Fly Play Correlations
| PLAY Stock | 0.68 0.01 1.49% |
The current 90-days correlation between Fly Play hf and slandsbanki hf is -0.1 (i.e., Good diversification). The correlation of Fly Play 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.
Fly Play Correlation With Market
Average diversification
The correlation between Fly Play hf and DJI is 0.13 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fly Play hf and DJI in the same portfolio, assuming nothing else is changed.
Fly |
The ability to find closely correlated positions to Fly Play could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Fly Play 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 Fly Play - 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 Fly Play hf to buy it.
Moving together with Fly Stock
Related Correlations Analysis
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Risk-Adjusted Indicators
There is a big difference between Fly Stock performing well and Fly Play 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 Fly Play'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| ISB | 1.15 | 0.04 | 0.06 | 0.04 | 1.27 | 2.89 | 8.16 | |||
| ICEAIR | 1.59 | (0.23) | 0.00 | (2.11) | 0.00 | 2.52 | 10.06 | |||
| ARION | 0.95 | (0.04) | 0.00 | (0.15) | 0.00 | 2.06 | 10.93 | |||
| KVIKA | 0.91 | (0.02) | 0.00 | (0.18) | 0.00 | 1.96 | 5.41 |
Fly Play Related Equities
One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with Fly Play stock to make a market-neutral strategy. Peer analysis of Fly Play could also be used in its relative valuation, which is a method of valuing Fly Play by comparing valuation metrics with similar companies.
| Risk & Return | Correlation |