SHELF DRILLING Correlations

6SD Stock

EUR 0.66 0.01 1.49%

The current 90-days correlation between SHELF DRILLING LTD and VULCAN MATERIALS is 0.14 (i.e., Average diversification). The correlation of SHELF DRILLING 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.

SHELF DRILLING Correlation With Market

Average diversification

The correlation between SHELF DRILLING LTD and DJI is 0.11 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SHELF DRILLING LTD and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with SHELF Stock

0.77	HPC	Helmerich Payne	Pair Corr
0.81	NBI1	Nabors Industries	Pair Corr
0.83	PRE1	PRECISION DRILLING	Pair Corr
0.85	4JO	NORTHERN OCEAN LTD	Pair Corr
0.71	TB8A	Afentra PLC	Pair Corr
0.71	4DS	Daldrup Shne Aktieng	Pair Corr
0.84	DBPD	Xtrackers ShortDAX	Pair Corr

Moving against SHELF Stock

0.85	5TP	BLUE LABEL	Pair Corr
0.85	BSN	Danone SA	Pair Corr
0.82	TKA	thyssenkrupp AG	Pair Corr
0.82	JYS1	JYSKE BANK	Pair Corr
0.82	DBPE	Xtrackers LevDAX	Pair Corr
0.78	3RE	Rejlerkoncernen AB	Pair Corr
0.74	TLLB	Trelleborg AB	Pair Corr
0.67	E908	Lyxor 1	Pair Corr
0.62	BRH	Berkshire Hathaway	Pair Corr
0.61	KEI	KEISEI EL RAILWAY Split	Pair Corr
0.52	HUKI	HUHTAMAKI	Pair Corr
0.51	ROM	Rohm Co	Pair Corr
0.48	MRG	Outcrop Silver Gold	Pair Corr
0.38	OD3	ODFJELL DRILLLTD	Pair Corr
0.34	GSR	Gossan Resources	Pair Corr

Related Correlations Analysis

	VMC	E5M	M0G	EA1	EZM	AP2	5PMA
VMC		0.97	-0.4	-0.11	0.19	0.88	-0.53	VMC
E5M	0.97		-0.5	0.02	0.08	0.83	-0.6	E5M
M0G	-0.4	-0.5		-0.29	0.33	-0.28	0.65	M0G
EA1	-0.11	0.02	-0.29		-0.47	-0.23	-0.42	EA1
EZM	0.19	0.08	0.33	-0.47		0.33	0.29	EZM
AP2	0.88	0.83	-0.28	-0.23	0.33		-0.37	AP2
5PMA	-0.53	-0.6	0.65	-0.42	0.29	-0.37		5PMA
	VMC	E5M	M0G	EA1	EZM	AP2	5PMA

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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

E5M	+ 0.97	VMC
AP2	+ 0.88	VMC
AP2	+ 0.83	E5M
5PMA	+ 0.65	M0G
EZM	+ 0.33	M0G
AP2	+ 0.33	EZM

High negative correlations

5PMA	- 0.6	E5M
5PMA	- 0.53	VMC
M0G	- 0.5	E5M
EZM	- 0.47	EA1
5PMA	- 0.42	EA1
M0G	- 0.4	VMC

Risk-Adjusted Indicators

There is a big difference between SHELF Stock performing well and SHELF DRILLING 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 SHELF DRILLING'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
VMC	1.24	(0.24)	0.00	(0.64)	0.00	0.00	1.65	(3.39)	9.60
E5M	1.19	(0.35)	0.00	(0.70)	0.00	0.00	2.50	(3.36)	7.64
M0G	2.57	0.16	0.10	(0.41)	2.31	(3.60)	6.52	(4.04)	15.69
EA1	2.63	(0.04)	0.00	0.05	0.00	0.00	7.91	(6.57)	21.13
EZM	1.76	0.06	0.05	0.32	2.10	(2.13)	5.59	(3.70)	13.11
AP2	2.24	(0.15)	0.00	1.59	0.00	0.00	4.14	(4.84)	14.72
5PMA	2.94	0.37	0.12	(0.58)	2.95	(4.03)	6.52	(5.88)	20.17

Be your own money manager

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