Music Licensing Correlations

SONG Stock

USD 4.93 0.00 0.00%

The current 90-days correlation between Music Licensing and WRIT Media Group is -0.33 (i.e., Very good diversification). The correlation of Music Licensing 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.

Music Licensing Correlation With Market

Very good diversification

The correlation between Music Licensing and DJI is -0.3 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Music Licensing and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Music Pink Sheet

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0.57	TOELF	Tokyo Electron	Pair Corr
0.54	DAWN	Day One Biopharmaceu Earnings Call Tomorrow	Pair Corr
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0.51	JUTOY	Jutal Offshore Oil	Pair Corr
0.5	EQIX	Equinix	Pair Corr
0.46	PAGP	Plains GP Holdings	Pair Corr
0.43	STMZF	Scottish Mortgage	Pair Corr
0.59	HYMC	Hycroft Mining Holding	Pair Corr
0.57	NPSCY	Nippon Steel Corp	Pair Corr
0.56	NDGPY	Nine Dragons Paper Earnings Call This Week	Pair Corr
0.52	MKTDF	DeepMarkit Corp	Pair Corr

Related Correlations Analysis

	CCLX	RLTR	BOTY	ABWN	CCCP	GFMH	SBSAA	ILIM	RBDC	WRIT
CCLX		0.0	0.0	1.0	0.0	0.0	0.0	0.0	1.0	0.0	CCLX
RLTR	0.0		-0.23	0.0	-0.55	0.44	0.56	-0.25	0.0	-0.22	RLTR
BOTY	0.0	-0.23		0.0	0.17	-0.43	0.05	-0.11	0.0	0.21	BOTY
ABWN	1.0	0.0	0.0		0.0	0.0	0.0	0.0	1.0	0.0	ABWN
CCCP	0.0	-0.55	0.17	0.0		-0.4	-0.52	0.13	0.0	0.02	CCCP
GFMH	0.0	0.44	-0.43	0.0	-0.4		0.35	0.01	0.0	-0.59	GFMH
SBSAA	0.0	0.56	0.05	0.0	-0.52	0.35		-0.18	0.0	-0.32	SBSAA
ILIM	0.0	-0.25	-0.11	0.0	0.13	0.01	-0.18		0.0	-0.07	ILIM
RBDC	1.0	0.0	0.0	1.0	0.0	0.0	0.0	0.0		0.0	RBDC
WRIT	0.0	-0.22	0.21	0.0	0.02	-0.59	-0.32	-0.07	0.0		WRIT
	CCLX	RLTR	BOTY	ABWN	CCCP	GFMH	SBSAA	ILIM	RBDC	WRIT

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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

ABWN	+ 1.0	CCLX
RBDC	+ 1.0	CCLX
RBDC	+ 1.0	ABWN
SBSAA	+ 0.56	RLTR
GFMH	+ 0.44	RLTR
SBSAA	+ 0.35	GFMH

High negative correlations

WRIT	- 0.59	GFMH
CCCP	- 0.55	RLTR
SBSAA	- 0.52	CCCP
GFMH	- 0.43	BOTY
GFMH	- 0.4	CCCP
WRIT	- 0.32	SBSAA

Risk-Adjusted Indicators

There is a big difference between Music Pink Sheet performing well and Music Licensing 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 Music Licensing'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
CCLX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
RLTR	7.07	1.26	0.11	(0.28)	6.93	(9.65)	20.66	(12.20)	57.33
BOTY	35.06	9.77	0.22	1.09	21.75	(154.67)	159.09	(50.00)	450.71
ABWN	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
CCCP	1.81	0.49	0.00	(0.13)	0.00	0.00	0.00	0.00	97.50
GFMH	4.70	1.67	0.00	2.70	0.00	0.00	11.54	0.00	71.05
SBSAA	38.32	17.19	0.36	(1.00)	20.75	(76.04)	204.76	(58.00)	363.08
ILIM	4.37	0.67	0.00	(0.27)	0.00	0.00	33.33	(25.00)	58.33
RBDC	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
WRIT	7.86	0.55	0.02	0.41	10.48	(41.26)	12.50	(25.00)	162.93

Be your own money manager

Our tools can tell you how much better you can do entering a position in Music Licensing 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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