GOODTECH ASA Correlations

6FO Stock

EUR 0.78 0.03 4.00%

The current 90-days correlation between GOODTECH ASA A and JAPAN TOBACCO UNSPADR12 is -0.1 (i.e., Good diversification). The correlation of GOODTECH ASA 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.

GOODTECH ASA Correlation With Market

Significant diversification

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

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

Moving together with GOODTECH Stock

0.85	LTO	Larsen Toubro Limited	Pair Corr
0.61	CYY	China Communications Earnings Call This Week	Pair Corr
0.81	E6Z	AECOM	Pair Corr
0.8	PQ9	PT Bank Mandiri	Pair Corr
0.71	PTI	Perusahaan Perseroan Earnings Call This Week	Pair Corr
0.67	KBIA	KB Financial Group	Pair Corr
0.8	BZG2	PT Bank Central	Pair Corr
0.73	J9I0	5E ADVANCED MATERIALS Split	Pair Corr

Moving against GOODTECH Stock

0.92	ZEG	ASTRAZENECA	Pair Corr
0.88	VOW	Volkswagen AG	Pair Corr
0.84	SQU	Vinci S A	Pair Corr
0.84	BYG	Big Yellow Group	Pair Corr
0.76	MM0	MONETA MONEY BANK	Pair Corr
0.74	CJH	CanSino Biologics	Pair Corr
0.54	LBL	KAROON GAS AUST	Pair Corr
0.9	DBPE	Xtrackers LevDAX	Pair Corr
0.87	STD	STANDARD CHARTERED	Pair Corr
0.87	19YA	Yiren Digital	Pair Corr
0.86	AG1	AUTO1 Group SE	Pair Corr
0.84	VOWA	VOLKSWAGEN ADR 110ON	Pair Corr
0.84	E908	Lyxor 1	Pair Corr
0.8	RHM	Rheinmetall AG	Pair Corr
0.79	APM	AD PEPPER MEDIA	Pair Corr
0.75	WY8	Universal Health Realty	Pair Corr
0.75	LL6	MTN GROUP	Pair Corr
0.75	KGHA	KGHM Polska Miedz Earnings Call This Week	Pair Corr
0.73	CMW	CHINA M SRVCS Earnings Call This Week	Pair Corr
0.66	AV6	Avista	Pair Corr
0.64	VVDH	Veolia Environnement	Pair Corr

Related Correlations Analysis

	JATA	A4XA	ACX	44B	8SF	DHR	UN3	AZU
JATA		0.53	-0.49	0.35	0.18	0.39	-0.32	-0.45	JATA
A4XA	0.53		-0.59	0.16	0.27	0.24	0.1	-0.34	A4XA
ACX	-0.49	-0.59		-0.18	-0.57	-0.59	0.24	0.32	ACX
44B	0.35	0.16	-0.18		0.09	0.23	0.11	0.23	44B
8SF	0.18	0.27	-0.57	0.09		0.24	-0.02	0.12	8SF
DHR	0.39	0.24	-0.59	0.23	0.24		-0.61	-0.41	DHR
UN3	-0.32	0.1	0.24	0.11	-0.02	-0.61		0.52	UN3
AZU	-0.45	-0.34	0.32	0.23	0.12	-0.41	0.52		AZU
	JATA	A4XA	ACX	44B	8SF	DHR	UN3	AZU

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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

A4XA	+ 0.53	JATA
AZU	+ 0.52	UN3
DHR	+ 0.39	JATA
44B	+ 0.35	JATA
AZU	+ 0.32	ACX
8SF	+ 0.27	A4XA

High negative correlations

UN3	- 0.61	DHR
DHR	- 0.59	ACX
ACX	- 0.59	A4XA
8SF	- 0.57	ACX
ACX	- 0.49	JATA
AZU	- 0.45	JATA

Risk-Adjusted Indicators

There is a big difference between GOODTECH Stock performing well and GOODTECH ASA 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 GOODTECH ASA'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
JATA	0.84	(0.06)	0.00	0.72	0.00	0.00	2.56	(1.72)	5.72
A4XA	1.47	(0.06)	0.00	(0.22)	0.00	0.00	3.64	(2.33)	7.86
ACX	1.75	0.15	0.08	2.82	2.23	(2.29)	4.21	(3.78)	19.44
44B	2.34	(0.09)	0.00	(0.42)	0.00	0.00	3.71	(2.96)	20.59
8SF	1.20	0.08	0.08	0.23	1.45	(1.39)	2.45	(2.91)	7.45
DHR	1.94	(0.11)	0.00	0.09	0.00	0.00	4.94	(4.00)	14.83
UN3	2.41	(0.15)	0.00	(0.29)	0.00	0.00	5.60	(4.87)	16.14
AZU	0.77	0.04	0.13	1.67	0.82	(0.93)	1.75	(1.69)	3.75

Be your own money manager

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