Envela Corp Correlations

Stocks . Germany . 
Stock . Envela Corp
DGS Stock  EUR 6.70  0.00  0.00%   
The current 90-days correlation between Envela Corp and Apple Inc is 0.13 (i.e., Average diversification). The correlation of Envela Corp 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.

Envela Corp Correlation With Market

Good diversification

The correlation between Envela Corp and DJI is -0.04 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Envela Corp and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Envela Corp could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Envela Corp 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 Envela Corp - 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 Envela Corp to buy it.

Moving together with Envela Stock

  0.91APC Apple IncPairCorr
  0.91APC Apple IncPairCorr
  0.92APC Apple IncPairCorr
  0.91APC Apple IncPairCorr
  0.87MSF MicrosoftPairCorr
  0.86MSF MicrosoftPairCorr
  0.87MSF MicrosoftPairCorr
  0.86MSF MicrosoftPairCorr
  0.87MSF MicrosoftPairCorr
  0.87AMZ Amazon IncPairCorr
  0.81CYL CryoLifePairCorr
  0.8CYL CRYOLIFEPairCorr
  0.84UFH US FOODS HOLDINGPairCorr
  0.782T9A TRAINLINE PLC LSPairCorr
  0.7KOMA KOMATSU LTD SPONSPairCorr
  0.78HXL HexcelPairCorr
  0.82SK3 Smurfit Kappa GroupPairCorr
  0.62WX7 Corporate Office ProPairCorr
  0.85AZ5 AutoZonePairCorr
  0.89EQN2 EquinixPairCorr
  0.9PPB Flutter Entertainment PLCPairCorr
  0.832WY Wyndham Hotels ResortsPairCorr
  0.72WX1 Acadia Realty TrustPairCorr
  0.91APC Apple IncPairCorr
  0.864GE Grupo Mxico SABPairCorr
  0.850XHR Xenia Hotels ResortsPairCorr
  0.63FFH Fifth Third BancorpPairCorr
  0.9PTX Palantir TechnologiesPairCorr

Moving against Envela Stock

  0.82EII EisaiPairCorr
  0.51AXI Atos SEPairCorr
  0.31C4S1 CHINA STATE STRUPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Envela Stock performing well and Envela Corp 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 Envela Corp'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.

Be your own money manager

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