Nitto Denko Correlations

NDEKY Stock

USD 19.74 0.39 2.02%

The current 90-days correlation between Nitto Denko Corp and International Flavors Fragrances is 0.2 (i.e., Modest diversification). The correlation of Nitto Denko 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.

Nitto Denko Correlation With Market

Modest diversification

The correlation between Nitto Denko Corp 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 Nitto Denko Corp and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Nitto Pink Sheet

0.79	AIQUY	Air Liquide SA	Pair Corr
0.78	AIQUF	LAir Liquide SA	Pair Corr
0.64	ECL	Ecolab Inc	Pair Corr
0.85	PLTR	Palantir Technologies	Pair Corr
0.87	GPI	Group 1 Automotive	Pair Corr
0.7	KO	Coca Cola Aggressive Push	Pair Corr
0.79	KPLTW	Katapult Holdings Equity	Pair Corr
0.69	COST	Costco Wholesale Corp	Pair Corr
0.89	AXIL	AXIL Brands,	Pair Corr
0.62	WPM	Wheaton Precious Metals	Pair Corr
0.68	ATRC	AtriCure	Pair Corr
0.82	T	ATT Inc Aggressive Push	Pair Corr

Moving against Nitto Pink Sheet

0.59	PKX	POSCO Holdings	Pair Corr
0.55	KB	KB Financial Group	Pair Corr
0.51	GVDBF	Givaudan SA	Pair Corr
0.36	SHW	Sherwin Williams	Pair Corr

Related Correlations Analysis

	CC	IFF	APD	PPG	LIN	ALB	LTHM	DD
CC		0.84	0.62	0.71	0.33	0.78	0.0	0.42	CC
IFF	0.84		0.62	0.72	0.31	0.72	0.0	0.46	IFF
APD	0.62	0.62		0.31	0.78	0.25	0.0	0.48	APD
PPG	0.71	0.72	0.31		0.08	0.77	0.0	0.52	PPG
LIN	0.33	0.31	0.78	0.08		0.0	0.0	0.64	LIN
ALB	0.78	0.72	0.25	0.77	0.0		0.0	0.48	ALB
LTHM	0.0	0.0	0.0	0.0	0.0	0.0		0.0	LTHM
DD	0.42	0.46	0.48	0.52	0.64	0.48	0.0		DD
	CC	IFF	APD	PPG	LIN	ALB	LTHM	DD

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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

IFF	+ 0.84	CC
ALB	+ 0.78	CC
LIN	+ 0.78	APD
ALB	+ 0.77	PPG
PPG	+ 0.72	IFF
ALB	+ 0.72	IFF

High negative correlations

DD	- 0.0	LTHM
LTHM	- 0.0	ALB
LTHM	- 0.0	LIN
ALB	- 0.0	LIN
LTHM	- 0.0	PPG
LTHM	- 0.0	APD

Risk-Adjusted Indicators

There is a big difference between Nitto Pink Sheet performing well and Nitto Denko 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 Nitto Denko'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
CC	2.11	(0.26)	0.00	(0.17)	0.00	0.00	3.86	(4.67)	16.32
IFF	0.82	(0.11)	0.00	(0.18)	0.00	0.00	2.00	(1.63)	7.84
APD	0.98	(0.03)	0.00	(0.06)	0.00	0.00	2.38	(1.73)	8.80
PPG	1.12	(0.11)	0.00	(0.14)	0.00	0.00	2.56	(2.26)	8.61
LIN	0.77	0.06	0.06	0.15	0.85	(0.84)	1.81	(1.53)	3.73
ALB	1.97	(0.40)	0.00	(0.51)	0.00	0.00	3.46	(4.44)	11.66
LTHM	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
DD	0.95	0.01	0.00	0.69	1.23	(0.91)	1.34	(2.19)	9.10

Be your own money manager

Our tools can tell you how much better you can do entering a position in Nitto Denko 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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Nitto Denko Corporate Management

Yasuhiro Hayashi	VP Division	Profile
Yosuke Miki	Executive Officer	Profile
Kazuki Tsuchimoto	Executive Officer	Profile
Toshihiko Takayanagi	Executive Officer	Profile
Yasuhito Ohwaki	Executive Officer	Profile

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