Dentsply Sirona Correlations

DY2 Stock

EUR 13.98 0.25 1.82%

The current 90-days correlation between Dentsply Sirona and ON SEMICONDUCTOR is 0.19 (i.e., Average diversification). The correlation of Dentsply Sirona 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.

Dentsply Sirona Correlation With Market

Modest diversification

The correlation between Dentsply Sirona and DJI is 0.23 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Dentsply Sirona and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Dentsply Stock

0.54	DBPE	Xtrackers LevDAX	Pair Corr
0.52	KB9	KBC Ancora SCA	Pair Corr
0.49	SVM	Sovereign Metals	Pair Corr
0.39	GOC	Star Diamond	Pair Corr
0.33	E908	Lyxor 1	Pair Corr

Related Correlations Analysis

	HAM	US8	0HE1	DGD	FJZ	SMG	XS4	SMG
HAM		-0.33	-0.06	0.77	0.63	0.44	-0.75	0.5	HAM
US8	-0.33		0.41	-0.17	-0.22	-0.26	0.71	-0.23	US8
0HE1	-0.06	0.41		0.36	0.28	0.31	0.35	0.28	0HE1
DGD	0.77	-0.17	0.36		0.71	0.62	-0.52	0.65	DGD
FJZ	0.63	-0.22	0.28	0.71		0.47	-0.46	0.44	FJZ
SMG	0.44	-0.26	0.31	0.62	0.47		-0.23	0.96	SMG
XS4	-0.75	0.71	0.35	-0.52	-0.46	-0.23		-0.25	XS4
SMG	0.5	-0.23	0.28	0.65	0.44	0.96	-0.25		SMG
	HAM	US8	0HE1	DGD	FJZ	SMG	XS4	SMG

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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

SMG	+ 0.96	SMG
DGD	+ 0.77	HAM
XS4	+ 0.71	US8
FJZ	+ 0.71	DGD
SMG	+ 0.65	DGD
FJZ	+ 0.63	HAM

High negative correlations

XS4	- 0.75	HAM
XS4	- 0.52	DGD
XS4	- 0.46	FJZ
US8	- 0.33	HAM
SMG	- 0.26	US8
SMG	- 0.25	XS4

Risk-Adjusted Indicators

There is a big difference between Dentsply Stock performing well and Dentsply Sirona 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 Dentsply Sirona'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
HAM	2.38	0.38	0.19	(3.76)	2.51	(2.79)	5.94	(4.49)	12.60
US8	2.27	(0.28)	0.00	(0.49)	0.00	0.00	4.91	(6.72)	15.74
0HE1	2.89	(0.20)	0.00	(1.74)	0.00	0.00	6.33	(5.53)	17.54
DGD	1.73	0.01	0.00	(0.11)	0.00	0.00	3.64	(4.17)	9.19
FJZ	2.23	0.17	0.08	0.19	2.58	(2.74)	6.04	(5.26)	12.11
SMG	2.14	(0.18)	0.00	(0.40)	0.00	0.00	4.42	(5.69)	19.07
XS4	2.12	(0.83)	0.00	1.51	0.00	0.00	3.00	(6.19)	13.19
SMG	2.15	(0.26)	0.00	(0.94)	0.00	0.00	4.87	(4.61)	21.51

Be your own money manager

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