INNOVATEC SPA Correlations

Stocks . Germany . 
Stock . INNOVATEC SPA
5JT Stock  EUR 0.83  0.03  3.49%   
The current 90-days correlation between INNOVATEC SPA and WEC Energy Group is 0.03 (i.e., Significant diversification). The correlation of INNOVATEC SPA 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.

INNOVATEC SPA Correlation With Market

Good diversification

The correlation between INNOVATEC SPA and DJI is -0.18 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding INNOVATEC SPA and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to INNOVATEC SPA could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace INNOVATEC SPA 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 INNOVATEC SPA - 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 INNOVATEC SPA to buy it.

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Related Correlations Analysis

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Be your own money manager

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