Magni Tech Correlations

7087 Stock   2.70  0.01  0.37%   
The current 90-days correlation between Magni Tech Industries and Hengyuan Refining is -0.16 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Magni Tech moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Magni Tech Industries moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Magni Tech Correlation With Market

Good diversification

The correlation between Magni Tech Industries and DJI is -0.12 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Magni Tech Industries and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Magni Tech could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Magni Tech 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 Magni Tech - 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 Magni Tech Industries to buy it.

Moving against Magni Stock

  0.390100 ES Ceramics TechnologyPairCorr

Related Correlations Analysis

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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   
72305255
72430148
72300148
43240148
72434324
10157219
  
High negative correlations   
10150148
72301015
52557243
72307219
52557219
52554324

Risk-Adjusted Indicators

There is a big difference between Magni Stock performing well and Magni Tech 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 Magni Tech'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.

Be your own money manager

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