Widgie Nickel Correlations
| WDGNF Stock | USD 0.01 0.00 0.00% |
The current 90-days correlation between Widgie Nickel Limited and Piedmont Lithium Ltd is -0.05 (i.e., Good diversification). The correlation of Widgie Nickel 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.
Widgie Nickel Correlation With Market
Average diversification
The correlation between Widgie Nickel Limited and DJI is 0.1 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Widgie Nickel Limited and DJI in the same portfolio, assuming nothing else is changed.
Widgie |
The ability to find closely correlated positions to Widgie Nickel could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Widgie Nickel 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 Widgie Nickel - 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 Widgie Nickel Limited to buy it.
Moving together with Widgie Pink Sheet
| 0.64 | BHPLF | BHP Group Limited | PairCorr |
| 0.78 | RTNTF | Rio Tinto Group | PairCorr |
| 0.79 | BHP | BHP Group Limited | PairCorr |
| 0.61 | RTPPF | Rio Tinto Group | PairCorr |
| 0.73 | RIO | Rio Tinto ADR | PairCorr |
| 0.75 | GLCNF | Glencore PLC | PairCorr |
| 0.76 | GLNCY | Glencore PLC ADR | PairCorr |
| 0.67 | SHG | Shinhan Financial | PairCorr |
| 0.78 | MRK | Merck Company Fiscal Year End 6th of February 2025 | PairCorr |
| 0.86 | KO | Coca Cola Aggressive Push | PairCorr |
| 0.78 | JNJ | Johnson Johnson Earnings Call This Week | PairCorr |
| 0.7 | PFE | Pfizer Inc Earnings Call Next Week | PairCorr |
Moving against Widgie Pink Sheet
| 0.76 | MUFG | Mitsubishi UFJ Financial Sell-off Trend | PairCorr |
| 0.75 | MFG | Mizuho Financial | PairCorr |
| 0.73 | SMFG | Sumitomo Mitsui Financial | PairCorr |
| 0.69 | SMFNF | Sumitomo Mitsui Financial | PairCorr |
| 0.59 | MZHOF | Mizuho Financial | PairCorr |
| 0.57 | MBFJF | Mitsubishi UFJ Financial | PairCorr |
| 0.69 | DIS | Walt Disney | PairCorr |
| 0.64 | WMT | Walmart | PairCorr |
| 0.62 | BAC | Bank of America Sell-off Trend | PairCorr |
| 0.47 | T | ATT Inc Earnings Call This Week | PairCorr |
| 0.35 | BA | Boeing Fiscal Year End 29th of January 2025 | PairCorr |
Related Correlations Analysis
| Click cells to compare fundamentals | Check Volatility | Backtest Portfolio |
Risk-Adjusted Indicators
There is a big difference between Widgie Pink Sheet performing well and Widgie Nickel 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 Widgie Nickel'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| PLL | 4.29 | (0.57) | 0.00 | (0.46) | 0.00 | 10.48 | 30.22 | |||
| SGML | 2.85 | (0.10) | 0.00 | 0.43 | 0.00 | 7.36 | 17.73 | |||
| SLI | 3.77 | (0.35) | 0.00 | (1.25) | 0.00 | 6.85 | 23.93 | |||
| MP | 3.10 | 0.30 | 0.09 | 0.31 | 3.38 | 7.34 | 19.98 | |||
| VALE | 1.28 | (0.31) | 0.00 | (1.27) | 0.00 | 2.26 | 10.07 |
Be your own money manager
Our tools can tell you how much better you can do entering a position in Widgie Nickel 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 Instant Ratings Now
Instant RatingsDetermine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance |
| All Next | Launch Module |