COWAY Correlations

021240 Stock

84,600 1,000.00 1.17%

The current 90-days correlation between COWAY and Cube Entertainment is -0.09 (i.e., Good diversification). The correlation of COWAY 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.

COWAY Correlation With Market

Average diversification

The correlation between COWAY Co and DJI is 0.15 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding COWAY Co and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with COWAY Stock

0.78	207940	Samsung Biologics	Pair Corr
0.63	003920	Namyang Dairy	Pair Corr
0.73	003240	Taekwang Ind	Pair Corr

Moving against COWAY Stock

0.7	006400	Samsung SDI	Pair Corr
0.62	010130	Korea Zinc	Pair Corr

Related Correlations Analysis

	182360	006910	102710	134580	041920	089970	078150	084370
182360		-0.3	0.38	-0.28	0.55	0.48	-0.03	0.35	182360
006910	-0.3		0.46	0.54	-0.11	0.31	0.68	0.57	006910
102710	0.38	0.46		-0.04	0.15	0.39	0.15	0.92	102710
134580	-0.28	0.54	-0.04		0.23	0.44	0.76	0.1	134580
041920	0.55	-0.11	0.15	0.23		0.5	0.27	0.2	041920
089970	0.48	0.31	0.39	0.44	0.5		0.6	0.52	089970
078150	-0.03	0.68	0.15	0.76	0.27	0.6		0.28	078150
084370	0.35	0.57	0.92	0.1	0.2	0.52	0.28		084370
	182360	006910	102710	134580	041920	089970	078150	084370

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

084370	+ 0.92	102710
078150	+ 0.76	134580
078150	+ 0.68	006910
078150	+ 0.6	089970
084370	+ 0.57	006910
041920	+ 0.55	182360

High negative correlations

006910	- 0.3	182360
134580	- 0.28	182360
041920	- 0.11	006910
134580	- 0.04	102710
078150	- 0.03	182360

Risk-Adjusted Indicators

There is a big difference between COWAY Stock performing well and COWAY 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 COWAY'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
182360	2.24	0.22	0.12	(2.16)	2.18	(2.66)	6.21	(3.77)	11.98
006910	1.57	0.21	0.16	1.11	1.44	(2.07)	4.49	(2.93)	9.75
102710	2.55	0.79	0.37	(1.21)	1.99	(3.24)	7.45	(3.93)	14.96
134580	2.44	0.52	0.12	0.71	3.48	(2.54)	5.87	(5.13)	33.33
041920	1.51	0.01	0.04	(0.12)	2.18	(1.64)	3.21	(2.40)	14.00
089970	3.02	1.09	0.32	0.86	2.72	(3.59)	8.04	(5.25)	18.56
078150	2.83	0.60	0.19	6.73	2.98	(3.32)	9.44	(4.69)	20.90
084370	2.34	0.60	0.22	(0.82)	2.65	(2.52)	5.56	(5.96)	16.56

Be your own money manager

Our tools can tell you how much better you can do entering a position in COWAY 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 Positions Ratings Now

Positions Ratings

Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance

All Next

Launch Module

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC