Codan Correlations

CODAF Stock

USD 20.00 3.74 15.75%

The current 90-days correlation between Codan Limited and Renishaw plc is 0.01 (i.e., Significant diversification). The correlation of Codan 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.

Codan Correlation With Market

Significant diversification

The correlation between Codan Limited and DJI is 0.08 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Codan Limited and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Codan Pink Sheet

0.61	HYMTF	Hyundai Motor	Pair Corr
0.7	UTRS	Minerva Surgical	Pair Corr
0.78	NAUT	Nautilus Biotechnology	Pair Corr
0.65	FEMY	Femasys	Pair Corr

Moving against Codan Pink Sheet

0.86	TDY	Teledyne Technologies	Pair Corr
0.81	GRMN	Garmin	Pair Corr
0.58	KYCCF	Keyence	Pair Corr
0.58	TKURF	Tokyu REIT	Pair Corr
0.52	PNW	Pinnacle West Capital	Pair Corr
0.33	166764CA6	CHEVRON P	Pair Corr
0.32	KTRIF	KTRIF	Pair Corr
0.49	ADVWW	Advantage Solutions	Pair Corr

Related Correlations Analysis

	HPHTY	HPHTF	RNSHF	TYOYY	HRSEF	HRIBF	SUOPY	AUOTY	SUMCF	VEMLF
HPHTY		0.56	0.37	0.59	0.0	0.0	0.72	0.56	0.71	0.0	HPHTY
HPHTF	0.56		0.34	0.56	0.0	0.0	0.74	0.66	0.72	0.0	HPHTF
RNSHF	0.37	0.34		0.1	0.0	0.0	0.33	0.28	0.4	0.0	RNSHF
TYOYY	0.59	0.56	0.1		0.0	0.0	0.68	0.35	0.55	0.0	TYOYY
HRSEF	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	HRSEF
HRIBF	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	HRIBF
SUOPY	0.72	0.74	0.33	0.68	0.0	0.0		0.84	0.95	0.0	SUOPY
AUOTY	0.56	0.66	0.28	0.35	0.0	0.0	0.84		0.91	0.0	AUOTY
SUMCF	0.71	0.72	0.4	0.55	0.0	0.0	0.95	0.91		0.0	SUMCF
VEMLF	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		VEMLF
	HPHTY	HPHTF	RNSHF	TYOYY	HRSEF	HRIBF	SUOPY	AUOTY	SUMCF	VEMLF

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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

SUMCF	+ 0.95	SUOPY
SUMCF	+ 0.91	AUOTY
AUOTY	+ 0.84	SUOPY
SUOPY	+ 0.74	HPHTF
SUOPY	+ 0.72	HPHTY
SUMCF	+ 0.72	HPHTF

High negative correlations

VEMLF	- 0.0	SUMCF
VEMLF	- 0.0	AUOTY
VEMLF	- 0.0	SUOPY
VEMLF	- 0.0	HRIBF
SUMCF	- 0.0	HRIBF
AUOTY	- 0.0	HRIBF

Risk-Adjusted Indicators

There is a big difference between Codan Pink Sheet performing well and Codan 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 Codan'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
HPHTY	1.23	(0.05)	0.00	0.39	0.00	0.00	0.86	(7.34)	28.30
HPHTF	1.13	(0.15)	0.00	(0.20)	0.00	0.00	3.23	(4.50)	17.74
RNSHF	0.40	0.08	0.00	18.77	0.00	0.00	0.00	0.00	9.06
TYOYY	2.33	0.10	0.01	(0.16)	3.09	(3.93)	6.50	(6.05)	18.94
HRSEF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
HRIBF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
SUOPY	3.03	(0.17)	0.00	0.28	0.00	0.00	6.80	(6.42)	27.02
AUOTY	1.62	(0.37)	0.00	(0.46)	0.00	0.00	2.73	(3.88)	8.41
SUMCF	3.75	(0.25)	0.00	0.85	0.00	0.00	7.76	(7.29)	23.29
VEMLF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Be your own money manager

Our tools can tell you how much better you can do entering a position in Codan 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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Codan Corporate Management

Daniel Widera	Joint Sec	Profile
Alfonso Ianniello	CEO MD	Profile
Kayi Li	Ma Relations	Profile
Scott French	Exec Radio	Profile
Peter Charlesworth	Executive General Manager - Minelab	Profile
BA CA	CFO Sec	Profile

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