Obayashi Correlations

OBYCF Stock

USD 13.20 0.80 5.71%

The current 90-days correlation between Obayashi and Copa Holdings SA is -0.6 (i.e., Excellent diversification). The correlation of Obayashi 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.

Obayashi Correlation With Market

Significant diversification

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

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

Moving together with Obayashi Pink Sheet

0.8	LGCY	Legacy Education	Pair Corr
0.84	AAPL	Apple Inc Aggressive Push	Pair Corr
0.67	MSFT	Microsoft Sell-off Trend	Pair Corr
0.8	AMZN	Amazon Inc	Pair Corr
0.61	GOOG	Alphabet Class C	Pair Corr
0.68	META	Meta Platforms	Pair Corr
0.86	GLABF	Gemina Laboratories Earnings Call This Week	Pair Corr
0.61	HWC	Hancock Whitney Corp Fiscal Year End 21st of January 2025	Pair Corr
0.83	SE	Sea	Pair Corr
0.68	ROIC	Retail Opportunity	Pair Corr
0.74	APLD	Applied Blockchain	Pair Corr
0.66	THCPU	Thunder Bridge Capital	Pair Corr
0.88	YPF	YPF Sociedad Anonima	Pair Corr
0.92	AS	Amer Sports,	Pair Corr
0.79	HUT	Hut 8 Corp	Pair Corr
0.86	PWOD	Penns Woods Bancorp	Pair Corr
0.77	TGTX	TG Therapeutics	Pair Corr
0.87	YELP	Yelp Inc	Pair Corr
0.79	DMRC	Digimarc	Pair Corr
0.67	BSIG	Brightsphere Investment	Pair Corr
0.79	FNMFO	Federal National Mortgage	Pair Corr
0.69	EVGR	Evergreen Corp	Pair Corr

Moving against Obayashi Pink Sheet

0.41	NSFDF	NXT Energy Solutions	Pair Corr
0.34	BYDDY	BYD Co	Pair Corr
0.31	WDLF	Social Life Network	Pair Corr
0.49	MEDS	Trxade Group Symbol Change	Pair Corr
0.36	CREVW	Carbon Revolution Public	Pair Corr

Related Correlations Analysis

	CPA	UAL	DAL	SKYW	ALGT
CPA		-0.02	0.11	0.1	-0.14	CPA
UAL	-0.02		0.96	0.93	0.96	UAL
DAL	0.11	0.96		0.97	0.91	DAL
SKYW	0.1	0.93	0.97		0.89	SKYW
ALGT	-0.14	0.96	0.91	0.89		ALGT
	CPA	UAL	DAL	SKYW	ALGT

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

SKYW	+ 0.97	DAL
DAL	+ 0.96	UAL
ALGT	+ 0.96	UAL
SKYW	+ 0.93	UAL
ALGT	+ 0.91	DAL
ALGT	+ 0.89	SKYW

High negative correlations

ALGT	- 0.14	CPA
UAL	- 0.02	CPA

Risk-Adjusted Indicators

There is a big difference between Obayashi Pink Sheet performing well and Obayashi 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 Obayashi'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
CPA	1.52	0.03	0.00	(0.02)	2.61	(1.55)	3.72	(2.73)	17.31
UAL	2.05	0.93	0.47	9.85	1.22	(2.54)	6.47	(3.02)	16.69
DAL	1.78	0.37	0.22	0.24	1.49	(2.19)	4.11	(3.03)	10.43
SKYW	1.51	0.32	0.20	0.19	1.47	(1.75)	3.80	(2.07)	11.66
ALGT	2.74	1.02	0.38	0.52	2.10	(3.32)	6.22	(3.89)	16.10

Be your own money manager

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

Did you try this?

Run Portfolio Analyzer Now

Portfolio Analyzer

Portfolio analysis module that provides access to portfolio diagnostics and optimization engine

All Next

Launch Module

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC