Bytes Technology Correlations

BYIT Stock

307.80 1.80 0.58%

The current 90-days correlation between Bytes Technology and UP Fintech Holding is 0.16 (i.e., Average 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Bytes Technology Correlation With Market

Good diversification

The correlation between Bytes Technology and DJI is -0.09 (i.e., 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

0.81	BATS	British American Tobacco Earnings Call This Week	Pair Corr
0.71	FDM	FDM Group Holdings	Pair Corr
0.67	NBS	Nationwide Building	Pair Corr
0.62	0NIS	SBM Offshore NV	Pair Corr
0.54	0QHX	Odfjell Drilling Earnings Call This Week	Pair Corr
0.51	0LTG	Waste Management	Pair Corr
0.5	0RIA	Diagnostic Medical	Pair Corr
0.48	CMX	Catalyst Media Group	Pair Corr
0.44	0NR2	Vallourec	Pair Corr
0.42	CTY	City Of London	Pair Corr
0.42	SEPL	Seplat Petroleum Dev	Pair Corr
0.39	0L7G	Snap On	Pair Corr
0.38	PAF	Pan African Resources Earnings Call This Week	Pair Corr
0.38	CCC	Computacenter PLC	Pair Corr
0.37	BC94	Samsung Electronics	Pair Corr
0.37	LGLD	LG ELECTRONICS INC	Pair Corr
0.36	SMSN	Samsung Electronics	Pair Corr

Related Correlations Analysis

	0R2N	0A32	0J71	0YXG	PRTC	0A8A	0L3H	CLBS
0R2N		0.38	0.78	-0.68	0.87	-0.08	0.94	0.46	0R2N
0A32	0.38		0.63	-0.06	0.19	0.2	0.29	0.34	0A32
0J71	0.78	0.63		-0.43	0.6	-0.15	0.7	0.27	0J71
0YXG	-0.68	-0.06	-0.43		-0.49	0.28	-0.66	-0.06	0YXG
PRTC	0.87	0.19	0.6	-0.49		-0.02	0.89	0.6	PRTC
0A8A	-0.08	0.2	-0.15	0.28	-0.02		0.02	0.17	0A8A
0L3H	0.94	0.29	0.7	-0.66	0.89	0.02		0.49	0L3H
CLBS	0.46	0.34	0.27	-0.06	0.6	0.17	0.49		CLBS
	0R2N	0A32	0J71	0YXG	PRTC	0A8A	0L3H	CLBS

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

0L3H	+ 0.94	0R2N
0L3H	+ 0.89	PRTC
PRTC	+ 0.87	0R2N
0J71	+ 0.78	0R2N
0L3H	+ 0.7	0J71
0J71	+ 0.63	0A32

High negative correlations

0YXG	- 0.68	0R2N
0L3H	- 0.66	0YXG
PRTC	- 0.49	0YXG
0YXG	- 0.43	0J71
0A8A	- 0.15	0J71
0A8A	- 0.08	0R2N

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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
0R2N	0.93	0.15	0.09	0.40	1.08	(0.96)	1.94	(2.49)	6.25
0A32	2.53	(0.23)	0.00	0.75	0.00	0.00	7.00	(5.25)	18.21
0J71	1.50	0.45	0.34	0.66	0.92	(2.00)	4.35	(2.14)	7.88
0YXG	2.25	(0.20)	0.00	(0.22)	0.00	0.00	4.50	(5.61)	19.75
PRTC	1.18	(0.04)	0.00	(0.02)	0.00	0.00	2.42	(2.46)	7.35
0A8A	1.07	(0.01)	(0.03)	0.08	1.30	(1.21)	1.81	(2.09)	6.89
0L3H	1.30	0.25	0.18	0.49	1.09	(1.56)	2.57	(2.06)	6.84
CLBS	1.53	(0.24)	0.00	(22.83)	0.00	0.00	3.63	(3.16)	19.97

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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