Sapura Energy Correlations

5218 Stock   0.04  0.01  16.67%   
The current 90-days correlation between Sapura Energy Bhd and CSC Steel Holdings is -0.01 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Sapura Energy moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Sapura Energy Bhd moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Sapura Energy Correlation With Market

SapuraDowDiversified AwaySapuraDowDiversified Away100%

Good diversification

The correlation between Sapura Energy Bhd and DJI is -0.01 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Sapura Energy Bhd and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Sapura 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 Sapura 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 Sapura 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 Sapura Energy Bhd to buy it.

Related Correlations Analysis

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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   
70765094
56655094
26827076
12955098
56657076
50987076
  
High negative correlations   
12959881
50989881

Risk-Adjusted Indicators

There is a big difference between Sapura Stock performing well and Sapura 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 Sapura 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.

Sapura Energy Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with Sapura Energy stock to make a market-neutral strategy. Peer analysis of Sapura Energy could also be used in its relative valuation, which is a method of valuing Sapura Energy by comparing valuation metrics with similar companies.
 Risk & Return  Correlation

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