Brainsway Correlations

BRIN Stock

1,799 50.00 2.70%

The current 90-days correlation between Brainsway and Menif Financial Services is -0.11 (i.e., Good diversification). The correlation of Brainsway 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.

Brainsway Correlation With Market

Average diversification

The correlation between Brainsway and DJI is 0.13 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Brainsway and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Brainsway Stock

0.8	DLEKG	Delek Group	Pair Corr
0.81	AZRG	Azrieli Group	Pair Corr
0.74	BEZQ	Bezeq Israeli Teleco	Pair Corr
0.74	EQTL	Equital	Pair Corr
0.83	ALHE	Alony Hetz Properties	Pair Corr
0.81	GZT	Gazit Globe	Pair Corr
0.76	NSTR	Norstar	Pair Corr
0.76	DISI	Discount Investment Corp	Pair Corr
0.74	MLSR	Melisron	Pair Corr
0.78	STCM	Satcom Systems	Pair Corr

Related Correlations Analysis

	ILX	FIBI	EMTC-M	RSEL	MNIF	IDIN	GAMT
ILX		0.1	-0.24	0.13	-0.3	-0.28	0.28	ILX
FIBI	0.1		0.85	0.31	0.86	0.83	-0.49	FIBI
EMTC-M	-0.24	0.85		0.24	0.87	0.79	-0.74	EMTC-M
RSEL	0.13	0.31	0.24		0.25	0.32	-0.33	RSEL
MNIF	-0.3	0.86	0.87	0.25		0.92	-0.63	MNIF
IDIN	-0.28	0.83	0.79	0.32	0.92		-0.46	IDIN
GAMT	0.28	-0.49	-0.74	-0.33	-0.63	-0.46		GAMT
	ILX	FIBI	EMTC-M	RSEL	MNIF	IDIN	GAMT

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

IDIN	+ 0.92	MNIF
MNIF	+ 0.87	EMTC-M
MNIF	+ 0.86	FIBI
EMTC-M	+ 0.85	FIBI
IDIN	+ 0.83	FIBI
IDIN	+ 0.79	EMTC-M

High negative correlations

GAMT	- 0.74	EMTC-M
GAMT	- 0.63	MNIF
GAMT	- 0.49	FIBI
GAMT	- 0.46	IDIN
GAMT	- 0.33	RSEL
MNIF	- 0.3	ILX

Risk-Adjusted Indicators

There is a big difference between Brainsway Stock performing well and Brainsway 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 Brainsway'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
ILX	1.67	0.15	0.00	(0.35)	2.06	(1.74)	3.84	(4.07)	8.75
FIBI	1.15	0.16	0.03	3.39	1.19	(1.40)	2.41	(2.24)	5.30
EMTC-M	3.43	0.32	0.03	0.75	4.55	(5.54)	9.20	(10.00)	27.50
RSEL	1.77	0.26	0.09	0.61	1.78	(2.12)	5.99	(3.27)	13.53
MNIF	1.60	0.52	0.17	(1.28)	1.52	(1.82)	3.60	(3.17)	11.94
IDIN	1.78	0.40	0.09	(0.66)	2.11	(1.83)	3.33	(3.41)	10.97
GAMT	1.59	(0.07)	0.00	0.33	0.00	0.00	5.14	(3.95)	23.86

Be your own money manager

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

Did you try this?

Run Idea Breakdown Now

Idea Breakdown

Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes

All Next

Launch Module

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC