ELECOM Correlations

9EL Stock

EUR 8.65 0.10 1.17%

The current 90-days correlation between ELECOM LTD and Insurance Australia Group is 0.06 (i.e., Significant diversification). The correlation of ELECOM 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.

ELECOM Correlation With Market

Good diversification

The correlation between ELECOM LTD 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 ELECOM LTD and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against ELECOM Stock

0.56	KBIA	KB Financial Group	Pair Corr
0.47	12DA	Dell Technologies	Pair Corr
0.46	7HP	HP Inc	Pair Corr
0.45	EK7	AGRICUL BK CHINA	Pair Corr
0.45	UN3	United Natural Foods Earnings Call Next Week	Pair Corr
0.41	MFZA	Mitsubishi UFJ Financial	Pair Corr
0.38	VAR1	Varta AG	Pair Corr
0.34	DBPE	Xtrackers LevDAX	Pair Corr
0.32	WDC	Western Digital	Pair Corr
0.31	6GAA	Grupo Aval Acciones	Pair Corr
0.31	E908	Lyxor 1	Pair Corr

Related Correlations Analysis

	NRM	ZFI1	ZFI1	AF4	AFG	RGPB	RYAA	WX7
NRM		0.63	0.56	0.81	-0.66	0.81	0.0	0.32	NRM
ZFI1	0.63		0.81	0.84	-0.22	0.69	0.0	0.79	ZFI1
ZFI1	0.56	0.81		0.74	-0.11	0.64	0.0	0.62	ZFI1
AF4	0.81	0.84	0.74		-0.49	0.89	0.0	0.69	AF4
AFG	-0.66	-0.22	-0.11	-0.49		-0.42	0.0	-0.05	AFG
RGPB	0.81	0.69	0.64	0.89	-0.42		0.0	0.47	RGPB
RYAA	0.0	0.0	0.0	0.0	0.0	0.0		0.0	RYAA
WX7	0.32	0.79	0.62	0.69	-0.05	0.47	0.0		WX7
	NRM	ZFI1	ZFI1	AF4	AFG	RGPB	RYAA	WX7

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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

RGPB	+ 0.89	AF4
AF4	+ 0.84	ZFI1
AF4	+ 0.81	NRM
RGPB	+ 0.81	NRM
ZFI1	+ 0.81	ZFI1
WX7	+ 0.79	ZFI1

High negative correlations

AFG	- 0.66	NRM
AFG	- 0.49	AF4
RGPB	- 0.42	AFG
AFG	- 0.22	ZFI1
AFG	- 0.11	ZFI1
WX7	- 0.05	AFG

Risk-Adjusted Indicators

There is a big difference between ELECOM Stock performing well and ELECOM 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 ELECOM'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
NRM	1.16	0.28	0.09	(1.56)	1.20	(1.51)	3.52	(1.80)	11.70
ZFI1	0.77	0.20	0.09	10.61	0.33	(1.49)	2.19	(0.77)	5.45
ZFI1	1.48	0.11	0.01	0.55	1.59	(2.28)	4.51	(3.62)	8.83
AF4	1.12	0.33	0.19	0.83	0.67	(1.76)	2.92	(1.52)	6.22
AFG	1.84	(0.24)	0.00	(0.14)	0.00	0.00	5.32	(3.37)	10.01
RGPB	1.54	0.21	0.05	1.57	1.96	(1.78)	3.34	(2.86)	11.74
RYAA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
WX7	0.95	0.24	0.11	1.15	0.87	(1.22)	2.08	(1.49)	5.53

Be your own money manager

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