Ormat Technologies Correlations

HNM Stock

EUR 65.26 0.32 0.49%

The current 90-days correlation between Ormat Technologies and Neoen SA is -0.11 (i.e., Good diversification). The correlation of Ormat Technologies 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.

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

Moving together with Ormat Stock

0.61	OEW	VERBUND AG ADR	Pair Corr
0.63	6HO	HOKURIKU EL PWR	Pair Corr

Moving against Ormat Stock

0.71	893	MITSUBISHI KAKOKI	Pair Corr
0.7	N1N	Neoen SA	Pair Corr
0.7	ECV	Encavis AG	Pair Corr
0.66	MIZ	Mizuno	Pair Corr
0.56	BFP	BBVA Banco Frances	Pair Corr
0.51	TM2	Sydbank A/S	Pair Corr
0.43	SON1	Sony Group Corp	Pair Corr
0.42	BJ6	BEIJJINGNENG CLERGHYC1	Pair Corr
0.68	DSG	DICKS Sporting Goods	Pair Corr
0.56	1SO	SAMS INTERNAT R	Pair Corr
0.48	H4L1	JSC Halyk bank	Pair Corr
0.46	BAK	BANKINTER ADR 2007 Earnings Call This Week	Pair Corr
0.42	TLX	Talanx AG	Pair Corr
0.32	MSF	Microsoft	Pair Corr
0.32	OTP	OTP Bank Nyrt	Pair Corr
0.78	2GB	2G Energy AG	Pair Corr
0.73	5E1	EVS Broadcast Equipment	Pair Corr

Related Correlations Analysis

	OEW	FOT	HNM	N1N	ECV	TKT	BJ6	59K	ETG	6HO
OEW		0.65	0.61	-0.59	-0.48	0.74	0.06	0.64	0.7	0.54	OEW
FOT	0.65		0.34	-0.4	-0.23	0.47	0.1	0.28	0.4	0.18	FOT
HNM	0.61	0.34		-0.7	-0.7	0.43	-0.42	0.6	0.55	0.63	HNM
N1N	-0.59	-0.4	-0.7		0.64	-0.67	0.08	-0.6	-0.7	-0.65	N1N
ECV	-0.48	-0.23	-0.7	0.64		-0.56	0.13	-0.81	-0.52	-0.79	ECV
TKT	0.74	0.47	0.43	-0.67	-0.56		0.25	0.78	0.8	0.67	TKT
BJ6	0.06	0.1	-0.42	0.08	0.13	0.25		0.06	0.11	0.04	BJ6
59K	0.64	0.28	0.6	-0.6	-0.81	0.78	0.06		0.63	0.92	59K
ETG	0.7	0.4	0.55	-0.7	-0.52	0.8	0.11	0.63		0.61	ETG
6HO	0.54	0.18	0.63	-0.65	-0.79	0.67	0.04	0.92	0.61		6HO
	OEW	FOT	HNM	N1N	ECV	TKT	BJ6	59K	ETG	6HO

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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

6HO	+ 0.92	59K
ETG	+ 0.8	TKT
59K	+ 0.78	TKT
TKT	+ 0.74	OEW
ETG	+ 0.7	OEW
6HO	+ 0.67	TKT

High negative correlations

59K	- 0.81	ECV
6HO	- 0.79	ECV
ETG	- 0.7	N1N
ECV	- 0.7	HNM
N1N	- 0.7	HNM
TKT	- 0.67	N1N

Risk-Adjusted Indicators

There is a big difference between Ormat Stock performing well and Ormat Technologies 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 Ormat Technologies' 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	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
OEW	1.24	(0.05)	0.38	0.00	0.00	2.94	(2.17)	8.48
FOT	1.27	(0.05)	(0.14)	0.00	0.00	2.56	(2.57)	6.07
HNM	1.51	(0.05)	25.65	0.00	0.00	2.65	(3.48)	8.51
N1N	0.32	0.02	(0.23)	0.40	(0.39)	1.03	(0.92)	2.46
ECV	0.17	0.02	(0.46)	0.06	(0.23)	0.41	(0.29)	2.11
TKT	2.19	(0.31)	0.62	0.00	0.00	4.65	(4.43)	18.72
BJ6	1.82	(0.07)	0.16	0.00	0.00	4.76	(4.55)	22.98
59K	1.85	(0.14)	(10.90)	0.00	0.00	3.81	(4.20)	15.63
ETG	1.52	(0.08)	(0.38)	0.00	0.00	4.00	(2.93)	11.11
6HO	1.82	(0.24)	1.75	0.00	0.00	4.35	(3.63)	17.19

Be your own money manager

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