Coloplast Correlations

Stocks . Germany . 
Stock . Coloplast AS
CBHD Stock  EUR 64.54  0.42  0.65%   
The current 90-days correlation between Coloplast AS and BK MANDIRI ADR20 is 0.04 (i.e., Significant diversification). The correlation of Coloplast 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.

Coloplast Correlation With Market

Very good diversification

The correlation between Coloplast AS and DJI is -0.48 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Coloplast AS and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Coloplast could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Coloplast 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 Coloplast - 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 Coloplast AS to buy it.

Moving together with Coloplast Stock

  0.780S6 CerencePairCorr
  0.77IB5A I CABLE MPairCorr

Moving against Coloplast Stock

  0.83TOTB TotalEnergies SEPairCorr
  0.83KOM1 KOMATSUPairCorr
  0.75SHG Sun Hung KaiPairCorr
  0.74IMP IMPERIAL OILPairCorr
  0.73D2G Orsted ASPairCorr
  0.67BRE Banco Bradesco SAPairCorr
  0.67ODF Old Dominion FreightPairCorr
  0.65LTT Lattice SemiconductorPairCorr
  0.641WT WisdomTree InvestmentsPairCorr
  0.63DYF1 Dynavax TechnologiesPairCorr
  0.62WNI WHITE MTNS INSPairCorr
  0.57DWNI Deutsche Wohnen SEPairCorr
  0.5CVC1 Carnival plcPairCorr
  0.47P7T PT Bank PembangunanPairCorr
  0.46WHX APRANGA AB EOPairCorr
  0.45FUCA FANUC PUNSPADR 110PairCorr
  0.4132GA Thunderbird EntertainmentPairCorr
  0.38CW2 Consolidated WaterPairCorr
  0.35RBG ROTTNEROSPairCorr
  0.35SK3 Smurfit Kappa GroupPairCorr
  0.83TEQ Telenor ASAPairCorr
  0.79R6N Retail Estates NVPairCorr
  0.7723J Promis NeurosciencesPairCorr
  0.76TQI TELECOM ITALIAPairCorr
  0.76SQUA VINCI SA EOPairCorr
  0.76HSY HersheyPairCorr
  0.75RE3 Richardson ElectronicsPairCorr
  0.67GWW WW GraingerPairCorr
  0.66L3XC Centrais ElétricasPairCorr

Related Correlations Analysis


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

2WGA
+ 0.97
KBIA
BSA
+ 0.89
LFL0
JSE
+ 0.86
BSA
JSE
+ 0.82
KSF1
LFL0
+ 0.81
6GAA
BSA
+ 0.75
6GAA
  

High negative correlations

BYRA
- 0.22
PQ90
6GAA
- 0.2
PQ90
LFL0
- 0.18
PQ90
6GAA
- 0.09
PQ9
2WGA
- 0.03
LFL0

Risk-Adjusted Indicators

There is a big difference between Coloplast Stock performing well and Coloplast 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 Coloplast'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
PQ90  3.21  0.33  0.05  9.04  4.21 
(4.13)
 11.49 
(9.68)
 42.92 
PQ9  5.57  0.16  0.03  0.13  6.29 
(11.22)
 18.18 
(14.29)
 40.26 
BYRA  3.54  0.33  0.02 (0.15) 3.96 
(7.53)
 11.11 
(10.00)
 26.67 
6GAA  1.90  0.13  0.02 (1.06) 2.13 
(2.37)
 5.31 
(4.10)
 20.33 
KSF1  1.97  0.45  0.16 (7.31) 1.89 
(2.42)
 5.33 
(3.37)
 12.73 
KBIA  1.80  0.49  0.23  0.94  1.36 
(2.51)
 5.75 
(2.67)
 11.24 
LFL0  2.00  0.25  0.09  0.44  2.21 
(2.38)
 3.85 
(4.39)
 13.43 
2WGA  2.60  0.69  0.22  1.52  2.51 
(3.28)
 7.08 
(6.15)
 19.36 
BSA  2.09  0.31  0.07 (3.85) 2.76 
(2.23)
 4.38 
(4.51)
 14.55 
JSE  1.16  0.36  0.17 (2.70) 1.11 
(1.46)
 2.75 
(1.87)
 7.34 

Be your own money manager

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