Rockfire Resources Correlations

ROCK Stock

0.11 0.01 8.33%

The current 90-days correlation between Rockfire Resources plc and Aeorema Communications Plc is 0.07 (i.e., Significant diversification). The correlation of Rockfire Resources 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.

Rockfire Resources Correlation With Market

Good diversification

The correlation between Rockfire Resources plc and DJI is -0.04 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Rockfire Resources plc and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Rockfire Stock

0.7	BARC	Barclays PLC	Pair Corr
0.55	ANTO	Antofagasta PLC	Pair Corr
0.55	AAZ	Anglo Asian Mining	Pair Corr
0.45	0OP0	DMG Mori AG	Pair Corr
0.44	LIV	Livermore Investments	Pair Corr
0.36	0R15	SoftBank Group Corp	Pair Corr
0.35	0GA3	Telecom Italia SpA	Pair Corr
0.34	SMSN	Samsung Electronics	Pair Corr
0.31	BC94	Samsung Electronics	Pair Corr
0.72	SFT	Software Circle plc	Pair Corr
0.72	ICG	Intermediate Capital	Pair Corr
0.7	CCH	Coca Cola HBC	Pair Corr
0.67	CTEC	ConvaTec Group PLC Earnings Call This Week	Pair Corr
0.66	0Q57	Sparebank 1 SR	Pair Corr
0.66	0QPU	Valiant Holding AG	Pair Corr
0.66	0UMG	Universal Music Group	Pair Corr
0.65	HIK	Hikma Pharmaceuticals PLC	Pair Corr
0.65	BANK	Fiinu PLC	Pair Corr
0.56	0RHN	AcadeMedia AB	Pair Corr
0.54	0E1Y	Chargeurs	Pair Corr
0.53	0JPO	KLA Corp	Pair Corr
0.48	IAG	International Consolidated	Pair Corr
0.47	TSCO	Tesco PLC	Pair Corr
0.46	SCP	Schroder UK Mid Earnings Call This Week	Pair Corr
0.36	0QT5	Gaztransport et Technigaz	Pair Corr
0.36	API	abrdn Property Income Earnings Call This Week	Pair Corr
0.35	RIO	Rio Tinto PLC	Pair Corr

Related Correlations Analysis

	ATT	0YTR	0SPT	PTEC	AEO	0LCX	CNC	0R2N
ATT		0.45	0.65	0.42	-0.24	0.41	0.64	0.2	ATT
0YTR	0.45		0.79	0.65	-0.51	0.73	0.81	0.74	0YTR
0SPT	0.65	0.79		0.57	-0.54	0.82	0.83	0.63	0SPT
PTEC	0.42	0.65	0.57		-0.25	0.49	0.63	0.55	PTEC
AEO	-0.24	-0.51	-0.54	-0.25		-0.4	-0.73	-0.7	AEO
0LCX	0.41	0.73	0.82	0.49	-0.4		0.62	0.47	0LCX
CNC	0.64	0.81	0.83	0.63	-0.73	0.62		0.87	CNC
0R2N	0.2	0.74	0.63	0.55	-0.7	0.47	0.87		0R2N
	ATT	0YTR	0SPT	PTEC	AEO	0LCX	CNC	0R2N

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

0R2N	+ 0.87	CNC
CNC	+ 0.83	0SPT
0LCX	+ 0.82	0SPT
CNC	+ 0.81	0YTR
0SPT	+ 0.79	0YTR
0R2N	+ 0.74	0YTR

High negative correlations

CNC	- 0.73	AEO
0R2N	- 0.7	AEO
AEO	- 0.54	0SPT
AEO	- 0.51	0YTR
0LCX	- 0.4	AEO
AEO	- 0.25	PTEC

Risk-Adjusted Indicators

There is a big difference between Rockfire Stock performing well and Rockfire Resources 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 Rockfire Resources' 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
ATT	1.24	(0.01)	0.00	(0.04)	0.00	0.00	2.46	(3.49)	8.18
0YTR	0.91	0.16	0.16	1.43	0.92	(1.11)	2.09	(1.27)	6.19
0SPT	1.73	0.35	0.18	(2.86)	1.75	(1.93)	4.32	(3.25)	15.33
PTEC	0.94	0.04	0.05	0.19	1.01	(1.16)	1.92	(1.78)	5.70
AEO	0.92	(0.19)	0.00	(6.18)	0.00	0.00	2.57	(3.12)	9.54
0LCX	1.14	0.17	0.16	(1.09)	1.02	(1.52)	2.65	(2.08)	16.62
CNC	1.72	0.29	0.14	0.35	1.64	(2.51)	3.83	(2.91)	17.79
0R2N	0.95	0.17	0.16	2.43	1.03	(1.04)	2.13	(1.53)	6.38

Be your own money manager

Our tools can tell you how much better you can do entering a position in Rockfire Resources 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 ETF Categories Now

ETF Categories

List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments

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