Kone Oyj Correlations

KNYJY Stock  USD 25.93  0.89  3.55%   
The current 90-days correlation between Kone Oyj ADR and Eaton PLC is 0.03 (i.e., Significant diversification). The correlation of Kone Oyj 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.

Kone Oyj Correlation With Market

Significant diversification

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

Moving together with Kone Pink Sheet

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Moving against Kone Pink Sheet

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Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Kone Pink Sheet performing well and Kone Oyj 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 Kone Oyj'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 Kone Oyj 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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