Coloplast Correlations

CLPBY Stock

USD 7.59 0.04 0.52%

The current 90-days correlation between Coloplast A and Straumann Holding AG is 0.2 (i.e., Modest 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Coloplast Correlation With Market

Very good diversification

The correlation between Coloplast A and DJI is -0.5 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Coloplast A 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 A to buy it.

Moving together with Coloplast Pink Sheet

0.79	ISRG	Intuitive Surgical	Pair Corr
0.75	ESLOY	Essilor International	Pair Corr
0.74	ESLOF	EssilorLuxottica Socit	Pair Corr
0.8	SDMHF	Sartorius Stedim Biotech	Pair Corr
0.75	PBCRF	PT Bank Central	Pair Corr
0.79	PBCRY	Bank Central Asia	Pair Corr

Moving against Coloplast Pink Sheet

0.92	SHG	Shinhan Financial	Pair Corr
0.91	KB	KB Financial Group	Pair Corr
0.83	BDX	Becton Dickinson	Pair Corr
0.83	HOCPY	Hoya Corp	Pair Corr
0.81	HOCPF	HOYA	Pair Corr
0.69	PPERY	Bank Mandiri Persero Normal Trading	Pair Corr
0.6	RSMDF	Resmed Inc DRC	Pair Corr
0.56	BKRKY	Bank Rakyat Normal Trading	Pair Corr
0.45	ALC	Alcon AG Earnings Call This Week	Pair Corr
0.35	RMD	ResMed Inc	Pair Corr
0.34	BKRKF	PT Bank Rakyat	Pair Corr
0.94	WF	Woori Financial Group	Pair Corr
0.91	TRP	TC Energy Corp	Pair Corr
0.88	ENB	Enbridge	Pair Corr
0.82	UAA	Under Armour A	Pair Corr
0.8	AGLXY	AGL Energy	Pair Corr
0.79	VKQ	Invesco Municipal Trust	Pair Corr
0.79	SGLFF	SGL Carbon SE	Pair Corr
0.77	WSO	Watsco Inc	Pair Corr
0.76	EDVMF	Endeavour Mining Corp Earnings Call This Week	Pair Corr
0.75	WLK	Westlake Chemical	Pair Corr
0.71	MEEEF	Metal Energy Corp	Pair Corr
0.63	ABCB	Ameris Bancorp	Pair Corr
0.5	ADEA	ADEIA P Tech Boost	Pair Corr
0.39	ARNI	Arno Therapeutics	Pair Corr
0.31	UAMY	United States Antimony Aggressive Push	Pair Corr
0.89	E	Eni SpA ADR	Pair Corr
0.87	HSY	Hershey	Pair Corr
0.87	DFKCY	Daifuku Co	Pair Corr
0.86	SOMMY	Sumitomo Chemical	Pair Corr

Related Correlations Analysis

	SAUHY	SAUHF	TRUMF	TRUMY	SUVPF	SDMHF	ORINY	SBHMY	WXIBF	ALPMY
SAUHY		0.73	-0.49	-0.46	0.27	-0.36	0.5	-0.44	0.46	0.66	SAUHY
SAUHF	0.73		-0.33	-0.33	0.25	-0.19	0.44	-0.21	0.47	0.44	SAUHF
TRUMF	-0.49	-0.33		0.83	-0.22	0.42	-0.71	0.7	-0.62	-0.74	TRUMF
TRUMY	-0.46	-0.33	0.83		-0.25	0.56	-0.85	0.82	-0.68	-0.79	TRUMY
SUVPF	0.27	0.25	-0.22	-0.25		0.23	0.2	-0.04	-0.11	0.07	SUVPF
SDMHF	-0.36	-0.19	0.42	0.56	0.23		-0.55	0.67	-0.66	-0.67	SDMHF
ORINY	0.5	0.44	-0.71	-0.85	0.2	-0.55		-0.8	0.69	0.8	ORINY
SBHMY	-0.44	-0.21	0.7	0.82	-0.04	0.67	-0.8		-0.79	-0.92	SBHMY
WXIBF	0.46	0.47	-0.62	-0.68	-0.11	-0.66	0.69	-0.79		0.87	WXIBF
ALPMY	0.66	0.44	-0.74	-0.79	0.07	-0.67	0.8	-0.92	0.87		ALPMY
	SAUHY	SAUHF	TRUMF	TRUMY	SUVPF	SDMHF	ORINY	SBHMY	WXIBF	ALPMY

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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

ALPMY	+ 0.87	WXIBF
TRUMY	+ 0.83	TRUMF
SBHMY	+ 0.82	TRUMY
ALPMY	+ 0.8	ORINY
SAUHF	+ 0.73	SAUHY
SBHMY	+ 0.7	TRUMF

High negative correlations

ALPMY	- 0.92	SBHMY
ORINY	- 0.85	TRUMY
SBHMY	- 0.8	ORINY
WXIBF	- 0.79	SBHMY
ALPMY	- 0.79	TRUMY
ALPMY	- 0.74	TRUMF

Risk-Adjusted Indicators

There is a big difference between Coloplast Pink Sheet 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 Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
SAUHY	1.34	(0.04)	(0.05)	0.05	1.54	(1.56)	3.78	(2.63)	8.90
SAUHF	2.04	0.07	(0.02)	(0.09)	2.49	(3.24)	5.73	(4.44)	14.23
TRUMF	3.48	(0.43)	0.00	(0.14)	0.00	0.00	7.80	(9.73)	24.89
TRUMY	1.48	(0.26)	0.00	(0.20)	0.00	0.00	2.73	(3.04)	23.40
SUVPF	1.01	0.05	(0.01)	0.34	1.95	(5.62)	1.48	(1.89)	24.69
SDMHF	1.25	(0.05)	(0.02)	0.04	1.96	(2.33)	3.66	(5.05)	12.88
ORINY	1.16	0.36	0.05	(0.72)	1.07	(5.77)	4.42	(2.00)	21.78
SBHMY	0.56	(0.30)	0.00	32.72	0.00	0.00	0.00	0.00	9.97
WXIBF	1.19	0.33	0.00	(29.28)	0.00	0.00	1.90	(1.33)	22.83
ALPMY	1.27	0.35	0.18	0.94	1.17	(1.47)	2.80	(1.93)	13.36

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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