SIMS METAL Correlations

I8M Stock  EUR 8.85  0.20  2.31%   
The current 90-days correlation between SIMS METAL MGT and PICKN PAY STORES is 0.13 (i.e., Average diversification). The correlation of SIMS METAL 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.

SIMS METAL Correlation With Market

Modest diversification

The correlation between SIMS METAL MGT and DJI is 0.23 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SIMS METAL MGT and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to SIMS METAL could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace SIMS METAL 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 SIMS METAL - 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 SIMS METAL MGT to buy it.

Moving together with SIMS Stock

  0.7LLD2 Lloyds Banking GroupPairCorr
  0.7FHL Federal Home LoanPairCorr
  0.85W8V Bank of China Limited Earnings Call This WeekPairCorr
  0.84E908 Lyxor 1PairCorr
  0.82DBPE Xtrackers LevDAXPairCorr

Moving against SIMS Stock

  0.8DBPD Xtrackers ShortDAXPairCorr
  0.78SID State BankPairCorr
  0.6MSF MicrosoftPairCorr
  0.58MSF MicrosoftPairCorr
  0.57MSF MicrosoftPairCorr
  0.57OIX ORIXPairCorr
  0.56MSF MicrosoftPairCorr
  0.56MSF MicrosoftPairCorr
  0.54APC Apple IncPairCorr
  0.54APC Apple IncPairCorr
  0.53APC Apple IncPairCorr
  0.53APC Apple IncPairCorr
  0.36AMZ Amazon IncPairCorr

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   
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CS2SRJ
GZ3CS2
  
High negative correlations   
GZ3SCG
9GYPIK
PIKSRJ
GZ39GY
9GYSCG
SCGPIK

Risk-Adjusted Indicators

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

Elected by the shareholders, the SIMS METAL's board of directors comprises two types of representatives: SIMS METAL inside directors who are chosen from within the company, and outside directors, selected externally and held independent of SIMS. The board's role is to monitor SIMS METAL's management team and ensure that shareholders' interests are well served. SIMS METAL'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, SIMS METAL's outside directors are responsible for providing unbiased perspectives on the board's policies.
Thomas GormanNon-Executive Independent DirectorProfile
James ThompsonIndependent Non-Executive DirectorProfile
Elise GautierGroup Chief Risk & Compliance OfficerProfile
Michael MovsasChief Commercial OfficerProfile
Hiroyuki KatoNon-Independent Non-Executive DirectorProfile