Tectona Correlations
| TECT Stock | 454.70 5.50 1.20% |
The current 90-days correlation between Tectona and Meitav Dash Investments is -0.11 (i.e., Good diversification). The correlation of Tectona 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.
Tectona Correlation With Market
Significant diversification
The correlation between Tectona and DJI is 0.06 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Tectona and DJI in the same portfolio, assuming nothing else is changed.
Tectona |
The ability to find closely correlated positions to Tectona could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Tectona 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 Tectona - 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 Tectona to buy it.
Moving together with Tectona Stock
| 0.66 | GOLD | Gold Bond | PairCorr |
| 0.62 | LUMI | Bank Leumi Le | PairCorr |
| 0.68 | MZTF | Mizrahi Tefahot | PairCorr |
| 0.69 | AZRG | Azrieli Group | PairCorr |
| 0.65 | ESLT | Elbit Systems | PairCorr |
| 0.65 | DSCT | Israel Discount Bank | PairCorr |
| 0.63 | RATI | Ratio Oil Explorations | PairCorr |
| 0.66 | DIMRI | YH Dimri Construction | PairCorr |
| 0.62 | DISI | Discount Investment Corp | PairCorr |
| 0.67 | RMLI | Rami Levi | PairCorr |
| 0.71 | PCBT | PCB Tec | PairCorr |
| 0.63 | ABRA | Abra Information Tec | PairCorr |
| 0.71 | TTAM | Tiv Taam | PairCorr |
| 0.61 | MTRX | Matrix | PairCorr |
| 0.73 | DLEA | Delek Automotive Systems | PairCorr |
| 0.68 | AZRM | Azorim Investment | PairCorr |
| 0.63 | BBYL | Abra Information Tec | PairCorr |
| 0.64 | POLI | Bank Hapoalim | PairCorr |
| 0.61 | TATT | TAT Technologies | PairCorr |
Related Correlations Analysis
| 0.59 | 0.91 | 0.95 | 0.92 | 0.95 | MTDS | ||
| 0.59 | 0.58 | 0.56 | 0.49 | 0.51 | MGIC | ||
| 0.91 | 0.58 | 0.87 | 0.89 | 0.93 | ADGR | ||
| 0.95 | 0.56 | 0.87 | 0.9 | 0.9 | ANLT | ||
| 0.92 | 0.49 | 0.89 | 0.9 | 0.93 | SHGR | ||
| 0.95 | 0.51 | 0.93 | 0.9 | 0.93 | RMN | ||
| Click cells to compare fundamentals | Check Volatility | Backtest Portfolio |
Risk-Adjusted Indicators
There is a big difference between Tectona Stock performing well and Tectona 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 Tectona'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| MTDS | 1.77 | 1.00 | 0.55 | 9.37 | 1.03 | 3.92 | 14.18 | |||
| MGIC | 1.83 | 0.22 | 0.11 | 0.39 | 1.72 | 6.49 | 12.13 | |||
| ADGR | 1.25 | 0.29 | 0.18 | (0.78) | 1.22 | 2.98 | 9.63 | |||
| ANLT | 1.24 | 0.86 | 0.96 | (5.27) | 0.00 | 4.17 | 8.45 | |||
| SHGR | 1.64 | 0.56 | 0.38 | 6.71 | 0.94 | 4.85 | 12.18 | |||
| RMN | 1.52 | 0.44 | 0.24 | 2.61 | 1.33 | 5.00 | 11.04 |
Tectona 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 Tectona stock to make a market-neutral strategy. Peer analysis of Tectona could also be used in its relative valuation, which is a method of valuing Tectona by comparing valuation metrics with similar companies.
| Risk & Return | Correlation |