Switch Metals Correlations

SWT Stock

14.50 0.50 3.57%

The current 90-days correlation between Switch Metals Plc and Porvair plc is 0.06 (i.e., Significant diversification). The correlation of Switch Metals 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.

Switch Metals Correlation With Market

Very weak diversification

The correlation between Switch Metals Plc and DJI is 0.54 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Switch Metals Plc and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Switch Stock

0.78	BHP	BHP Group Limited	Pair Corr
0.8	RIO	Rio Tinto PLC Earnings Call Tomorrow	Pair Corr
0.7	GLEN	Glencore PLC Earnings Call Tomorrow	Pair Corr
0.78	AAL	Anglo American PLC Earnings Call This Week	Pair Corr
0.79	S32	South32	Pair Corr
0.82	TIN	Cornish Metals plc Split	Pair Corr
0.69	GFM	Griffin Mining	Pair Corr
0.76	PRE	Pensana Rare Earths	Pair Corr
0.64	TYT	Toyota Motor Corp	Pair Corr
0.86	0QYR	Panasonic Corp	Pair Corr
0.73	0LCV	Taiwan Semiconductor	Pair Corr
0.87	SBID	State Bank	Pair Corr
0.88	DOM	Dominos Pizza Group	Pair Corr
0.63	0R9X	Granges AB	Pair Corr
0.83	SGRO	Segro Plc Earnings Call This Week	Pair Corr
0.78	WGLD	WisdomTree Core Physical	Pair Corr
0.89	WEIR	Weir Group PLC	Pair Corr
0.76	0KDH	Ormat Technologies Earnings Call This Week	Pair Corr
0.74	0QB8	ASML Holding NV	Pair Corr
0.71	JEDT	JPMorgan Euro Small	Pair Corr
0.88	SPX	Spirax Sarco Enginee	Pair Corr
0.69	ECOR	Ecora Resources PLC	Pair Corr
0.83	YNGA	Young CoS Brewery	Pair Corr
0.8	GMET	Golden Metal Resources	Pair Corr
0.81	PLUS	Plus500	Pair Corr
0.91	EGY	VAALCO Energy	Pair Corr

Moving against Switch Stock

0.92	0R1E	Nintendo	Pair Corr
0.82	0R15	SoftBank Group Corp	Pair Corr
0.87	0IL0	Fannie Mae	Pair Corr
0.53	0H3T	Deutsche Boerse AG	Pair Corr
0.33	0HE6	American Airlines	Pair Corr

Related Correlations Analysis

	0RDI	0G2Z	0ND2	0QZ4	ALFA	TTG	PRV
0RDI		-0.74	-0.91	-0.35	0.83	0.2	-0.53	0RDI
0G2Z	-0.74		0.85	0.02	-0.55	-0.01	0.52	0G2Z
0ND2	-0.91	0.85		0.36	-0.74	-0.22	0.67	0ND2
0QZ4	-0.35	0.02	0.36		-0.52	-0.54	0.58	0QZ4
ALFA	0.83	-0.55	-0.74	-0.52		0.16	-0.46	ALFA
TTG	0.2	-0.01	-0.22	-0.54	0.16		-0.68	TTG
PRV	-0.53	0.52	0.67	0.58	-0.46	-0.68		PRV
	0RDI	0G2Z	0ND2	0QZ4	ALFA	TTG	PRV

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

0ND2	+ 0.85	0G2Z
ALFA	+ 0.83	0RDI
PRV	+ 0.67	0ND2
PRV	+ 0.58	0QZ4
PRV	+ 0.52	0G2Z
0QZ4	+ 0.36	0ND2

High negative correlations

0ND2	- 0.91	0RDI
ALFA	- 0.74	0ND2
0G2Z	- 0.74	0RDI
PRV	- 0.68	TTG
ALFA	- 0.55	0G2Z
TTG	- 0.54	0QZ4

Risk-Adjusted Indicators

There is a big difference between Switch Stock performing well and Switch Metals 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 Switch Metals' 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
0RDI	1.54	(0.45)	0.00	1.38	0.00	0.00	1.87	(4.91)	20.16
0G2Z	1.11	(0.07)	0.00	0.30	0.00	0.00	2.75	(2.89)	10.55
0ND2	2.10	0.41	0.14	(4.09)	2.13	(2.62)	6.08	(3.30)	15.73
0QZ4	1.73	0.28	0.11	(0.89)	1.74	(2.17)	5.17	(2.93)	12.97
ALFA	1.08	(0.31)	0.00	(1.60)	0.00	0.00	2.18	(1.89)	8.60
TTG	1.62	(0.11)	0.00	(1.02)	0.00	0.00	3.19	(2.64)	21.89
PRV	1.56	0.02	0.00	0.15	2.07	(1.89)	4.70	(3.01)	16.38

Be your own money manager

Our tools can tell you how much better you can do entering a position in Switch Metals 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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