Carlsberg Correlations

CABJF Stock

USD 129.93 3.74 2.96%

The current 90-days correlation between Carlsberg AS and Anheuser Busch Inbev is 0.34 (i.e., Weak diversification). The correlation of Carlsberg 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.

Carlsberg Correlation With Market

Modest diversification

The correlation between Carlsberg AS and DJI is 0.21 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Carlsberg AS and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Carlsberg Pink Sheet

0.92	FMX	Fomento Economico	Pair Corr
0.9	BUD	Anheuser Busch Inbev	Pair Corr
0.87	BUDFF	Anheuser Busch InBev	Pair Corr
0.9	HINKF	Heineken NV	Pair Corr
0.9	HEIA	Heineken	Pair Corr
0.61	BDWBF	Budweiser Brewing	Pair Corr
0.84	BDWBY	Budweiser Brewing	Pair Corr
0.73	ABEV	Ambev SA ADR Aggressive Push	Pair Corr
0.71	LIGA	Lig Assets	Pair Corr
0.91	VICI	VICI Properties	Pair Corr
0.76	DNDT	Dnd Technologies	Pair Corr
0.61	EUMNF	Euro Manganese	Pair Corr
0.83	VOLAF	AB Volvo	Pair Corr
0.74	UBER	Uber Technologies Aggressive Push	Pair Corr
0.62	CRPJF	China Resources Power	Pair Corr
0.66	TWI	Titan International	Pair Corr
0.77	CHCLY	Citizen Watch	Pair Corr
0.92	MTTR	Matterport	Pair Corr
0.95	SO	Southern	Pair Corr
0.96	HKHHY	Heineken Holding	Pair Corr
0.86	HUGPF	Hugo Boss AG	Pair Corr
0.74	BMCLF	BAIC Motor Earnings Call Today	Pair Corr
0.8	TYCMY	Tingyi Holding Corp Earnings Call This Week	Pair Corr
0.8	IHICY	IHI Corp ADR Trending	Pair Corr

Moving against Carlsberg Pink Sheet

0.41	CAVR	CAVU Resources	Pair Corr
0.58	GTRIF	GTI Resources Limited Earnings Call This Week	Pair Corr

Related Correlations Analysis

	HINKF	BUD	CCU	SAM	TAP-A	ABEV	TAP	BUDFF	CABGY
HINKF		0.94	0.88	-0.45	0.79	0.79	0.79	0.94	0.92	HINKF
BUD	0.94		0.92	-0.41	0.8	0.91	0.74	0.98	0.91	BUD
CCU	0.88	0.92		-0.7	0.64	0.78	0.52	0.9	0.96	CCU
SAM	-0.45	-0.41	-0.7		-0.11	-0.18	0.03	-0.37	-0.69	SAM
TAP-A	0.79	0.8	0.64	-0.11		0.81	0.78	0.82	0.68	TAP-A
ABEV	0.79	0.91	0.78	-0.18	0.81		0.72	0.92	0.74	ABEV
TAP	0.79	0.74	0.52	0.03	0.78	0.72		0.73	0.62	TAP
BUDFF	0.94	0.98	0.9	-0.37	0.82	0.92	0.73		0.89	BUDFF
CABGY	0.92	0.91	0.96	-0.69	0.68	0.74	0.62	0.89		CABGY
	HINKF	BUD	CCU	SAM	TAP-A	ABEV	TAP	BUDFF	CABGY

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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

BUDFF	+ 0.98	BUD
CABGY	+ 0.96	CCU
BUD	+ 0.94	HINKF
BUDFF	+ 0.94	HINKF
CABGY	+ 0.92	HINKF
CCU	+ 0.92	BUD

High negative correlations

SAM	- 0.7	CCU
CABGY	- 0.69	SAM
SAM	- 0.45	HINKF
SAM	- 0.41	BUD
BUDFF	- 0.37	SAM
ABEV	- 0.18	SAM

Risk-Adjusted Indicators

There is a big difference between Carlsberg Pink Sheet performing well and Carlsberg 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 Carlsberg'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
HINKF	1.57	0.28	0.17	3.48	1.52	(2.05)	4.12	(3.36)	15.75
BUD	1.09	0.32	0.22	0.60	1.34	(1.18)	2.29	(1.82)	9.04
CCU	1.00	0.42	0.33	1.33	1.02	(1.14)	2.11	(1.67)	8.78
SAM	1.42	(0.48)	0.00	(0.93)	0.00	0.00	2.35	(2.89)	8.87
TAP-A	1.24	0.12	0.06	(1.97)	1.65	(3.84)	6.07	(2.94)	15.39
ABEV	1.51	0.14	0.11	0.42	1.77	(1.68)	3.35	(3.26)	7.93
TAP	1.37	0.02	0.00	(0.07)	0.00	0.00	2.72	(3.11)	13.51
BUDFF	1.23	0.26	0.23	(2.04)	1.38	(1.40)	2.57	(1.73)	10.21
CABGY	1.24	0.42	0.43	(145.13)	0.75	(1.51)	3.29	(1.53)	8.66

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Our tools can tell you how much better you can do entering a position in Carlsberg 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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Carlsberg Corporate Management

Graham Fewkes	Sr. VP of Group Sales, Marketing and Innovation	Profile
Peter Kondrup	VP of Investor Relations	Profile
Joris Huijsmans	Ex Officer	Profile
Joao Abecasis	Ex Asia	Profile
Lars Lehmann	Ex Europe	Profile

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