Gear Energy Correlations

0GY Stock

EUR 0.31 0.01 3.33%

The current 90-days correlation between Gear Energy and Broadwind is 0.1 (i.e., Average diversification). The correlation of Gear Energy 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.

Gear Energy Correlation With Market

Good diversification

The correlation between Gear Energy and DJI is -0.06 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Gear Energy and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Gear Stock

0.64	NC2B	CNOOC	Pair Corr
0.73	WOP	WOODSIDE ENE SPADR	Pair Corr
0.83	WOP0	Woodside Energy Group	Pair Corr
0.67	SSU	Samsung Electronics	Pair Corr
0.72	SSUN	Samsung Electronics	Pair Corr
0.73	SSUN	Samsung Electronics	Pair Corr
0.67	SSU	Samsung Electronics	Pair Corr
0.66	BYRA	PT Bank Rakyat	Pair Corr

Moving against Gear Stock

0.76	2CDA	Controladora Vuela Compaa	Pair Corr
0.71	RC2	RCM TECHNOLOGIES	Pair Corr
0.66	PTX	Palantir Technologies	Pair Corr
0.64	M4I	Mastercard	Pair Corr
0.63	SYY	Sysco	Pair Corr
0.62	MSF	Microsoft	Pair Corr
0.61	NT4	Northern Trust	Pair Corr
0.58	ADH2	Air Canada	Pair Corr
0.57	SK3	Smurfit Kappa Group	Pair Corr
0.55	PCG6	PG E P6	Pair Corr
0.53	VA7A	VERISK ANLYTCS A	Pair Corr
0.49	0XHR	Xenia Hotels Resorts	Pair Corr
0.48	PNP	PNC Financial	Pair Corr
0.45	HIP	Park Hotels Resorts	Pair Corr
0.43	RZH	SCOTT TECHNOLOGY	Pair Corr
0.43	EN3	Enbridge	Pair Corr
0.34	4GE	Grupo Mxico SAB	Pair Corr
0.74	2T9A	TRAINLINE PLC LS	Pair Corr
0.67	QAN	Qantas Airways	Pair Corr

Related Correlations Analysis

	9IRA	4SB	ROW	E6Q	E6Q	6GC	2T9A
9IRA		0.46	-0.76	-0.31	-0.29	0.45	-0.77	9IRA
4SB	0.46		-0.33	-0.33	-0.28	0.13	-0.72	4SB
ROW	-0.76	-0.33		0.47	0.47	-0.58	0.82	ROW
E6Q	-0.31	-0.33	0.47		0.99	-0.24	0.6	E6Q
E6Q	-0.29	-0.28	0.47	0.99		-0.23	0.58	E6Q
6GC	0.45	0.13	-0.58	-0.24	-0.23		-0.42	6GC
2T9A	-0.77	-0.72	0.82	0.6	0.58	-0.42		2T9A
	9IRA	4SB	ROW	E6Q	E6Q	6GC	2T9A

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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

E6Q	+ 0.99	E6Q
2T9A	+ 0.82	ROW
2T9A	+ 0.6	E6Q
2T9A	+ 0.58	E6Q
E6Q	+ 0.47	ROW
E6Q	+ 0.47	ROW

High negative correlations

2T9A	- 0.77	9IRA
ROW	- 0.76	9IRA
2T9A	- 0.72	4SB
6GC	- 0.58	ROW
2T9A	- 0.42	6GC
E6Q	- 0.33	4SB

Risk-Adjusted Indicators

There is a big difference between Gear Stock performing well and Gear Energy 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 Gear Energy'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
9IRA	2.83	(0.12)	0.00	(0.37)	0.00	0.00	8.09	(6.40)	23.58
4SB	1.08	(0.14)	0.00	77.48	0.00	0.00	2.20	(2.62)	12.65
ROW	1.37	0.17	0.10	(19.79)	1.37	(1.62)	3.22	(2.29)	9.13
E6Q	1.81	0.32	0.15	3.53	1.69	(2.26)	3.85	(3.17)	13.82
E6Q	1.87	0.28	0.13	(3.04)	1.68	(2.41)	4.90	(3.23)	9.16
6GC	1.12	(0.10)	0.00	0.22	0.00	0.00	2.15	(2.12)	7.40
2T9A	1.37	0.41	0.17	(3.13)	1.27	(2.03)	3.73	(2.44)	15.43

Be your own money manager

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