Coda Octopus Correlations

CODA Stock

USD 8.87 0.04 0.45%

The current 90-days correlation between Coda Octopus Group and Innovative Solutions and is 0.14 (i.e., Average diversification). The correlation of Coda Octopus 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.

Coda Octopus Correlation With Market

Significant diversification

The correlation between Coda Octopus Group 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 Coda Octopus Group and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Coda Octopus Group. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in unemployment.

Moving together with Coda Stock

0.67	EBON	Ebang International	Pair Corr
0.81	EHGO	Eshallgo Class A	Pair Corr
0.79	ERIC	Telefonaktiebolaget Fiscal Year End 28th of January 2025	Pair Corr
0.61	EXTR	Extreme Networks	Pair Corr
0.91	CLS	Celestica	Pair Corr
0.78	CTS	CTS Corporation	Pair Corr
0.76	HPE	Hewlett Packard Ente	Pair Corr
0.65	HPQ	HP Inc	Pair Corr
0.87	JBL	Jabil Circuit	Pair Corr
0.87	MSI	Motorola Solutions	Pair Corr
0.84	ZBRA	Zebra Technologies	Pair Corr
0.87	IONQ	IONQ Inc	Pair Corr
0.83	LITE	Lumentum Holdings	Pair Corr
0.8	NTGR	NETGEAR	Pair Corr
0.87	PLXS	Plexus Corp	Pair Corr
0.77	RDCM	Radcom	Pair Corr
0.62	ANET	Arista Networks	Pair Corr

Moving against Coda Stock

0.9	WBX	Wallbox NV	Pair Corr
0.81	CDW	CDW Corp	Pair Corr
0.61	JNPR	Juniper Networks	Pair Corr
0.47	INVZW	Innoviz Technologies	Pair Corr
0.46	DM	Desktop Metal	Pair Corr
0.45	STX	Seagate Technology PLC	Pair Corr
0.4	VSH	Vishay Intertechnology	Pair Corr
0.79	CLFD	Clearfield Tech Boost	Pair Corr
0.7	AVNW	Aviat Networks	Pair Corr
0.63	CLRO	ClearOne	Pair Corr
0.61	CALX	Calix Inc Fiscal Year End 3rd of February 2025	Pair Corr
0.58	PLUS	ePlus inc	Pair Corr
0.58	CRCT	Cricut Inc	Pair Corr
0.48	SMCI	Super Micro Computer	Pair Corr
0.31	OPTX	Syntec Optics Holdings	Pair Corr

Related Correlations Analysis

	DCO	PKE	KAMN	NPK	ATRO	ISSC	VSEC	CW	CDRE
DCO		0.32	0.22	0.17	-0.13	0.17	0.28	0.34	-0.27	DCO
PKE	0.32		0.67	0.63	-0.77	0.92	0.94	0.84	-0.61	PKE
KAMN	0.22	0.67		0.59	-0.81	0.73	0.72	0.64	-0.67	KAMN
NPK	0.17	0.63	0.59		-0.62	0.57	0.56	0.47	-0.37	NPK
ATRO	-0.13	-0.77	-0.81	-0.62		-0.79	-0.81	-0.64	0.79	ATRO
ISSC	0.17	0.92	0.73	0.57	-0.79		0.93	0.84	-0.6	ISSC
VSEC	0.28	0.94	0.72	0.56	-0.81	0.93		0.89	-0.69	VSEC
CW	0.34	0.84	0.64	0.47	-0.64	0.84	0.89		-0.4	CW
CDRE	-0.27	-0.61	-0.67	-0.37	0.79	-0.6	-0.69	-0.4		CDRE
	DCO	PKE	KAMN	NPK	ATRO	ISSC	VSEC	CW	CDRE

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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

VSEC	+ 0.94	PKE
VSEC	+ 0.93	ISSC
ISSC	+ 0.92	PKE
CW	+ 0.89	VSEC
CW	+ 0.84	PKE
CW	+ 0.84	ISSC

High negative correlations

VSEC	- 0.81	ATRO
ATRO	- 0.81	KAMN
ISSC	- 0.79	ATRO
ATRO	- 0.77	PKE
CDRE	- 0.69	VSEC
CDRE	- 0.67	KAMN

Risk-Adjusted Indicators

There is a big difference between Coda Stock performing well and Coda Octopus 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 Coda Octopus' 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
DCO	1.53	(0.15)	(0.04)	0.02	1.94	(1.72)	3.15	(3.88)	12.14
PKE	1.35	(0.02)	0.05	0.09	1.19	(1.77)	2.61	(2.30)	12.34
KAMN	1.85	0.17	0.01	(0.26)	2.21	(1.87)	5.37	(3.75)	14.48
NPK	1.28	0.22	0.16	0.30	1.14	(1.46)	3.22	(2.44)	8.03
ATRO	2.11	(0.38)	0.00	(0.09)	0.00	0.00	3.60	(5.13)	22.57
ISSC	1.20	0.17	0.07	0.51	1.31	(1.31)	3.08	(2.06)	8.97
VSEC	1.96	0.20	0.15	0.19	1.88	(2.26)	3.30	(3.45)	21.58
CW	1.21	0.17	0.12	0.22	1.52	(1.35)	2.96	(2.48)	11.02
CDRE	1.56	(0.07)	(0.01)	0.05	2.52	(1.51)	3.06	(4.24)	13.54

Coda Octopus Corporate Executives

Elected by the shareholders, the Coda Octopus' board of directors comprises two types of representatives: Coda Octopus inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Coda. The board's role is to monitor Coda Octopus' management team and ensure that shareholders' interests are well served. Coda Octopus' inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Coda Octopus' outside directors are responsible for providing unbiased perspectives on the board's policies.

Blair Cunningham

CTO, Head of Research & Development Operations

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