Covestro ADR Correlations

COVTY Stock

USD 30.24 0.51 1.72%

The correlation of Covestro ADR 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.

Covestro ADR Correlation With Market

Good diversification

The correlation between Covestro ADR 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 Covestro ADR and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Covestro Pink Sheet

0.46	RMGCU	RMG Acquisition Corp	Pair Corr
0.38	BRK-B	Berkshire Hathaway	Pair Corr
0.35	PPYA	Papaya Growth Opportunity	Pair Corr
0.35	RCAT	Red Cat Holdings Trending	Pair Corr
0.32	GM	General Motors Aggressive Push	Pair Corr
0.31	ZM	Zoom Video Communications	Pair Corr

Related Correlations Analysis

	FGPHF	444859BR2	AQUI	BRRAY	MSTSX	ABHYX	LBHIX	SCAXF	VIASP	RRTLX
FGPHF		0.65	0.0	0.07	-0.36	0.14	-0.52	0.62	-0.59	-0.28	FGPHF
444859BR2	0.65		0.0	0.35	-0.54	-0.1	-0.58	0.39	-0.37	-0.46	444859BR2
AQUI	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	AQUI
BRRAY	0.07	0.35	0.0		-0.47	-0.41	-0.37	-0.04	0.1	-0.48	BRRAY
MSTSX	-0.36	-0.54	0.0	-0.47		0.34	0.67	0.02	-0.11	0.81	MSTSX
ABHYX	0.14	-0.1	0.0	-0.41	0.34		0.53	-0.03	-0.2	0.43	ABHYX
LBHIX	-0.52	-0.58	0.0	-0.37	0.67	0.53		-0.27	0.19	0.71	LBHIX
SCAXF	0.62	0.39	0.0	-0.04	0.02	-0.03	-0.27		-0.79	-0.05	SCAXF
VIASP	-0.59	-0.37	0.0	0.1	-0.11	-0.2	0.19	-0.79		-0.01	VIASP
RRTLX	-0.28	-0.46	0.0	-0.48	0.81	0.43	0.71	-0.05	-0.01		RRTLX
	FGPHF	444859BR2	AQUI	BRRAY	MSTSX	ABHYX	LBHIX	SCAXF	VIASP	RRTLX

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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

RRTLX	+ 0.81	MSTSX
RRTLX	+ 0.71	LBHIX
LBHIX	+ 0.67	MSTSX
444859BR2	+ 0.65	FGPHF
SCAXF	+ 0.62	FGPHF
LBHIX	+ 0.53	ABHYX

High negative correlations

VIASP	- 0.79	SCAXF
VIASP	- 0.59	FGPHF
LBHIX	- 0.58	444859BR2
MSTSX	- 0.54	444859BR2
LBHIX	- 0.52	FGPHF
RRTLX	- 0.48	BRRAY

Risk-Adjusted Indicators

There is a big difference between Covestro Pink Sheet performing well and Covestro ADR 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 Covestro ADR'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
FGPHF	7.23	(0.21)	0.00	(2.61)	0.00	0.00	12.50	(16.00)	41.74
444859BR2	1.31	0.03	0.00	0.07	0.00	0.00	5.93	(4.56)	16.62
AQUI	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
BRRAY	1.27	(0.13)	0.00	0.01	0.00	0.00	0.00	(2.98)	34.02
MSTSX	0.48	(0.05)	(0.15)	0.04	0.53	(0.58)	1.03	(1.02)	2.80
ABHYX	0.17	0.00	(0.25)	0.08	0.26	(0.23)	0.34	(0.33)	1.91
LBHIX	0.11	0.01	(0.40)	0.46	0.00	(0.29)	0.24	(0.24)	0.96
SCAXF	0.70	(0.41)	0.00	(0.99)	0.00	0.00	0.00	0.00	23.47
VIASP	0.74	0.08	(0.03)	(2.22)	1.13	(0.80)	2.28	(1.20)	7.18
RRTLX	0.24	0.01	(0.30)	0.50	0.24	(0.27)	0.56	(0.56)	1.37

Be your own money manager

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

Michelle Jou	Head Segment	Profile
Michael Friede	Adhesives, Coatings	Profile
Sucheta Govil	Chief Board	Profile
Joachim Wolff	Head Unit	Profile
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