Carnegie Clean Correlations

CNM1 Stock

EUR 0.02 0 7.84%

The current 90-days correlation between Carnegie Clean Energy and SCIENCE IN SPORT is 0.15 (i.e., Average diversification). The correlation of Carnegie Clean 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.

Carnegie Clean Correlation With Market

Good diversification

The correlation between Carnegie Clean Energy and DJI is -0.05 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Carnegie Clean Energy and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Carnegie Stock

0.59	1NR	Northland Power	Pair Corr
0.34	T9W	THES WATER SS	Pair Corr
0.31	DGY	DTE ENERGY	Pair Corr
0.41	SIA1	Singapore Airlines	Pair Corr
0.39	SYT	Softing AG Earnings Call This Week	Pair Corr

Related Correlations Analysis

	DSG	3MJ	CN6	CIAH	SIA1	INR	9GY	8D9
DSG		0.82	-0.34	-0.18	-0.46	0.69	0.3	-0.55	DSG
3MJ	0.82		-0.16	-0.07	-0.33	0.66	0.2	-0.25	3MJ
CN6	-0.34	-0.16		-0.18	0.53	0.14	0.23	0.69	CN6
CIAH	-0.18	-0.07	-0.18		0.21	-0.1	0.12	0.01	CIAH
SIA1	-0.46	-0.33	0.53	0.21		0.03	0.12	0.66	SIA1
INR	0.69	0.66	0.14	-0.1	0.03		0.56	-0.08	INR
9GY	0.3	0.2	0.23	0.12	0.12	0.56		-0.13	9GY
8D9	-0.55	-0.25	0.69	0.01	0.66	-0.08	-0.13		8D9
	DSG	3MJ	CN6	CIAH	SIA1	INR	9GY	8D9

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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

3MJ	+ 0.82	DSG
INR	+ 0.69	DSG
8D9	+ 0.69	CN6
INR	+ 0.66	3MJ
8D9	+ 0.66	SIA1
9GY	+ 0.56	INR

High negative correlations

8D9	- 0.55	DSG
SIA1	- 0.46	DSG
CN6	- 0.34	DSG
SIA1	- 0.33	3MJ
8D9	- 0.25	3MJ
CIAH	- 0.18	CN6

Risk-Adjusted Indicators

There is a big difference between Carnegie Stock performing well and Carnegie Clean 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 Carnegie Clean'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
DSG	1.92	(0.20)	0.00	(0.70)	0.00	0.00	3.22	(3.78)	15.62
3MJ	1.74	(0.19)	0.00	(1.24)	0.00	0.00	2.78	(3.85)	14.90
CN6	1.02	0.14	0.08	(4.02)	1.16	(2.24)	1.85	(1.82)	10.36
CIAH	1.78	(0.19)	0.00	0.53	0.00	0.00	3.45	(3.33)	14.05
SIA1	0.73	0.04	0.10	0.30	0.86	(0.82)	1.71	(1.31)	4.82
INR	1.92	0.04	0.00	(0.03)	0.00	0.00	3.65	(3.87)	15.81
9GY	1.63	0.07	0.04	0.44	2.07	(2.76)	4.17	(3.70)	13.87
8D9	1.88	0.17	0.04	0.54	2.63	(4.60)	3.70	(3.57)	31.95

Be your own money manager

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