Carlsberg A/S Correlations

CABJF Stock

USD 145.00 13.90 10.60%

The current 90-days correlation between Carlsberg A/S and Asahi Group Holdings is -0.04 (i.e., Good diversification). The correlation of Carlsberg A/S 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.

Carlsberg A/S Correlation With Market

Poor diversification

The correlation between Carlsberg AS and DJI is 0.77 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Carlsberg AS and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Carlsberg Pink Sheet

0.85	BUD	Anheuser Busch Inbev	Pair Corr
0.85	BUDFF	Anheuser Busch InBev	Pair Corr
0.71	HINKF	Heineken NV	Pair Corr
0.79	ABEV	Ambev SA ADR Aggressive Push	Pair Corr
0.87	FMX	Fomento Economico	Pair Corr
0.62	IRNRF	Iron Road Limited Earnings Call This Week	Pair Corr
0.61	TATT	Tat Techno	Pair Corr
0.82	OZK	Bank Ozk	Pair Corr
0.71	YLLXF	Yellow Cake plc Downward Rally	Pair Corr
0.75	LYTS	LSI Industries	Pair Corr
0.68	MGYOY	MOL PLC ADR Earnings Call This Week	Pair Corr
0.79	NRP	Natural Resource Partners	Pair Corr
0.69	ULCC	Frontier Group Holdings	Pair Corr
0.68	CWST	Casella Waste Systems	Pair Corr
0.84	MCCK	Mestek Inc	Pair Corr
0.83	ON	ON Semiconductor Tech Boost	Pair Corr
0.8	WDC	Western Digital	Pair Corr
0.63	CHYCF	Chiyoda Trending	Pair Corr

Moving against Carlsberg Pink Sheet

0.53	GBHPF	Global Hemp Group	Pair Corr
0.39	CRHKY	China Resources Beer	Pair Corr
0.33	BDWBF	Budweiser Brewing	Pair Corr
0.46	KUKE	Kuke Music Holding	Pair Corr

Related Correlations Analysis

	ASBRF	FMXUF	HKHHY	HKHHF	CCHGY	EMBVF	BDWBF	BDWBY	JDEPF	KKOYY
ASBRF		-0.14	0.03	-0.04	-0.13	-0.35	0.58	0.32	0.14	-0.26	ASBRF
FMXUF	-0.14		0.38	0.38	0.6	0.61	-0.24	-0.4	0.23	0.71	FMXUF
HKHHY	0.03	0.38		0.91	0.92	0.76	-0.15	0.15	0.19	0.7	HKHHY
HKHHF	-0.04	0.38	0.91		0.88	0.74	-0.2	0.11	0.17	0.68	HKHHF
CCHGY	-0.13	0.6	0.92	0.88		0.88	-0.28	-0.06	0.23	0.85	CCHGY
EMBVF	-0.35	0.61	0.76	0.74	0.88		-0.46	-0.27	0.09	0.92	EMBVF
BDWBF	0.58	-0.24	-0.15	-0.2	-0.28	-0.46		0.46	0.01	-0.44	BDWBF
BDWBY	0.32	-0.4	0.15	0.11	-0.06	-0.27	0.46		0.13	-0.36	BDWBY
JDEPF	0.14	0.23	0.19	0.17	0.23	0.09	0.01	0.13		0.18	JDEPF
KKOYY	-0.26	0.71	0.7	0.68	0.85	0.92	-0.44	-0.36	0.18		KKOYY
	ASBRF	FMXUF	HKHHY	HKHHF	CCHGY	EMBVF	BDWBF	BDWBY	JDEPF	KKOYY

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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

CCHGY	+ 0.92	HKHHY
KKOYY	+ 0.92	EMBVF
HKHHF	+ 0.91	HKHHY
CCHGY	+ 0.88	HKHHF
EMBVF	+ 0.88	CCHGY
KKOYY	+ 0.85	CCHGY

High negative correlations

BDWBF	- 0.46	EMBVF
KKOYY	- 0.44	BDWBF
BDWBY	- 0.4	FMXUF
KKOYY	- 0.36	BDWBY
EMBVF	- 0.35	ASBRF
BDWBF	- 0.28	CCHGY

Risk-Adjusted Indicators

There is a big difference between Carlsberg Pink Sheet performing well and Carlsberg A/S 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 Carlsberg A/S'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
ASBRF	1.99	0.06	0.01	0.11	3.33	(3.61)	6.80	(5.81)	23.70
FMXUF	0.36	0.07	0.00	(0.14)	0.00	0.00	0.96	(0.11)	8.79
HKHHY	1.17	0.25	0.17	1.47	0.95	(1.51)	2.77	(1.59)	6.08
HKHHF	1.01	0.21	0.07	2.78	0.98	(2.07)	3.81	(2.17)	15.34
CCHGY	1.00	0.44	0.52	0.99	0.00	(1.32)	3.66	(1.02)	7.78
EMBVF	1.38	0.28	0.12	1.04	1.23	(1.97)	3.67	(2.59)	10.28
BDWBF	2.35	0.03	(0.01)	(0.16)	3.45	(6.49)	7.37	(8.26)	24.88
BDWBY	1.63	0.05	0.00	2.18	2.30	(2.31)	3.72	(4.83)	12.84
JDEPF	0.09	0.03	0.00	(0.66)	0.00	0.00	0.00	0.00	2.45
KKOYY	0.86	0.25	0.15	0.63	0.98	(0.98)	2.26	(1.44)	8.54

Be your own money manager

Our tools can tell you how much better you can do entering a position in Carlsberg A/S 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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Carlsberg A/S Corporate Management

Graham Fewkes	Sr. VP of Group Sales, Marketing and Innovation	Profile
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