Hexagon Purus Correlations

0QJ Stock

EUR 0.78 0.33 73.33%

The current 90-days correlation between Hexagon Purus AS and TOWNSQUARE MEDIA INC is -0.02 (i.e., Good diversification). The correlation of Hexagon Purus 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.

Hexagon Purus Correlation With Market

Good diversification

The correlation between Hexagon Purus AS and DJI is -0.02 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hexagon Purus AS and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Hexagon Stock

0.64	APC	Apple Inc	Pair Corr
0.62	APC	Apple Inc	Pair Corr
0.63	APC	Apple Inc	Pair Corr
0.63	APC	Apple Inc	Pair Corr
0.62	APC	Apple Inc	Pair Corr
0.64	APC	Apple Inc	Pair Corr
0.65	MSF	Microsoft	Pair Corr
0.65	MSF	Microsoft	Pair Corr

Moving against Hexagon Stock

0.61	TG4	Oxurion NV	Pair Corr
0.47	BUU	DevEx Resources	Pair Corr
0.33	DBPD	Xtrackers ShortDAX	Pair Corr

Related Correlations Analysis

	XSFA	2T8	D2V	2H4	2G0	CBW	Z85	RUZ
XSFA		0.28	0.49	0.08	0.77	0.51	0.45	-0.74	XSFA
2T8	0.28		0.52	0.49	0.52	0.43	0.42	-0.38	2T8
D2V	0.49	0.52		0.31	0.64	0.58	0.3	-0.68	D2V
2H4	0.08	0.49	0.31		0.13	-0.02	0.03	-0.37	2H4
2G0	0.77	0.52	0.64	0.13		0.77	0.45	-0.7	2G0
CBW	0.51	0.43	0.58	-0.02	0.77		0.37	-0.48	CBW
Z85	0.45	0.42	0.3	0.03	0.45	0.37		-0.34	Z85
RUZ	-0.74	-0.38	-0.68	-0.37	-0.7	-0.48	-0.34		RUZ
	XSFA	2T8	D2V	2H4	2G0	CBW	Z85	RUZ

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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

2G0	+ 0.77	XSFA
CBW	+ 0.77	2G0
2G0	+ 0.64	D2V
CBW	+ 0.58	D2V
D2V	+ 0.52	2T8
2G0	+ 0.52	2T8

High negative correlations

RUZ	- 0.74	XSFA
RUZ	- 0.7	2G0
RUZ	- 0.68	D2V
RUZ	- 0.48	CBW
RUZ	- 0.38	2T8
RUZ	- 0.37	2H4

Risk-Adjusted Indicators

There is a big difference between Hexagon Stock performing well and Hexagon Purus 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 Hexagon Purus' 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
XSFA	1.80	0.27	0.08	0.36	2.28	(2.39)	4.13	(4.55)	16.74
2T8	1.34	(0.01)	(0.06)	0.09	1.35	(1.88)	3.91	(2.22)	8.59
D2V	1.19	0.12	(0.02)	(0.18)	1.62	(1.49)	1.68	(2.94)	19.66
2H4	1.22	(0.10)	0.00	(0.02)	0.00	0.00	3.78	(2.22)	9.37
2G0	1.31	0.24	0.07	2.15	1.23	(1.82)	2.67	(2.78)	9.27
CBW	2.45	0.34	0.05	(0.66)	2.94	(3.28)	6.02	(3.81)	29.67
Z85	1.42	0.12	0.02	0.56	1.42	(1.63)	3.32	(2.58)	7.27
RUZ	1.84	(0.30)	0.00	4.16	0.00	0.00	3.53	(3.64)	26.51

Be your own money manager

Our tools can tell you how much better you can do entering a position in Hexagon Purus 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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