Algernon Pharmaceuticals Correlations

AGNPF Stock

USD 0.06 0 1.57%

The current 90-days correlation between Algernon Pharmaceuticals and Biovaxys Technology Corp is -0.12 (i.e., Good diversification). The correlation of Algernon Pharmaceuticals 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.

Algernon Pharmaceuticals Correlation With Market

Very good diversification

The correlation between Algernon Pharmaceuticals and DJI is -0.36 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Algernon Pharmaceuticals and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Algernon OTC Stock

0.72	EC	Ecopetrol SA ADR	Pair Corr
0.65	WM	Waste Management	Pair Corr
0.66	IBM	International Business	Pair Corr

Moving against Algernon OTC Stock

0.6	CSLLY	CSL	Pair Corr
0.6	PTAIY	Astra International Tbk	Pair Corr
0.48	NVO	Novo Nordisk AS	Pair Corr
0.48	TLKMF	Telkom Indonesia Tbk	Pair Corr
0.47	NONOF	Novo Nordisk AS	Pair Corr
0.47	PPERY	Bank Mandiri Persero	Pair Corr
0.47	PPERF	Bank Mandiri Persero	Pair Corr
0.44	REGN	Regeneron Pharmaceuticals	Pair Corr
0.41	TLK	Telkom Indonesia Tbk	Pair Corr
0.39	CMXHF	CSL Limited	Pair Corr
0.47	MSFT	Microsoft Aggressive Push	Pair Corr
0.31	CAT	Caterpillar	Pair Corr

Related Correlations Analysis

	CMVLF	BITRF	RVXCF	DMTTF	CVALF	AKESF	ADYX	ASCLF	BCDAW	WSNAF
CMVLF		-0.24	0.18	0.0	0.43	-0.22	0.0	-0.31	0.0	-0.53	CMVLF
BITRF	-0.24		0.06	0.0	0.33	-0.34	0.0	-0.39	0.0	0.57	BITRF
RVXCF	0.18	0.06		0.0	0.3	-0.29	0.0	-0.33	0.0	-0.14	RVXCF
DMTTF	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	DMTTF
CVALF	0.43	0.33	0.3	0.0		-0.77	0.0	-0.89	0.0	-0.31	CVALF
AKESF	-0.22	-0.34	-0.29	0.0	-0.77		0.0	0.89	0.0	0.23	AKESF
ADYX	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	ADYX
ASCLF	-0.31	-0.39	-0.33	0.0	-0.89	0.89	0.0		0.0	0.18	ASCLF
BCDAW	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	BCDAW
WSNAF	-0.53	0.57	-0.14	0.0	-0.31	0.23	0.0	0.18	0.0		WSNAF
	CMVLF	BITRF	RVXCF	DMTTF	CVALF	AKESF	ADYX	ASCLF	BCDAW	WSNAF

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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

ASCLF	+ 0.89	AKESF
WSNAF	+ 0.57	BITRF
CVALF	+ 0.43	CMVLF
CVALF	+ 0.33	BITRF
CVALF	+ 0.3	RVXCF
WSNAF	+ 0.23	AKESF

High negative correlations

ASCLF	- 0.89	CVALF
AKESF	- 0.77	CVALF
WSNAF	- 0.53	CMVLF
ASCLF	- 0.39	BITRF
AKESF	- 0.34	BITRF
ASCLF	- 0.33	RVXCF

Risk-Adjusted Indicators

There is a big difference between Algernon OTC Stock performing well and Algernon Pharmaceuticals OTC Stock 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 Algernon Pharmaceuticals' 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
CMVLF	1.69	(0.88)	0.00	4.18	0.00	0.00	0.00	0.00	40.94
BITRF	9.92	3.26	0.00	0.57	0.00	0.00	2.04	0.00	400.54
RVXCF	9.41	0.92	0.03	1.93	11.02	(31.97)	33.33	(25.00)	75.00
DMTTF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
CVALF	2.49	(0.59)	0.00	18.05	0.00	0.00	3.73	(5.68)	23.27
AKESF	2.22	0.20	0.04	0.60	2.97	(3.87)	7.72	(6.67)	29.15
ADYX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
ASCLF	6.63	3.61	0.00	(0.79)	0.00	0.00	13.04	0.00	170.83
BCDAW	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
WSNAF	49.45	20.44	0.58	(1.31)	25.06	(69.67)	132.56	(47.33)	681.82

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Our tools can tell you how much better you can do entering a position in Algernon Pharmaceuticals 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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