Cavendish Hydrogen Correlations
| CAVEN Stock | 8.99 0.77 9.37% |
The current 90-days correlation between Cavendish Hydrogen ASA and Aurskog Sparebank is -0.2 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Cavendish Hydrogen moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Cavendish Hydrogen ASA moves in either direction, the perfectly negatively correlated security will move in the opposite direction.
Cavendish Hydrogen Correlation With Market
Good diversification
The correlation between Cavendish Hydrogen ASA 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 Cavendish Hydrogen ASA and DJI in the same portfolio, assuming nothing else is changed.
Cavendish |
The ability to find closely correlated positions to Cavendish Hydrogen could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Cavendish Hydrogen 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 Cavendish Hydrogen - 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 Cavendish Hydrogen ASA to buy it.
Moving against Cavendish Stock
| 0.54 | MOWI | Mowi ASA | PairCorr |
| 0.54 | VAR | Var Energi ASA | PairCorr |
| 0.53 | AUTO | AutoStore Holdings | PairCorr |
| 0.4 | DNB | DnB ASA | PairCorr |
Related Correlations Analysis
| Click cells to compare fundamentals | Check Volatility | Backtest Portfolio |
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
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Risk-Adjusted Indicators
There is a big difference between Cavendish Stock performing well and Cavendish Hydrogen 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 Cavendish Hydrogen'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| AURG | 0.55 | 0.01 | (0.13) | 0.03 | 0.72 | 1.73 | 3.47 | |||
| JAREN | 0.84 | 0.09 | (0.05) | (0.30) | 1.00 | 1.90 | 6.07 | |||
| TECH | 2.21 | 0.08 | 0.00 | 0.37 | 2.43 | 6.38 | 15.50 | |||
| NOD | 1.93 | (0.62) | 0.00 | (0.51) | 0.00 | 3.60 | 28.74 | |||
| MELG | 0.39 | (0.01) | (0.12) | (0.97) | 0.64 | 1.25 | 4.28 | |||
| NTG | 1.11 | (0.49) | 0.00 | (0.67) | 0.00 | 0.65 | 13.97 | |||
| MOBA | 1.39 | 0.39 | 0.20 | 1.15 | 1.09 | 4.12 | 9.13 | |||
| INSTA | 0.88 | 0.00 | 0.00 | 0.13 | 0.00 | 2.12 | 7.25 |
Cavendish Hydrogen Related Equities
One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with Cavendish Hydrogen stock to make a market-neutral strategy. Peer analysis of Cavendish Hydrogen could also be used in its relative valuation, which is a method of valuing Cavendish Hydrogen by comparing valuation metrics with similar companies.
| Risk & Return | Correlation |