Datalogic Correlations

0E3C Stock

4.89 0.23 4.94%

The current 90-days correlation between Datalogic and Gaztransport et Technigaz is 0.08 (i.e., Significant diversification). The correlation of Datalogic 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.

Datalogic Correlation With Market

Modest diversification

The correlation between Datalogic and DJI is 0.26 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Datalogic and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Datalogic Stock

0.73	BOD	Botswana Diamonds plc Earnings Call This Week	Pair Corr
0.61	IGV	Income Growth	Pair Corr

Moving against Datalogic Stock

0.6	0MJF	Ambu AS	Pair Corr
0.54	0E5M	De Longhi SpA	Pair Corr
0.53	IMM	ImmuPharma PLC	Pair Corr
0.53	JARA	Jpmorgan Global Core	Pair Corr
0.46	0J6X	Teleperformance SE	Pair Corr
0.37	0ROM	Gestamp Automocion	Pair Corr

Related Correlations Analysis

	0LVK	0QT5	0YTR	CLA	0J71	0I77	ELLA
0LVK		-0.33	0.41	0.26	0.7	-0.41	-0.73	0LVK
0QT5	-0.33		0.1	0.22	-0.29	0.58	0.21	0QT5
0YTR	0.41	0.1		0.63	0.37	0.31	-0.31	0YTR
CLA	0.26	0.22	0.63		0.28	0.09	-0.33	CLA
0J71	0.7	-0.29	0.37	0.28		-0.33	-0.85	0J71
0I77	-0.41	0.58	0.31	0.09	-0.33		0.43	0I77
ELLA	-0.73	0.21	-0.31	-0.33	-0.85	0.43		ELLA
	0LVK	0QT5	0YTR	CLA	0J71	0I77	ELLA

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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

0J71	+ 0.7	0LVK
CLA	+ 0.63	0YTR
0I77	+ 0.58	0QT5
ELLA	+ 0.43	0I77
0YTR	+ 0.41	0LVK
0J71	+ 0.37	0YTR

High negative correlations

ELLA	- 0.85	0J71
ELLA	- 0.73	0LVK
0I77	- 0.41	0LVK
0I77	- 0.33	0J71
ELLA	- 0.33	CLA
0QT5	- 0.33	0LVK

Risk-Adjusted Indicators

There is a big difference between Datalogic Stock performing well and Datalogic 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 Datalogic'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
0LVK	1.33	(0.19)	0.00	(0.55)	0.00	0.00	2.03	(3.91)	8.50
0QT5	1.57	0.17	0.14	(0.58)	1.71	(1.76)	3.26	(3.10)	19.64
0YTR	1.16	(0.20)	0.00	(1.30)	0.00	0.00	2.06	(3.35)	7.89
CLA	1.14	(0.15)	0.00	(0.52)	0.00	0.00	0.00	(4.00)	37.09
0J71	1.23	(0.30)	0.00	(2.84)	0.00	0.00	2.61	(2.92)	9.34
0I77	1.32	0.21	0.18	4.77	1.39	(1.48)	2.44	(3.12)	16.30
ELLA	0.57	0.10	0.10	3.18	0.67	(1.14)	1.89	(1.50)	7.61

Be your own money manager

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