Cannabotech Correlations

CNTC Stock

123.10 17.90 12.70%

The current 90-days correlation between Cannabotech and Nissan is 0.17 (i.e., Average diversification). The correlation of Cannabotech 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.

Cannabotech Correlation With Market

Significant diversification

The correlation between Cannabotech and DJI is 0.07 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Cannabotech and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Cannabotech Stock

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0.78	ESLT	Elbit Systems	Pair Corr
0.74	DSCT	Israel Discount Bank	Pair Corr
0.66	GOLD	Gold Bond	Pair Corr
0.66	ORA	Ormat Technologies	Pair Corr

Related Correlations Analysis

	CNTC	OPAL	BCOM	HLMS	NVMI	PTCH	ISOP-L	NISA	PHTM	ILDR
CNTC		0.29	-0.59	0.21	-0.41	-0.76	-0.7	0.36	-0.11	-0.15	CNTC
OPAL	0.29		0.38	0.79	-0.61	-0.13	-0.55	0.86	0.74	0.65	OPAL
BCOM	-0.59	0.38		0.44	-0.26	0.65	0.29	0.36	0.44	0.73	BCOM
HLMS	0.21	0.79	0.44		-0.54	-0.08	-0.54	0.88	0.68	0.64	HLMS
NVMI	-0.41	-0.61	-0.26	-0.54		0.35	0.61	-0.72	-0.35	-0.52	NVMI
PTCH	-0.76	-0.13	0.65	-0.08	0.35		0.75	-0.25	0.15	0.3	PTCH
ISOP-L	-0.7	-0.55	0.29	-0.54	0.61	0.75		-0.67	-0.25	-0.15	ISOP-L
NISA	0.36	0.86	0.36	0.88	-0.72	-0.25	-0.67		0.59	0.6	NISA
PHTM	-0.11	0.74	0.44	0.68	-0.35	0.15	-0.25	0.59		0.53	PHTM
ILDR	-0.15	0.65	0.73	0.64	-0.52	0.3	-0.15	0.6	0.53		ILDR
	CNTC	OPAL	BCOM	HLMS	NVMI	PTCH	ISOP-L	NISA	PHTM	ILDR

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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

NISA	+ 0.88	HLMS
NISA	+ 0.86	OPAL
HLMS	+ 0.79	OPAL
ISOP-L	+ 0.75	PTCH
PHTM	+ 0.74	OPAL
ILDR	+ 0.73	BCOM

High negative correlations

PTCH	- 0.76	CNTC
NISA	- 0.72	NVMI
ISOP-L	- 0.7	CNTC
NISA	- 0.67	ISOP-L
NVMI	- 0.61	OPAL
BCOM	- 0.59	CNTC

Risk-Adjusted Indicators

There is a big difference between Cannabotech Stock performing well and Cannabotech 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 Cannabotech'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
CNTC	6.08	(0.75)	0.00	(0.30)	0.00	0.00	5.13	(16.37)	157.74
OPAL	1.19	0.38	0.16	(1.74)	0.90	(1.47)	3.23	(2.12)	7.18
BCOM	1.83	0.48	0.16	(2.66)	1.56	(2.10)	4.90	(3.10)	16.14
HLMS	1.53	0.43	0.17	(1.05)	1.11	(2.02)	4.35	(2.31)	9.83
NVMI	2.40	(0.51)	0.00	(2.12)	0.00	0.00	5.10	(6.67)	21.30
PTCH	2.04	0.33	0.06	(1.99)	2.76	(2.29)	5.20	(3.40)	17.02
ISOP-L	2.00	0.30	0.04	(0.46)	2.39	(2.45)	5.05	(5.33)	17.11
NISA	1.69	0.40	0.10	(3.23)	1.84	(1.90)	3.63	(3.72)	8.97
PHTM	1.02	0.35	0.17	(1.51)	0.71	(1.21)	2.41	(1.77)	5.01
ILDR	1.69	0.09	(0.03)	(0.21)	2.15	(2.06)	4.82	(4.49)	11.17

Be your own money manager

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