Ecofibre Correlations

Stocks . Australia . 
Stock . Ecofibre
EOF Stock   0.02  0  12.00%   
The correlation of Ecofibre 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.

Ecofibre Correlation With Market

Good diversification

The correlation between Ecofibre and DJI is -0.02 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Ecofibre and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Ecofibre could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Ecofibre 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 Ecofibre - 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 Ecofibre to buy it.

Moving together with Ecofibre Stock

  0.71CSL CSLPairCorr
  0.71COH CochlearPairCorr

Moving against Ecofibre Stock

  0.73LNW Light WonderPairCorr
  0.72GLB Globe InternationalPairCorr
  0.72ARL Ardea ResourcesPairCorr
  0.71BSL Bluescope SteelPairCorr
  0.69VMC Venus MetalsLtdPairCorr
  0.67SFR Sandfire ResourcesPairCorr
  0.62CBAPK Commonwealth BankPairCorr
  0.62SXL Southern Cross MediaPairCorr
  0.61FRS Forrestania ResourcesPairCorr
  0.6CTQ Careteq LimitedPairCorr
  0.57EQS Equity Story GroupPairCorr
  0.56KPG Kelly Partners GroupPairCorr
  0.5MYG Mayfield Group HoldingsPairCorr
  0.49AR9 ArchtisPairCorr
  0.49MSG MCS ServicesPairCorr
  0.45WGN Wagners HoldingPairCorr
  0.42FAU First AuPairCorr
  0.37CBAPJ Commonwealth BankPairCorr
  0.33IME ImExHSPairCorr
  0.76ATM Aneka Tambang TbkPairCorr
  0.75TOR Torque MetalsPairCorr
  0.74FRM Farm Pride FoodsPairCorr
  0.71ADT Adriatic Metals Plc Earnings Call Next WeekPairCorr
  0.7OBM Ora Banda MiningPairCorr
  0.68TMB Tambourah MetalsPairCorr
  0.68APE AP EagersPairCorr
  0.66HTM High Tech MetalsPairCorr
  0.65AII Almonty Industries DRCPairCorr
  0.64GSN Great Southern MiningPairCorr
  0.64VRS Veris LtdPairCorr

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   
OML
+ 0.67
AGI
ASG
+ 0.56
AGI
TEK
+ 0.46
IAM
ASG
+ 0.3
SEG
TEK
+ 0.26
SEG
OML
+ 0.26
ASG
  
High negative correlations   
OML
- 0.7
TEK
OML
- 0.54
IAM
TEK
- 0.44
AGI
AGI
- 0.38
IAM
OML
- 0.36
SEG
ASG
- 0.2
IAM

Risk-Adjusted Indicators

There is a big difference between Ecofibre Stock performing well and Ecofibre 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 Ecofibre'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 Ecofibre 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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Ecofibre Corporate Management

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