Bytes Technology Correlations

Stocks . South Africa . 
Stock . Bytes Technology
BYI Stock   6,275  175.00  2.71%   
The current 90-days correlation between Bytes Technology and RCL Foods is 0.22 (i.e., Modest diversification). The correlation of Bytes Technology 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.

Bytes Technology Correlation With Market

Very good diversification

The correlation between Bytes Technology and DJI is -0.47 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Bytes Technology and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Bytes Technology could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Bytes Technology 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 Bytes Technology - 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 Bytes Technology to buy it.

Moving against Bytes Stock

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  0.53FSR FirstrandPairCorr
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  0.43BWN Balwin PropertiesPairCorr
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  0.65FBR Famous BrandsPairCorr
  0.54BAT Brait SEPairCorr
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  0.49NED Nedbank GroupPairCorr
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  0.47HMN Hammerson PLCPairCorr
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  0.42NPH Northam Platinum HoldingsPairCorr
  0.35MTM Momentum MetropolitanPairCorr

Related Correlations Analysis


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

KAP
+ 0.83
CPI
AME
+ 0.78
KAP
AME
+ 0.76
CPI
AME
+ 0.64
SRI
SRI
+ 0.58
CPI
SRI
+ 0.51
KAP
  

High negative correlations

KAP
- 0.2
FTH
AME
- 0.18
FTH
SRI
- 0.13
FTH
FTH
- 0.1
CPI

Risk-Adjusted Indicators

There is a big difference between Bytes Stock performing well and Bytes Technology 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 Bytes Technology'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 Bytes Technology 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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Bytes Technology Corporate Executives

Elected by the shareholders, the Bytes Technology's board of directors comprises two types of representatives: Bytes Technology inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Bytes. The board's role is to monitor Bytes Technology's management team and ensure that shareholders' interests are well served. Bytes Technology's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Bytes Technology's outside directors are responsible for providing unbiased perspectives on the board's policies.
Andrew HoldenCOO CFOProfile
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