Rockhopper Exploration Correlations

RCKHF Stock  USD 0.55  0.05  10.00%   
The correlation of Rockhopper Exploration 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.

Rockhopper Exploration Correlation With Market

Modest diversification

The correlation between Rockhopper Exploration plc and DJI is 0.28 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Rockhopper Exploration plc and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Rockhopper Exploration could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Rockhopper Exploration 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 Rockhopper Exploration - 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 Rockhopper Exploration plc to buy it.

Moving together with Rockhopper Pink Sheet

  0.63EOG EOG ResourcesPairCorr
  0.8HES HessPairCorr
  0.74SIGL Signal AdvancePairCorr
  0.87HROWM Harrow Health, 11875PairCorr
  0.76WM Waste ManagementPairCorr
  0.84MMM 3M CompanyPairCorr
  0.79CVX Chevron CorpPairCorr
  0.65IBM International BusinessPairCorr
  0.67JNJ Johnson JohnsonPairCorr
  0.62KO Coca Cola Aggressive PushPairCorr
  0.81GE GE AerospacePairCorr

Moving against Rockhopper Pink Sheet

  0.63SLF Sun Life FinancialPairCorr
  0.5AA Alcoa CorpPairCorr
  0.45GLUC Glucose HealthPairCorr
  0.59MRK Merck CompanyPairCorr
  0.52MSFT MicrosoftPairCorr

Related Correlations Analysis

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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   
ENQUFPTOAF
HRCXFPSHIF
OILYPSHIF
HRCXFPTOAF
OILYPTOAF
ENQUFHRCXF
  
High negative correlations   
ENQUFPSHIF
PTOAFPSHIF
OILYENQUF
OILYHRCXF
ENQUFHRCXF
OILYPTOAF

Risk-Adjusted Indicators

There is a big difference between Rockhopper Pink Sheet performing well and Rockhopper Exploration 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 Rockhopper Exploration'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.

Be your own money manager

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