CALTAGIRONE EDITORE Correlations

EDJ Stock

1.29 0.02 1.57%

The current 90-days correlation between CALTAGIRONE EDITORE and Eidesvik Offshore ASA is 0.08 (i.e., Significant diversification). The correlation of CALTAGIRONE EDITORE 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. If the correlation is 0, the equities are not correlated; they are entirely random.

CALTAGIRONE EDITORE Correlation With Market

Good diversification

The correlation between CALTAGIRONE EDITORE and DJI is -0.07 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding CALTAGIRONE EDITORE and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with CALTAGIRONE Stock

0.65	MSF	Microsoft	Pair Corr
0.71	MSF	Microsoft	Pair Corr
0.72	MSF	Microsoft	Pair Corr
0.7	MSF	Microsoft	Pair Corr
0.71	MSF	Microsoft	Pair Corr
0.78	AMZ	Amazon Inc	Pair Corr

Moving against CALTAGIRONE Stock

0.67	BYRA	BANK RAKYAT IND	Pair Corr
0.66	BYRA	PT Bank Rakyat	Pair Corr
0.65	BYRA	BANK RAKYAT IND	Pair Corr
0.63	PQ9	BANK MANDIRI	Pair Corr
0.6	PQ9	BANK MANDIRI	Pair Corr
0.55	DBPD	Xtrackers ShortDAX	Pair Corr
0.54	PQ9	BANK MANDIRI	Pair Corr
0.53	PQ9	PT Bank Mandiri	Pair Corr
0.53	BZG2	BANK CENTRAL ASIA	Pair Corr
0.4	BYRA	PT Bank Rakyat	Pair Corr
0.32	BZG2	BANK CENTRAL ASIA	Pair Corr

Related Correlations Analysis

	E1V	20V	BBEA	XY81	CEK	4JF	W6O	UWS
E1V		-0.54	-0.74	0.58	-0.45	0.27	0.36	-0.51	E1V
20V	-0.54		0.77	-0.55	0.4	-0.39	-0.59	0.91	20V
BBEA	-0.74	0.77		-0.74	0.51	-0.14	-0.72	0.73	BBEA
XY81	0.58	-0.55	-0.74		-0.55	0.12	0.48	-0.53	XY81
CEK	-0.45	0.4	0.51	-0.55		0.41	-0.41	0.37	CEK
4JF	0.27	-0.39	-0.14	0.12	0.41		-0.09	-0.36	4JF
W6O	0.36	-0.59	-0.72	0.48	-0.41	-0.09		-0.51	W6O
UWS	-0.51	0.91	0.73	-0.53	0.37	-0.36	-0.51		UWS
	E1V	20V	BBEA	XY81	CEK	4JF	W6O	UWS

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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

UWS	+ 0.91	20V
BBEA	+ 0.77	20V
UWS	+ 0.73	BBEA
XY81	+ 0.58	E1V
CEK	+ 0.51	BBEA
W6O	+ 0.48	XY81

High negative correlations

XY81	- 0.74	BBEA
BBEA	- 0.74	E1V
W6O	- 0.72	BBEA
W6O	- 0.59	20V
CEK	- 0.55	XY81
XY81	- 0.55	20V

Risk-Adjusted Indicators

There is a big difference between CALTAGIRONE Stock performing well and CALTAGIRONE EDITORE 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 CALTAGIRONE EDITORE'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
E1V	1.35	(0.14)	0.00	0.27	0.00	0.00	2.78	(3.42)	9.94
20V	1.17	0.00	(0.01)	0.02	1.50	(1.36)	2.88	(2.64)	9.90
BBEA	1.38	0.22	0.15	(2.06)	1.22	(1.65)	2.90	(2.04)	7.13
XY81	2.30	0.02	0.00	(0.04)	3.08	(2.32)	4.68	(3.46)	16.18
CEK	2.31	0.14	0.04	(0.70)	2.82	(2.53)	4.46	(4.67)	20.06
4JF	1.24	(0.01)	0.00	0.03	0.00	0.00	3.00	(2.91)	7.81
W6O	1.53	0.07	0.00	0.31	0.00	0.00	3.85	(3.45)	33.88
UWS	0.86	0.08	0.08	0.31	0.82	(1.13)	2.12	(1.54)	7.05

Be your own money manager

Our tools can tell you how much better you can do entering a position in CALTAGIRONE EDITORE 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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