OPKO HEALTH Correlations

Stocks . Germany . 
Stock . OPKO HEALTH
XCY Stock  EUR 1.42  0.03  2.07%   
The current 90-days correlation between OPKO HEALTH and Apple Inc is 0.03 (i.e., Significant diversification). The correlation of OPKO HEALTH 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.

OPKO HEALTH Correlation With Market

Good diversification

The correlation between OPKO HEALTH and DJI is -0.09 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding OPKO HEALTH and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to OPKO HEALTH could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace OPKO HEALTH 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 OPKO HEALTH - 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 OPKO HEALTH to buy it.

Moving together with OPKO Stock

  0.63APC Apple IncPairCorr
  0.63APC Apple IncPairCorr
  0.62APC Apple IncPairCorr
  0.62APC Apple IncPairCorr
  0.61APC Apple IncPairCorr
  0.63APC Apple IncPairCorr
  0.7MSF MicrosoftPairCorr
  0.7MSF MicrosoftPairCorr
  0.69MSF MicrosoftPairCorr
  0.69MSF MicrosoftPairCorr
  0.83WMT WalmartPairCorr
  0.83WMT WalmartPairCorr
  0.79AMZ Amazon IncPairCorr
  0.77AMZ Amazon IncPairCorr

Moving against OPKO Stock

  0.87VOWB VOLKSWAGEN AG VZPairCorr
  0.87VOW Volkswagen AGPairCorr
  0.84VOW3 Volkswagen AG VZOPairCorr
  0.84VOW3 Volkswagen AGPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between OPKO Stock performing well and OPKO HEALTH 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 OPKO HEALTH'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
APC  0.93  0.22  0.16 (1.70) 1.02 
(1.00)
 1.81 
(1.96)
 5.21 
APC  0.88  0.22  0.17 (5.05) 1.03 
(0.95)
 1.88 
(1.73)
 5.24 
APC  0.89  0.22  0.18 (1.04) 0.92 
(0.95)
 2.06 
(1.83)
 4.57 
APC  0.94  0.22  0.14  2.26  1.18 
(0.96)
 2.22 
(2.12)
 6.45 
APC  0.99  0.22  0.18 (0.85) 0.89 
(1.14)
 2.83 
(2.01)
 5.24 
APC  0.90  0.22  0.16 (1.89) 1.12 
(0.96)
 1.88 
(1.78)
 6.46 
MSF  0.96  0.10  0.06 (1.29) 1.29 
(1.13)
 2.55 
(1.61)
 8.71 
MSF  1.02  0.10  0.06 (0.52) 1.39 
(1.13)
 2.35 
(1.92)
 9.11 
MSF  1.03  0.11  0.06 (0.77) 1.51 
(1.18)
 2.42 
(1.93)
 11.42 
MSF  0.90  0.10  0.05 (1.00) 1.34 
(0.97)
 2.04 
(1.84)
 8.79 

Be your own money manager

Our tools can tell you how much better you can do entering a position in OPKO HEALTH 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.

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