NIGHTINGALE HEALTH Correlations

7XE Stock

EUR 3.00 0.12 4.17%

The current 90-days correlation between NIGHTINGALE HEALTH and Origin Agritech is -0.25 (i.e., Very good diversification). The correlation of NIGHTINGALE HEALTH 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.

NIGHTINGALE HEALTH Correlation With Market

Average diversification

The correlation between NIGHTINGALE HEALTH EO and DJI is 0.13 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding NIGHTINGALE HEALTH EO and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with NIGHTINGALE Stock

0.61

9EH

Evolent Health

Pair Corr

Moving against NIGHTINGALE Stock

0.67	3CM	RLX TECH SPADR1	Pair Corr
0.63	COPA	COMPUGROUP MEDSPADR	Pair Corr
0.61	COP	CompuGroup Medical	Pair Corr
0.6	COP	Compugroup Medical	Pair Corr
0.58	E908	Lyxor 1	Pair Corr
0.52	DTE	Deutsche Telekom	Pair Corr
0.49	2HE	Healthequity	Pair Corr
0.47	4LL	Teladoc	Pair Corr
0.47	DBPE	Xtrackers LevDAX	Pair Corr
0.43	VEE	Veeva Systems	Pair Corr

Related Correlations Analysis

	9EH	COP	COP	8SP	6NM	39O1	2DG	TLX	TM9	INVN
9EH		-0.68	-0.66	0.71	0.23	0.74	0.87	-0.76	0.68	-0.84	9EH
COP	-0.68		0.97	-0.38	-0.23	-0.61	-0.39	0.8	-0.76	0.67	COP
COP	-0.66	0.97		-0.39	-0.25	-0.61	-0.35	0.76	-0.77	0.65	COP
8SP	0.71	-0.38	-0.39		0.58	0.78	0.58	-0.23	0.54	-0.45	8SP
6NM	0.23	-0.23	-0.25	0.58		0.62	0.06	0.13	0.2	0.03	6NM
39O1	0.74	-0.61	-0.61	0.78	0.62		0.58	-0.44	0.65	-0.49	39O1
2DG	0.87	-0.39	-0.35	0.58	0.06	0.58		-0.64	0.48	-0.76	2DG
TLX	-0.76	0.8	0.76	-0.23	0.13	-0.44	-0.64		-0.63	0.85	TLX
TM9	0.68	-0.76	-0.77	0.54	0.2	0.65	0.48	-0.63		-0.63	TM9
INVN	-0.84	0.67	0.65	-0.45	0.03	-0.49	-0.76	0.85	-0.63		INVN
	9EH	COP	COP	8SP	6NM	39O1	2DG	TLX	TM9	INVN

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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

COP	+ 0.97	COP
2DG	+ 0.87	9EH
INVN	+ 0.85	TLX
TLX	+ 0.8	COP
39O1	+ 0.78	8SP
TLX	+ 0.76	COP

High negative correlations

INVN	- 0.84	9EH
TM9	- 0.77	COP
INVN	- 0.76	2DG
TM9	- 0.76	COP
TLX	- 0.76	9EH
COP	- 0.68	9EH

Risk-Adjusted Indicators

There is a big difference between NIGHTINGALE Stock performing well and NIGHTINGALE HEALTH 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 NIGHTINGALE HEALTH'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
9EH	3.49	(1.05)	0.00	(1.19)	0.00	0.00	5.71	(7.44)	42.67
COP	2.14	0.73	0.30	(2.02)	1.62	(2.65)	6.62	(2.46)	32.53
COP	2.28	0.77	0.40	(1.53)	1.36	(3.07)	6.25	(3.21)	35.75
8SP	2.12	(0.14)	0.00	0.51	0.00	0.00	3.17	(4.56)	20.22
6NM	1.21	(0.06)	0.00	0.25	0.00	0.00	2.89	(3.33)	9.64
39O1	3.20	(0.36)	0.00	(0.73)	0.00	0.00	8.09	(5.63)	20.83
2DG	5.84	(0.16)	0.00	2.44	0.00	0.00	13.64	(10.53)	52.42
TLX	1.06	0.12	0.08	(1.07)	1.14	(1.12)	2.67	(1.85)	7.58
TM9	2.82	(0.01)	0.00	(0.03)	4.45	(3.10)	7.26	(6.43)	30.27
INVN	2.18	0.23	0.08	(0.25)	2.47	(2.47)	5.45	(4.00)	14.01

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