Bodycote Plc Correlations

BYPLF Stock

USD 10.05 1.45 16.86%

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 0.41 (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

0.65	GEV	GE Vernova LLC	Pair Corr
0.68	SBGSY	Schneider Electric	Pair Corr
0.65	SBGSF	Schneider Electric	Pair Corr
0.61	EMR	Emerson Electric	Pair Corr
0.81	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr
0.64	DD	Dupont De Nemours Earnings Call Today	Pair Corr
0.74	VZ	Verizon Communications Aggressive Push	Pair Corr
0.62	CSCO	Cisco Systems Earnings Call Tomorrow	Pair Corr
0.71	PFE	Pfizer Inc Aggressive Push	Pair Corr
0.77	CVX	Chevron Corp	Pair Corr

Moving against Bodycote Pink Sheet

0.43	JD	JD Inc Adr	Pair Corr
0.38	HNHPF	Hon Hai Precision	Pair Corr
0.71	MSFT	Microsoft	Pair Corr
0.42	MMM	3M Company	Pair Corr
0.36	AXP	American Express	Pair Corr

Related Correlations Analysis

	IMDXF	FMMFF	UHOIF	DEUZF	PFFVF	PLFRF	ANDHF	CHRHF	HSYDF	LONKF
IMDXF		0.0	0.61	0.84	0.6	0.0	0.76	0.64	0.58	0.6	IMDXF
FMMFF	0.0		0.0	0.0	0.0	1.0	0.0	0.0	0.0	0.0	FMMFF
UHOIF	0.61	0.0		0.47	0.28	0.0	0.64	0.82	0.71	0.33	UHOIF
DEUZF	0.84	0.0	0.47		0.51	0.0	0.85	0.67	0.59	0.53	DEUZF
PFFVF	0.6	0.0	0.28	0.51		0.0	0.42	0.23	0.21	0.75	PFFVF
PLFRF	0.0	1.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	PLFRF
ANDHF	0.76	0.0	0.64	0.85	0.42	0.0		0.8	0.63	0.48	ANDHF
CHRHF	0.64	0.0	0.82	0.67	0.23	0.0	0.8		0.86	0.33	CHRHF
HSYDF	0.58	0.0	0.71	0.59	0.21	0.0	0.63	0.86		0.23	HSYDF
LONKF	0.6	0.0	0.33	0.53	0.75	0.0	0.48	0.33	0.23		LONKF
	IMDXF	FMMFF	UHOIF	DEUZF	PFFVF	PLFRF	ANDHF	CHRHF	HSYDF	LONKF

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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

PLFRF	+ 1.0	FMMFF
HSYDF	+ 0.86	CHRHF
ANDHF	+ 0.85	DEUZF
DEUZF	+ 0.84	IMDXF
CHRHF	+ 0.82	UHOIF
CHRHF	+ 0.8	ANDHF

High negative correlations

LONKF	- 0.0	PLFRF
HSYDF	- 0.0	PLFRF
CHRHF	- 0.0	PLFRF
ANDHF	- 0.0	PLFRF
PLFRF	- 0.0	PFFVF
PLFRF	- 0.0	DEUZF

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
IMDXF	1.34	0.14	0.00	(0.51)	0.00	0.00	4.20	(6.25)	25.83
FMMFF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
UHOIF	0.77	0.23	0.00	(0.33)	0.00	0.00	2.15	0.00	20.08
DEUZF	1.09	0.24	0.00	0.54	0.00	0.00	1.12	(0.22)	17.59
PFFVF	0.42	0.07	0.00	(0.15)	0.00	0.00	0.00	(0.33)	16.41
PLFRF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
ANDHF	0.01	(0.01)	0.00	4.01	0.00	0.00	0.00	0.00	0.24
CHRHF	1.19	0.22	0.00	0.31	0.00	0.00	0.63	0.00	34.92
HSYDF	4.51	0.39	0.06	1.81	4.70	(5.36)	10.52	(8.85)	26.97
LONKF	0.27	0.14	0.00	(0.65)	0.00	0.00	0.00	0.00	9.09

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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