call This Week	Pair Corr
0.74	WBC	Westpac Banking	Pair Corr
0.74	AGI	Ainsworth Game Technology Earnings Call This Week	Pair Corr
0.74	ELS	Elsight Earnings Call This Week	Pair Corr
0.72	WES	Wesfarmers	Pair Corr
0.7	MGX	Mount Gibson Iron	Pair Corr
0.7	GPR	Geopacific Resources	Pair Corr
0.65	SIG	Sigma Healthcare Earnings Call This Week	Pair Corr
0.59	WR1	Winsome Resources	Pair Corr
0.55	IOV	Ion Video Split	Pair Corr
0.52	CBAPM	Commonwealth Bank	Pair Corr
0.52	KCN	Kingsgate Consolidated Earnings Call This Week	Pair Corr
0.48	AN3PJ	Australia and New	Pair Corr
0.31	ATM	Aneka Tambang TBK	Pair Corr
0.88	CR9	Corella Resources	Pair Corr
0.88	RIO	RIO Tinto	Pair Corr
0.84	TRA	Turners Automotive	Pair Corr
0.83	WOW	Woolworths Group Earnings Call This Week	Pair Corr
0.82	AGD	Austral Gold Earnings Call This Week	Pair Corr
0.78	DYL	Deep Yellow	Pair Corr
0.77	WLE	Wam Leaders	Pair Corr
0.76	EVZ	EVZ	Pair Corr
0.72	BSA	BSA	Pair Corr
0.7	ASM	Australian Strategic	Pair Corr

Related Correlations Analysis

	MQG	NEM	RIO	CSL	XYZ	LNW	CBA	AAI	CBAPK	CBAPJ
MQG		0.89	0.94	-0.64	-0.56	0.4	0.53	0.79	0.83	0.89	MQG
NEM	0.89		0.83	-0.48	-0.34	0.59	0.26	0.88	0.83	0.8	NEM
RIO	0.94	0.83		-0.71	-0.64	0.3	0.62	0.76	0.77	0.9	RIO
CSL	-0.64	-0.48	-0.71		0.55	0.14	-0.86	-0.45	-0.36	-0.64	CSL
XYZ	-0.56	-0.34	-0.64	0.55		0.23	-0.69	-0.09	-0.31	-0.56	XYZ
LNW	0.4	0.59	0.3	0.14	0.23		-0.34	0.73	0.64	0.36	LNW
CBA	0.53	0.26	0.62	-0.86	-0.69	-0.34		0.17	0.16	0.54	CBA
AAI	0.79	0.88	0.76	-0.45	-0.09	0.73	0.17		0.83	0.75	AAI
CBAPK	0.83	0.83	0.77	-0.36	-0.31	0.64	0.16	0.83		0.8	CBAPK
CBAPJ	0.89	0.8	0.9	-0.64	-0.56	0.36	0.54	0.75	0.8		CBAPJ
	MQG	NEM	RIO	CSL	XYZ	LNW	CBA	AAI	CBAPK	CBAPJ

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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

RIO	+ 0.94	MQG
CBAPJ	+ 0.9	RIO
NEM	+ 0.89	MQG
CBAPJ	+ 0.89	MQG
AAI	+ 0.88	NEM
CBAPK	+ 0.83	MQG

High negative correlations

CBA	- 0.86	CSL
CSL	- 0.71	RIO
CBA	- 0.69	XYZ
CBAPJ	- 0.64	CSL
XYZ	- 0.64	RIO
CSL	- 0.64	MQG

Risk-Adjusted Indicators

There is a big difference between Megaport Stock performing well and Megaport 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 Megaport'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
MQG	0.99	0.14	0.14	0.24	0.73	(1.27)	2.64	(1.44)	5.00
NEM	2.30	0.34	0.10	0.28	3.31	(2.36)	5.64	(5.27)	15.83
RIO	1.34	0.35	0.14	0.66	1.83	(1.34)	2.57	(3.23)	10.19
CSL	1.16	(0.25)	0.00	(1.80)	0.00	0.00	2.02	(2.51)	9.75
XYZ	2.25	(0.37)	0.00	(0.18)	0.00	0.00	4.09	(6.01)	18.83
LNW	1.89	0.08	0.03	0.12	2.57	(2.09)	4.13	(3.92)	27.13
CBA	1.02	0.20	0.14	1.38	0.94	(1.14)	2.30	(1.68)	8.24
AAI	2.45	0.53	0.17	0.46	2.75	(2.71)	6.03	(5.23)	15.79
CBAPK	0.35	0.02	(0.09)	3.79	0.37	(0.37)	0.90	(0.65)	2.14
CBAPJ	0.11	0.01	(0.34)	(0.10)	0.03	(0.13)	0.23	(0.25)	1.08

Be your own money manager

Our tools can tell you how much better you can do entering a position in Megaport 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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Megaport Corporate Management

Elected by the shareholders, the Megaport's board of directors comprises two types of representatives: Megaport inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Megaport. The board's role is to monitor Megaport's management team and ensure that shareholders' interests are well served. Megaport's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Megaport's outside directors are responsible for providing unbiased perspectives on the board's policies.

James Brinksma	Chief Officer	Profile
Matt Simpson	Executive Channel	Profile
Jemima Harris	Chief Officer	Profile
Leticia Dorman	Chief Officer	Profile
Mylene Dupaya	Chief Officer	Profile
Cameron Daniel	Chief Officer	Profile

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