Finebesteel Correlations

133820 Stock

1,051 14.00 1.31%

The current 90-days correlation between Finebesteel and InnoTherapy is -0.04 (i.e., Good diversification). The correlation of Finebesteel 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.

Finebesteel Correlation With Market

Significant diversification

The correlation between Finebesteel and DJI is 0.08 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Finebesteel and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Finebesteel Stock

0.46	002690	Dong Il Steel	Pair Corr
0.42	008260	Ni Steel	Pair Corr
0.42	034830	Korea Real Estate	Pair Corr
0.4	053080	Wonbang Tech	Pair Corr
0.33	007280	Korea Steel	Pair Corr

Related Correlations Analysis

	246960	053270	071200	019770	119500	120240	058730	004105
246960		0.78	0.24	0.39	0.2	0.88	-0.27	-0.44	246960
053270	0.78		0.21	0.23	0.15	0.76	-0.4	-0.13	053270
071200	0.24	0.21		0.66	0.48	0.3	0.52	-0.1	071200
019770	0.39	0.23	0.66		0.52	0.5	0.63	-0.14	019770
119500	0.2	0.15	0.48	0.52		0.48	0.29	0.37	119500
120240	0.88	0.76	0.3	0.5	0.48		-0.21	-0.13	120240
058730	-0.27	-0.4	0.52	0.63	0.29	-0.21		0.03	058730
004105	-0.44	-0.13	-0.1	-0.14	0.37	-0.13	0.03		004105
	246960	053270	071200	019770	119500	120240	058730	004105

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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

120240	+ 0.88	246960
053270	+ 0.78	246960
120240	+ 0.76	053270
019770	+ 0.66	071200
058730	+ 0.63	019770
058730	+ 0.52	071200

High negative correlations

004105	- 0.44	246960
058730	- 0.4	053270
058730	- 0.27	246960
058730	- 0.21	120240
004105	- 0.14	019770
004105	- 0.13	120240

Risk-Adjusted Indicators

There is a big difference between Finebesteel Stock performing well and Finebesteel 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 Finebesteel'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
246960	1.11	(0.15)	0.00	9.90	0.00	0.00	2.78	(2.30)	7.15
053270	1.64	(0.05)	0.00	0.23	0.00	0.00	3.77	(3.41)	17.27
071200	1.33	0.05	(0.02)	0.68	1.58	(1.49)	3.02	(2.47)	7.89
019770	1.26	(0.08)	0.00	0.69	0.00	0.00	1.92	(2.41)	10.85
119500	1.18	(0.06)	0.00	0.28	0.00	0.00	2.20	(2.41)	7.75
120240	1.01	(0.23)	0.00	0.87	0.00	0.00	1.73	(2.62)	6.69
058730	2.28	0.03	0.00	0.13	2.58	(2.53)	5.80	(4.19)	18.43
004105	1.73	(0.01)	0.00	0.11	0.00	0.00	4.62	(4.15)	17.30

Be your own money manager

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