M3 Correlations

MTHRY Stock

USD 5.88 0.01 0.17%

The current 90-days correlation between M3 Inc and HealthEquity is 0.05 (i.e., Significant diversification). The correlation of M3 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.

M3 Correlation With Market

Significant diversification

The correlation between M3 Inc and DJI is 0.02 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding M3 Inc and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to M3 could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace M3 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 M3 - 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 M3 Inc to buy it.

Moving together with M3 Pink Sheet

0.68	GEHC	GE HealthCare Techno	Pair Corr
0.72	DOCS	Doximity	Pair Corr
0.66	SOLV	Solventum Corp	Pair Corr
0.67	SIGL	Signal Advance	Pair Corr
0.83	TCTZF	Tencent Holdings	Pair Corr
0.68	KOREF	KORE Mining	Pair Corr
0.68	COST	Costco Wholesale Corp	Pair Corr
0.8	WPM	Wheaton Precious Metals	Pair Corr
0.81	BLAGF	Blue Lagoon Resources	Pair Corr
0.85	AXIL	AXIL Brands,	Pair Corr
0.72	GRABW	Grab Holdings Limited	Pair Corr
0.93	KO	Coca Cola	Pair Corr
0.72	MCD	McDonalds	Pair Corr
0.74	AGI	Alamos Gold	Pair Corr
0.69	HWM	Howmet Aerospace	Pair Corr
0.81	YUM	Yum Brands	Pair Corr
0.85	T	ATT Inc Aggressive Push	Pair Corr
0.66	CHCJY	China Citic Bank	Pair Corr
0.7	AAMMF	Almadex Minerals	Pair Corr

Moving against M3 Pink Sheet

0.64	SLF	Sun Life Financial	Pair Corr
0.56	GLUC	Glucose Health	Pair Corr
0.35	NTRP	NextTrip Symbol Change	Pair Corr

Related Correlations Analysis

	EWLL	REFG	CBDS	CDXFF	NRC	CERT	NXGN	HCAT	HSTM	AGTI
EWLL		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	EWLL
REFG	0.0		0.0	-1.0	0.0	0.0	0.0	0.0	0.0	0.0	REFG
CBDS	0.0	0.0		0.0	0.17	-0.32	0.0	0.45	-0.34	0.0	CBDS
CDXFF	0.0	-1.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	CDXFF
NRC	0.0	0.0	0.17	0.0		-0.4	0.0	0.77	-0.07	0.0	NRC
CERT	0.0	0.0	-0.32	0.0	-0.4		0.0	-0.72	0.66	0.0	CERT
NXGN	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	NXGN
HCAT	0.0	0.0	0.45	0.0	0.77	-0.72	0.0		-0.3	0.0	HCAT
HSTM	0.0	0.0	-0.34	0.0	-0.07	0.66	0.0	-0.3		0.0	HSTM
AGTI	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		AGTI
	EWLL	REFG	CBDS	CDXFF	NRC	CERT	NXGN	HCAT	HSTM	AGTI

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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

HCAT	+ 0.77	NRC
HSTM	+ 0.66	CERT
HCAT	+ 0.45	CBDS
NRC	+ 0.17	CBDS
REFG	+ 0.0	EWLL
CBDS	+ 0.0	EWLL

High negative correlations

CDXFF	- 1.0	REFG
HCAT	- 0.72	CERT
CERT	- 0.4	NRC
HSTM	- 0.34	CBDS
CERT	- 0.32	CBDS
HSTM	- 0.3	HCAT

Risk-Adjusted Indicators

There is a big difference between M3 Pink Sheet performing well and M3 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 M3'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 Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
EWLL	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
REFG	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
CBDS	16.98	5.02	0.27	13.70	15.02	(20.03)	54.61	(37.27)	183.88
CDXFF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NRC	1.91	(0.37)	0.00	(0.35)	0.00	0.00	3.59	(3.35)	16.14
CERT	2.24	0.39	0.16	0.19	2.01	(2.72)	6.08	(3.54)	16.07
NXGN	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
HCAT	2.85	(0.74)	0.00	0.70	0.00	0.00	4.80	(6.79)	18.11
HSTM	0.85	0.10	0.08	0.13	1.13	(0.79)	1.68	(2.08)	5.72
AGTI	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Be your own money manager

Our tools can tell you how much better you can do entering a position in M3 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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