Companhia Correlations

Stocks . USA . 
Stock . Companhia de Saneamento
SBS Stock  USD 17.22  0.44  2.49%   
The current 90-days correlation between Companhia de Saneamento and Companhia Paranaense de is 0.81 (i.e., Very poor diversification). The correlation of Companhia 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.

Companhia Correlation With Market

Modest diversification

The correlation between Companhia de Saneamento and DJI is 0.26 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Companhia de Saneamento and DJI in the same portfolio, assuming nothing else is changed.
  
Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Companhia de Saneamento. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in bureau of labor statistics.

Moving together with Companhia Stock

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Moving against Companhia Stock

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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   
UGP
+ 0.91
ELP
CIG
+ 0.88
ELP
VIV
+ 0.88
ELP
VIV
+ 0.79
CIG
VIV
+ 0.79
UGP
UGP
+ 0.73
CIG
  
High negative correlations   
VIV
- 0.0
CBD
CBD
- 0.0
UGP
CBD
- 0.0
CIG
CBD
- 0.0
ELP

Risk-Adjusted Indicators

There is a big difference between Companhia Stock performing well and Companhia 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 Companhia'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.

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