BORR DRILLING Correlations

B2W Stock

2.08 0.07 3.26%

The current 90-days correlation between BORR DRILLING NEW and TELECOM ITALIA is 0.11 (i.e., Average diversification). The correlation of BORR 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.

BORR DRILLING Correlation With Market

Significant diversification

The correlation between BORR DRILLING NEW and DJI is 0.07 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding BORR DRILLING NEW and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to BORR 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 BORR 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 BORR 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 BORR DRILLING NEW to buy it.

Moving together with BORR Stock

0.85	HPC	Helmerich Payne	Pair Corr
0.89	NBI1	Nabors Industries	Pair Corr
0.92	PRE1	PRECISION DRILLING	Pair Corr
0.87	6SD	SHELF DRILLING LTD	Pair Corr
0.89	4JO	NORTHERN OCEAN LTD	Pair Corr
0.84	TB8A	Afentra PLC	Pair Corr
0.88	DBPD	Xtrackers ShortDAX	Pair Corr

Moving against BORR Stock

0.96	TKA	thyssenkrupp AG	Pair Corr
0.96	5TP	BLUE LABEL	Pair Corr
0.95	BSN	Danone SA	Pair Corr
0.94	JYS1	JYSKE BANK	Pair Corr
0.9	3RE	Rejlerkoncernen AB	Pair Corr
0.87	DBPE	Xtrackers LevDAX	Pair Corr
0.8	BRH	Berkshire Hathaway	Pair Corr
0.74	TLLB	Trelleborg AB	Pair Corr
0.68	E908	Lyxor 1	Pair Corr
0.65	KEI	KEISEI EL RAILWAY Split	Pair Corr
0.58	ROM	Rohm Co	Pair Corr
0.54	HUKI	HUHTAMAKI	Pair Corr
0.5	MRG	Outcrop Silver Gold	Pair Corr
0.39	OD3	ODFJELL DRILLLTD	Pair Corr
0.39	T62	TOHO ZINC LTD	Pair Corr
0.35	GSR	Gossan Resources	Pair Corr

Related Correlations Analysis

	TQI	39M	CMW	FV8	CUEH	XSFA	M1L	BW8
TQI		0.35	0.38	0.48	0.0	0.25	0.43	0.26	TQI
39M	0.35		0.55	0.59	-0.24	0.67	0.52	0.67	39M
CMW	0.38	0.55		0.49	0.19	0.54	0.51	0.46	CMW
FV8	0.48	0.59	0.49		-0.08	0.44	0.4	0.6	FV8
CUEH	0.0	-0.24	0.19	-0.08		-0.26	0.03	-0.35	CUEH
XSFA	0.25	0.67	0.54	0.44	-0.26		0.67	0.6	XSFA
M1L	0.43	0.52	0.51	0.4	0.03	0.67		0.46	M1L
BW8	0.26	0.67	0.46	0.6	-0.35	0.6	0.46		BW8
	TQI	39M	CMW	FV8	CUEH	XSFA	M1L	BW8

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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

XSFA	+ 0.67	39M
BW8	+ 0.67	39M
M1L	+ 0.67	XSFA
BW8	+ 0.6	FV8
BW8	+ 0.6	XSFA
FV8	+ 0.59	39M

High negative correlations

BW8	- 0.35	CUEH
XSFA	- 0.26	CUEH
CUEH	- 0.24	39M
CUEH	- 0.08	FV8
CUEH	- 0.0	TQI

Risk-Adjusted Indicators

There is a big difference between BORR Stock performing well and BORR 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 BORR 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
TQI	1.96	0.20	0.05	2.60	2.38	(3.79)	4.00	(4.00)	11.57
39M	1.46	0.02	0.04	1.62	1.72	(1.69)	2.42	(2.78)	7.73
CMW	2.38	0.17	0.06	(0.51)	2.82	(3.35)	5.26	(5.00)	24.24
FV8	2.04	0.13	0.07	0.58	2.12	(2.82)	3.64	(3.66)	27.76
CUEH	2.46	0.30	0.12	(0.65)	2.70	(3.14)	5.67	(3.40)	18.33
XSFA	1.41	0.17	0.13	(0.82)	1.37	(2.22)	3.50	(2.56)	12.99
M1L	1.29	0.15	0.15	1.99	1.08	(2.09)	3.53	(2.10)	10.34
BW8	1.43	0.00	0.02	(0.06)	2.18	(2.17)	3.70	(4.63)	14.41

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