Nokian Renkaat Correlations
| NRE Stock | EUR 7.16 0.04 0.56% |
The current 90-days correlation between Nokian Renkaat Oyj and Advanced Drainage Systems is -0.12 (i.e., Good diversification). The correlation of Nokian Renkaat 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.
Nokian Renkaat Correlation With Market
Significant diversification
The correlation between Nokian Renkaat Oyj and DJI is 0.09 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nokian Renkaat Oyj and DJI in the same portfolio, assuming nothing else is changed.
Nokian |
The ability to find closely correlated positions to Nokian Renkaat could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Nokian Renkaat 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 Nokian Renkaat - 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 Nokian Renkaat Oyj to buy it.
Moving together with Nokian Stock
| 0.77 | BGT | Bridgestone | PairCorr |
| 0.78 | 6DA | Advanced Drainage Systems | PairCorr |
| 0.83 | SSU | Samsung Electronics | PairCorr |
| 0.89 | PKX | POSCO Holdings | PairCorr |
| 0.82 | LGLG | LG Electronics | PairCorr |
Moving against Nokian Stock
| 0.85 | 5EE | MEBUKI FINANCIAL | PairCorr |
| 0.8 | GTR | Goodyear Tire | PairCorr |
| 0.73 | 4FK | Fukuoka Financial | PairCorr |
| 0.71 | 108 | Sumitomo Rubber Indu | PairCorr |
| 0.69 | PKW | Polyplex (Thailand) | PairCorr |
| 0.68 | NZE | Zeon | PairCorr |
| 0.61 | C6TB | CHINA BANK ADR20 | PairCorr |
| 0.38 | TOMA | Toyota Motor | PairCorr |
| 0.89 | NSE | Nomura Holdings | PairCorr |
| 0.89 | KEY | KeyCorp | PairCorr |
| 0.89 | HI91 | Hilton Worldwide Holdings | PairCorr |
| 0.88 | PCG6 | PG E P6 | PairCorr |
| 0.87 | TM5 | T Mobile | PairCorr |
| 0.86 | BZZ | Bank of Montreal | PairCorr |
| 0.83 | H0O | REVO INSURANCE SPA | PairCorr |
| 0.82 | BRYN | Berkshire Hathaway | PairCorr |
| 0.77 | M5V | EHEALTH | PairCorr |
| 0.69 | VAI | Vail Resorts | PairCorr |
| 0.6 | ICKB | INDCOMMBK CHINA ADR20 | PairCorr |
| 0.53 | ICK | Industrial and Commercial | PairCorr |
| 0.47 | UIPN | Unipol Gruppo Finanziario | PairCorr |
| 0.37 | NH5 | NH HOTEL GROUP | PairCorr |
| 0.92 | VA7A | VERISK ANLYTCS A | PairCorr |
| 0.9 | ADH2 | Air Canada | PairCorr |
| 0.88 | M4I | Mastercard | PairCorr |
| 0.87 | GKD | Grand Canyon Education | PairCorr |
Related Correlations Analysis
| Click cells to compare fundamentals | Check Volatility | Backtest Portfolio |
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
| High negative correlations
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Risk-Adjusted Indicators
There is a big difference between Nokian Stock performing well and Nokian Renkaat 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 Nokian Renkaat'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| BGT | 1.19 | (0.10) | 0.00 | (0.13) | 0.00 | 2.39 | 6.78 | |||
| 6DA | 1.55 | (0.30) | 0.00 | (2.76) | 0.00 | 2.49 | 20.79 | |||
| GTR | 2.39 | 0.16 | 0.06 | 0.14 | 2.49 | 4.60 | 25.88 | |||
| 108 | 1.52 | 0.17 | 0.05 | 1.85 | 2.19 | 3.96 | 14.18 | |||
| NZE | 1.11 | 0.06 | 0.03 | 0.12 | 1.24 | 2.38 | 12.14 | |||
| NRE | 1.20 | (0.24) | 0.00 | (1.41) | 0.00 | 2.27 | 7.83 | |||
| HOF | 1.29 | (0.16) | 0.00 | (0.44) | 0.00 | 2.34 | 7.17 | |||
| SEW | 1.17 | 0.03 | 0.00 | (0.07) | 1.53 | 2.99 | 7.90 | |||
| PKW | 4.49 | 1.85 | 0.33 | 0.58 | 1.22 | 7.14 | 136.90 | |||
| GH8 | 3.68 | (0.02) | 0.00 | (0.04) | 0.00 | 11.11 | 68.86 |
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Nokian Renkaat Corporate Management
Elected by the shareholders, the Nokian Renkaat's board of directors comprises two types of representatives: Nokian Renkaat inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Nokian. The board's role is to monitor Nokian Renkaat's management team and ensure that shareholders' interests are well served. Nokian Renkaat'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, Nokian Renkaat's outside directors are responsible for providing unbiased perspectives on the board's policies.
| Brian CPA | Ex CFO | Profile | |
| Matthew Goetz | VP Management | Profile | |
| Dennis Sauter | G Counsel | Profile | |
| Matthew JD | Ex Officer | Profile | |
| Manu Salmi | Ex Factory | Profile | |
| Peter Chia | Plant Director | Profile | |
| Paivi M | VP HR | Profile |