NESTE OYJ Correlations

NEFA Stock

EUR 8.70 0.05 0.57%

The current 90-days correlation between NESTE OYJ UNSPADR and Broadcom is 0.16 (i.e., Average diversification). The correlation of NESTE OYJ 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.

NESTE OYJ Correlation With Market

Significant diversification

The correlation between NESTE OYJ UNSPADR and DJI is 0.07 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding NESTE OYJ UNSPADR and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with NESTE Stock

0.78	MPN	Marathon Petroleum Corp	Pair Corr
0.82	V1L	Valero Energy	Pair Corr
0.77	R66	Phillips 66	Pair Corr
0.95	NEF	Neste Oyj	Pair Corr
0.8	PKY1	Polski Koncern Naftowy Earnings Call Tomorrow	Pair Corr
0.62	7F8	PTT OIL+RETBUS-FOR-B Earnings Call Today	Pair Corr
0.65	HHP2	Hon Hai Precision Earnings Call This Week	Pair Corr
0.75	U9O0	OAKRIDGE INTERNATIONAL	Pair Corr
0.77	RIO1	Rio Tinto Group	Pair Corr
0.61	2PI	Pirelli C SpA Earnings Call Tomorrow	Pair Corr
0.66	M3P	Medical Properties Trust	Pair Corr
0.76	IBM	International Business	Pair Corr

Moving against NESTE Stock

0.35	VOW3	Volkswagen AG VZO	Pair Corr
0.35	VOW3	Volkswagen AG	Pair Corr
0.4	VOW	Volkswagen AG	Pair Corr
0.75	T2H	TIMES CHINA HLDGS	Pair Corr
0.36	WM1	Williams Sonoma	Pair Corr

Related Correlations Analysis

	3GH	A4A	EUH	SZL	J73	A2P	1YD	GZ3
3GH		-0.72	0.0	-0.16	-0.52	-0.68	-0.52	-0.71	3GH
A4A	-0.72		0.0	0.06	0.78	0.85	0.62	0.82	A4A
EUH	0.0	0.0		0.0	0.0	0.0	0.0	0.0	EUH
SZL	-0.16	0.06	0.0		-0.34	-0.29	-0.4	-0.06	SZL
J73	-0.52	0.78	0.0	-0.34		0.85	0.55	0.8	J73
A2P	-0.68	0.85	0.0	-0.29	0.85		0.81	0.84	A2P
1YD	-0.52	0.62	0.0	-0.4	0.55	0.81		0.58	1YD
GZ3	-0.71	0.82	0.0	-0.06	0.8	0.84	0.58		GZ3
	3GH	A4A	EUH	SZL	J73	A2P	1YD	GZ3

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

A2P	+ 0.85	A4A
A2P	+ 0.85	J73
GZ3	+ 0.84	A2P
GZ3	+ 0.82	A4A
1YD	+ 0.81	A2P
GZ3	+ 0.8	J73

High negative correlations

A4A	- 0.72	3GH
GZ3	- 0.71	3GH
A2P	- 0.68	3GH
1YD	- 0.52	3GH
J73	- 0.52	3GH
1YD	- 0.4	SZL

Risk-Adjusted Indicators

There is a big difference between NESTE Stock performing well and NESTE OYJ 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 NESTE OYJ'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
3GH	1.08	(0.18)	0.00	(0.33)	0.00	0.00	2.04	(2.85)	6.80
A4A	2.06	0.40	0.09	(1.36)	2.20	(2.99)	6.31	(4.42)	16.75
EUH	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
SZL	1.77	(0.03)	0.00	0.13	0.00	0.00	3.23	(3.91)	14.35
J73	2.83	0.57	0.20	0.58	2.30	(3.87)	6.99	(4.31)	22.81
A2P	1.14	0.36	0.21	1.28	1.02	(1.32)	2.74	(1.96)	6.39
1YD	1.85	0.30	0.12	0.83	1.80	(2.12)	4.33	(3.13)	14.30
GZ3	1.47	0.28	0.06	(0.87)	1.39	(2.58)	2.50	(2.44)	9.26

Be your own money manager

Our tools can tell you how much better you can do entering a position in NESTE OYJ 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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