Bodycote Plc Correlations

BYPLF Stock

USD 10.05 0.00 0.00%

The correlation of Bodycote Plc 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.

Bodycote Plc Correlation With Market

Very weak diversification

The correlation between Bodycote plc and DJI is 0.58 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Bodycote plc and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Bodycote Pink Sheet

0.71	GEV	GE Vernova LLC	Pair Corr
0.87	ETN	Eaton PLC	Pair Corr
0.83	PH	Parker Hannifin	Pair Corr
0.87	SBGSY	Schneider Electric	Pair Corr
0.75	SBGSF	Schneider Electric	Pair Corr
0.89	ITW	Illinois Tool Works	Pair Corr
0.73	EMR	Emerson Electric	Pair Corr
0.89	NFPDF	Nissin Foods Holdings	Pair Corr
0.8	FMCB	Farmers Merchants Bancorp	Pair Corr
0.84	DAIUF	Daifuku Co	Pair Corr
0.97	FUWAF	Furukawa Electric	Pair Corr
0.76	ACGL	Arch Capital Group	Pair Corr
0.82	UAA	Under Armour A	Pair Corr
0.91	GBOOY	Grupo Financiero Banorte	Pair Corr
0.84	JOE	St Joe Company	Pair Corr
0.8	PALAF	Paladin Energy	Pair Corr
0.86	STRS	Stratus Properties	Pair Corr
0.73	SOJE	Southern Company	Pair Corr
0.9	XYIGY	Xinyi Glass Holdings	Pair Corr
0.75	MSGE	Madison Square Garden	Pair Corr
0.82	CENT	Central Garden Pet	Pair Corr
0.68	FNV	Franco Nevada	Pair Corr
0.77	OTSKY	Otsuka Holdings	Pair Corr
0.75	TOELF	Tokyo Electron	Pair Corr
0.64	AEMMY	A2A SpA ADR	Pair Corr
0.82	EFSC	Enterprise Financial	Pair Corr
0.79	BNL	Broadstone Net Lease	Pair Corr

Moving against Bodycote Pink Sheet

0.66	NDEKY	Nitto Denko Corp	Pair Corr
0.41	00206RGN6	00206RGN6	Pair Corr
0.59	ERHE	ERHC Energy	Pair Corr

Related Correlations Analysis

	GLYYY	OERLF	SISXF	AMDLY	BIRDF	TCLAF	CHDGF	KIERF	TCLCF
GLYYY		0.0	0.0	1.0	0.0	0.0	0.0	0.0	0.0	GLYYY
OERLF	0.0		0.58	0.0	0.8	0.44	0.47	0.0	0.5	OERLF
SISXF	0.0	0.58		0.0	0.43	0.45	0.58	0.0	0.81	SISXF
AMDLY	1.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	AMDLY
BIRDF	0.0	0.8	0.43	0.0		0.48	0.22	0.0	0.44	BIRDF
TCLAF	0.0	0.44	0.45	0.0	0.48		0.59	0.0	0.48	TCLAF
CHDGF	0.0	0.47	0.58	0.0	0.22	0.59		0.0	0.48	CHDGF
KIERF	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	KIERF
TCLCF	0.0	0.5	0.81	0.0	0.44	0.48	0.48	0.0		TCLCF
	GLYYY	OERLF	SISXF	AMDLY	BIRDF	TCLAF	CHDGF	KIERF	TCLCF

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

AMDLY	+ 1.0	GLYYY
TCLCF	+ 0.81	SISXF
BIRDF	+ 0.8	OERLF
CHDGF	+ 0.59	TCLAF
SISXF	+ 0.58	OERLF
CHDGF	+ 0.58	SISXF

High negative correlations

TCLCF	- 0.0	KIERF
KIERF	- 0.0	CHDGF
KIERF	- 0.0	TCLAF
KIERF	- 0.0	BIRDF
TCLCF	- 0.0	AMDLY
KIERF	- 0.0	AMDLY

Risk-Adjusted Indicators

There is a big difference between Bodycote Pink Sheet performing well and Bodycote Plc 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 Bodycote Plc'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
GLYYY	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
OERLF	1.21	0.56	0.00	4.43	0.00	0.00	0.00	0.00	31.72
SISXF	0.68	0.31	0.17	(2.98)	0.09	(0.97)	2.24	(1.34)	6.99
AMDLY	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
BIRDF	1.34	0.43	0.19	2.22	1.30	(1.52)	3.39	(2.76)	7.79
TCLAF	1.04	0.32	0.15	2.43	0.84	(1.82)	1.61	(1.55)	24.20
CHDGF	1.17	0.45	0.00	0.94	0.00	0.00	5.13	0.00	17.21
KIERF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
TCLCF	0.11	(0.01)	0.00	(0.16)	0.00	0.00	0.00	0.00	3.48

Be your own money manager

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