Elma Electronic Correlations

ELMN Stock  CHF 1,100  20.00  1.85%   
The current 90-days correlation between Elma Electronic AG and Carlo Gavazzi Holding is 0.15 (i.e., Average diversification). The correlation of Elma Electronic 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.

Elma Electronic Correlation With Market

Good diversification

The correlation between Elma Electronic AG and DJI is -0.06 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Elma Electronic AG and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Elma Electronic could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Elma Electronic 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 Elma Electronic - 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 Elma Electronic AG to buy it.

Moving together with Elma Stock

  0.67LAND LandisGyr Group AGPairCorr

Moving against Elma Stock

  0.67GAV Carlo Gavazzi HoldingPairCorr
  0.64NESN Nestl SAPairCorr
  0.56ROG Roche Holding AGPairCorr
  0.54RO Roche Holding AGPairCorr
  0.36HUBN Hubersuhner AGPairCorr
  0.35LECN Leclanche SAPairCorr

Related Correlations Analysis

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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   
ALSNGAV
ALSNGRKP
GMIGRKP
GRKPGAV
GMIFTON
GMIALSN
  
High negative correlations   
FTONGAV
ALSNFTON
GRKPFTON
GMIGAV

Risk-Adjusted Indicators

There is a big difference between Elma Stock performing well and Elma Electronic 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 Elma Electronic'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 Elma Electronic 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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