Sparindex INDEX Correlations

SPVBEUKL

124.30 0.05 0.04%

The current 90-days correlation between Sparindex INDEX Bred and Bavarian Nordic is 0.3 (i.e., Weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Sparindex INDEX moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Sparindex INDEX Bredygtige moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Sparindex INDEX Correlation With Market

Significant diversification

The correlation between Sparindex INDEX Bredygtige and DJI is 0.01 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Sparindex INDEX Bredygtige and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Sparindex Stock

0.76	NOVO-B	Novo Nordisk AS	Pair Corr
0.68	ORSTED	Orsted AS	Pair Corr
0.69	VWS	Vestas Wind Systems	Pair Corr
0.66	GMAB	Genmab AS	Pair Corr
0.8	CARL-B	Carlsberg AS	Pair Corr

Moving against Sparindex Stock

0.55	MAERSK-B	AP Mller	Pair Corr
0.55	MAERSK-A	AP Mller	Pair Corr

Related Correlations Analysis

	BAVA	LUXOR-B	CBRAIN	FED	ATLA-DKK	BIV30	GABR	FUISP	NYIKO	BAIEMOBA
BAVA		0.05	0.05	-0.23	0.71	-0.76	0.77	0.89	-0.73	0.17	BAVA
LUXOR-B	0.05		-0.28	-0.13	-0.38	-0.03	-0.16	-0.09	0.09	-0.34	LUXOR-B
CBRAIN	0.05	-0.28		-0.11	0.28	0.13	0.17	0.36	0.0	0.58	CBRAIN
FED	-0.23	-0.13	-0.11		-0.28	0.4	-0.32	-0.31	0.4	0.03	FED
ATLA-DKK	0.71	-0.38	0.28	-0.28		-0.8	0.91	0.82	-0.86	0.13	ATLA-DKK
BIV30	-0.76	-0.03	0.13	0.4	-0.8		-0.87	-0.72	0.94	0.18	BIV30
GABR	0.77	-0.16	0.17	-0.32	0.91	-0.87		0.82	-0.92	0.0	GABR
FUISP	0.89	-0.09	0.36	-0.31	0.82	-0.72	0.82		-0.73	0.34	FUISP
NYIKO	-0.73	0.09	0.0	0.4	-0.86	0.94	-0.92	-0.73		0.15	NYIKO
BAIEMOBA	0.17	-0.34	0.58	0.03	0.13	0.18	0.0	0.34	0.15		BAIEMOBA
	BAVA	LUXOR-B	CBRAIN	FED	ATLA-DKK	BIV30	GABR	FUISP	NYIKO	BAIEMOBA

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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

NYIKO	+ 0.94	BIV30
GABR	+ 0.91	ATLA-DKK
FUISP	+ 0.89	BAVA
FUISP	+ 0.82	ATLA-DKK
FUISP	+ 0.82	GABR
GABR	+ 0.77	BAVA

High negative correlations

NYIKO	- 0.92	GABR
GABR	- 0.87	BIV30
NYIKO	- 0.86	ATLA-DKK
BIV30	- 0.8	ATLA-DKK
BIV30	- 0.76	BAVA
NYIKO	- 0.73	FUISP

Risk-Adjusted Indicators

There is a big difference between Sparindex Stock performing well and Sparindex INDEX 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 Sparindex INDEX'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
BAVA	1.99	(0.20)	0.00	1.92	0.00	0.00	3.49	(3.76)	20.95
LUXOR-B	1.74	0.29	0.09	3.78	1.95	(2.51)	4.24	(3.05)	10.63
CBRAIN	1.97	(0.14)	0.00	(15.09)	0.00	0.00	3.92	(4.92)	14.23
FED	0.96	0.05	0.02	0.32	1.07	(1.82)	3.48	(2.38)	9.07
ATLA-DKK	3.00	(0.59)	0.00	0.67	0.00	0.00	8.11	(7.66)	24.87
BIV30	0.34	0.05	0.08	0.57	0.30	(0.41)	0.77	(0.67)	2.44
GABR	2.02	(0.53)	0.00	(2.80)	0.00	0.00	2.76	(6.61)	26.37
FUISP	0.67	(0.13)	0.00	2.92	0.00	0.00	1.58	(1.77)	3.76
NYIKO	0.06	0.00	(0.14)	0.49	0.00	(0.06)	0.11	(0.10)	0.31
BAIEMOBA	0.19	(0.03)	0.00	(0.79)	0.00	0.00	0.49	(0.56)	1.66

Sparindex INDEX 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 Sparindex INDEX stock to make a market-neutral strategy. Peer analysis of Sparindex INDEX could also be used in its relative valuation, which is a method of valuing Sparindex INDEX by comparing valuation metrics with similar companies.

Bavarian Nordic Investeringsselskabet Luxor AS cBrain AS Fast Ejendom PF Atlantic Petroleum BankInvest Optima 30 Gabriel Holding Fundamental Invest Stock Nykredit Invest Korte BankInvest Hojrentelande American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup

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