Hemp Correlations

The correlation of Hemp 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.

Hemp Correlation With Market

Average diversification

The correlation between Hemp Inc and DJI is 0.17 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hemp Inc and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Hemp could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Hemp 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 Hemp - 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 Hemp Inc to buy it.

Moving against Hemp Pink Sheet

  0.57WZZAF Wizz Air HoldingsPairCorr
  0.57MITUY Mitsui Chemicals ADRPairCorr
  0.56HLTC HealthCarePairCorr
  0.5CMSQF Computershare LimitedPairCorr
  0.39DVRNF Deveron CorpPairCorr
  0.33KT KT CorporationPairCorr
  0.61FATBP FAT BrandsPairCorr
  0.51MVST Microvast HoldingsPairCorr
  0.5CWPS Conwest Assoc PartPairCorr
  0.43TD Toronto Dominion BankPairCorr
  0.36SES SES AI CorpPairCorr
  0.35BACQU Bleichroeder AcquisitionPairCorr
  0.32MTTR MatterportPairCorr

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   
EMGECBDL
MJNAERBB
MJNACVSI
CBDLCVSI
EMGEERBB
CVSIERBB
  
High negative correlations   
MJNACBDL
EMGECVSI
CBDLERBB
MJNAEMGE
MJNAUSMJ
USMJEMGE

Risk-Adjusted Indicators

There is a big difference between Hemp Pink Sheet performing well and Hemp 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 Hemp'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
MCOA  0.00  0.00  0.00  0.00  0.00 
 0.00 
 0.00 
UNRV  0.00  0.00  0.00  0.00  0.00 
 0.00 
 0.00 
ERBB  10.01  0.59  0.02  0.14  10.81 
 25.00 
 45.00 
CVSI  9.39  1.84  0.07  0.69  9.79 
 33.33 
 58.33 
PJET  0.00  0.00  0.00  0.00  0.00 
 0.00 
 0.00 
CBDL  14.04  1.36  0.06  1.42  13.23 
 25.00 
 88.57 
EMGE  8.11  0.73  0.05 (1.30) 9.24 
 25.00 
 64.77 
USMJ  0.00  0.00  0.00  0.00  0.00 
 0.00 
 0.00 
MJNA  8.84  1.03  0.03  0.22  10.61 
 33.33 
 75.00 

Be your own money manager

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