Coloplast A/S Correlations

CBHD Stock

108.35 1.25 1.17%

The current 90-days correlation between Coloplast A/S and Broadcom is -0.01 (i.e., Good diversification). The correlation of Coloplast 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.

Coloplast A/S Correlation With Market

Good diversification

The correlation between Coloplast AS and DJI is -0.12 (i.e., 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 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 Coloplast 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 Coloplast 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 Coloplast AS to buy it.

Moving against Coloplast Stock

0.49	KRTA	KRUNGTHAI CARD FGN	Pair Corr
0.46	1NN	Neinor Homes SA	Pair Corr
0.42	H1Q	China BlueChemical	Pair Corr
0.38	ZOF	SBI Holdings	Pair Corr
0.34	BMT	British American Tobacco	Pair Corr
0.6	3N8	Nabtesco Corp	Pair Corr
0.53	BSI	BE Semiconductor Ind	Pair Corr
0.49	A2P	COPLAND ROAD CAPITAL	Pair Corr
0.48	3RK	Ryohin Keikaku	Pair Corr
0.45	CNJ	Canon Marketing Japan	Pair Corr
0.45	SONA	Sony Group	Pair Corr
0.4	DBPE	Xtrackers LevDAX	Pair Corr
0.36	AIRA	Airbus SE	Pair Corr
0.34	E908	Lyxor 1	Pair Corr
0.33	RC2	RCM TECHNOLOGIES	Pair Corr

Related Correlations Analysis

	CBHD	FTK	1YD	GI4	NTOA	H3M	BOV	IUI1	1FA	AZ5
CBHD		-0.33	-0.53	-0.35	-0.41	0.3	-0.38	-0.26	-0.03	-0.36	CBHD
FTK	-0.33		0.74	0.75	0.71	0.07	0.48	0.36	0.12	0.76	FTK
1YD	-0.53	0.74		0.72	0.67	-0.09	0.52	0.45	0.12	0.72	1YD
GI4	-0.35	0.75	0.72		0.68	0.05	0.63	0.4	0.24	0.78	GI4
NTOA	-0.41	0.71	0.67	0.68		-0.02	0.83	0.74	0.55	0.86	NTOA
H3M	0.3	0.07	-0.09	0.05	-0.02		-0.08	0.09	-0.03	0.01	H3M
BOV	-0.38	0.48	0.52	0.63	0.83	-0.08		0.74	0.72	0.83	BOV
IUI1	-0.26	0.36	0.45	0.4	0.74	0.09	0.74		0.84	0.74	IUI1
1FA	-0.03	0.12	0.12	0.24	0.55	-0.03	0.72	0.84		0.57	1FA
AZ5	-0.36	0.76	0.72	0.78	0.86	0.01	0.83	0.74	0.57		AZ5
	CBHD	FTK	1YD	GI4	NTOA	H3M	BOV	IUI1	1FA	AZ5

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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

AZ5	+ 0.86	NTOA
1FA	+ 0.84	IUI1
BOV	+ 0.83	NTOA
AZ5	+ 0.83	BOV
AZ5	+ 0.78	GI4
AZ5	+ 0.76	FTK

High negative correlations

1YD	- 0.53	CBHD
NTOA	- 0.41	CBHD
BOV	- 0.38	CBHD
AZ5	- 0.36	CBHD
GI4	- 0.35	CBHD
FTK	- 0.33	CBHD

Risk-Adjusted Indicators

There is a big difference between Coloplast Stock performing well and Coloplast 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 Coloplast 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
CBHD	2.89	0.22	0.04	(0.30)	4.59	(2.95)	10.83	(9.92)	26.66
FTK	1.35	0.19	0.10	(1.94)	1.72	(1.37)	3.14	(2.41)	11.68
1YD	2.50	0.49	0.20	(0.35)	2.10	(3.04)	6.25	(4.32)	25.96
GI4	1.83	0.14	0.07	(0.91)	1.66	(2.77)	4.79	(3.11)	13.70
NTOA	2.21	0.31	0.10	0.83	2.58	(2.67)	5.71	(4.80)	16.76
H3M	2.69	0.41	0.12	0.94	2.88	(3.02)	5.44	(5.50)	18.20
BOV	4.14	0.49	0.09	0.85	4.80	(5.06)	10.56	(8.64)	36.92
IUI1	1.15	0.36	0.28	(2.28)	0.90	(1.31)	2.42	(2.20)	11.28
1FA	1.51	0.42	0.22	(2.37)	1.35	(1.96)	2.96	(2.45)	17.27
AZ5	1.03	0.12	0.11	(0.80)	1.04	(1.19)	1.82	(2.01)	9.38

Be your own money manager

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