Covalon Technologies Correlations

CVALF Stock

USD 1.17 0.03 2.50%

The current 90-days correlation between Covalon Technologies and Oncotelic Therapeutics is 0.04 (i.e., Significant diversification). The correlation of Covalon Technologies 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.

Covalon Technologies Correlation With Market

Excellent diversification

The correlation between Covalon Technologies and DJI is -0.67 (i.e., Excellent diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Covalon Technologies and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Covalon OTC Stock

0.84	TRNR	Interactive Strength	Pair Corr
0.79	APVO	Aptevo Therapeutics Downward Rally	Pair Corr
0.83	NIVF	NewGenIvf Group	Pair Corr

Moving against Covalon OTC Stock

0.78	TOGOF	TomaGold	Pair Corr
0.75	SLSR	Solaris Resources	Pair Corr
0.75	USPH	US Physicalrapy	Pair Corr
0.72	CGECF	Cogeco Inc	Pair Corr
0.71	EMMA	Emmaus Life Sciences	Pair Corr
0.65	GS	Goldman Sachs Group	Pair Corr
0.65	CYD	China Yuchai Interna Earnings Call This Week	Pair Corr
0.62	DUK-PA	Duke Energy	Pair Corr
0.58	AES	AES Earnings Call This Week	Pair Corr
0.54	CYCC	Cyclacel Pharmaceuticals Symbol Change	Pair Corr
0.53	MEGI	MainStay CBRE Global	Pair Corr
0.52	LAND	Gladstone Land Earnings Call This Week	Pair Corr
0.52	GRBK	Green Brick Partners Earnings Call This Week	Pair Corr
0.49	BBDO	Banco Bradesco SA	Pair Corr
0.43	NTZ	Natuzzi SpA	Pair Corr
0.31	LRDC	Laredo Oil	Pair Corr
0.82	BNEFF	Bonterra Energy Corp	Pair Corr
0.81	MEEEF	Metal Energy Corp	Pair Corr
0.8	FRFFF	Fairfax Financial	Pair Corr
0.79	YLLXF	Yellow Cake plc	Pair Corr
0.69	TATT	Tat Techno	Pair Corr
0.69	MTGRF	Mount Gibson Iron	Pair Corr
0.68	CAMZF	Camino Minerals	Pair Corr
0.68	FRSB	First Resource Bank	Pair Corr
0.65	BLAGF	Blue Lagoon Resources	Pair Corr
0.63	JOE	St Joe Company Earnings Call This Week	Pair Corr
0.62	TORO	Toro	Pair Corr

Related Correlations Analysis

	RLFTF	OTLC	PSYBF	ACHFF	INNMF	HBPCF	RLFTY	CYYNF	SEOVF	MMIRF
RLFTF		0.73	0.25	0.18	-0.31	0.0	0.75	-0.54	-0.48	0.54	RLFTF
OTLC	0.73		0.11	0.4	-0.04	0.0	0.63	-0.76	-0.32	0.4	OTLC
PSYBF	0.25	0.11		-0.14	-0.17	0.0	0.2	-0.27	-0.07	0.37	PSYBF
ACHFF	0.18	0.4	-0.14		0.21	0.0	0.39	-0.63	-0.16	0.11	ACHFF
INNMF	-0.31	-0.04	-0.17	0.21		0.0	-0.26	0.03	0.09	-0.22	INNMF
HBPCF	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	HBPCF
RLFTY	0.75	0.63	0.2	0.39	-0.26	0.0		-0.61	-0.23	0.44	RLFTY
CYYNF	-0.54	-0.76	-0.27	-0.63	0.03	0.0	-0.61		0.23	-0.35	CYYNF
SEOVF	-0.48	-0.32	-0.07	-0.16	0.09	0.0	-0.23	0.23		-0.38	SEOVF
MMIRF	0.54	0.4	0.37	0.11	-0.22	0.0	0.44	-0.35	-0.38		MMIRF
	RLFTF	OTLC	PSYBF	ACHFF	INNMF	HBPCF	RLFTY	CYYNF	SEOVF	MMIRF

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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

RLFTY	+ 0.75	RLFTF
OTLC	+ 0.73	RLFTF
RLFTY	+ 0.63	OTLC
MMIRF	+ 0.54	RLFTF
MMIRF	+ 0.44	RLFTY
ACHFF	+ 0.4	OTLC

High negative correlations

CYYNF	- 0.76	OTLC
CYYNF	- 0.63	ACHFF
CYYNF	- 0.61	RLFTY
CYYNF	- 0.54	RLFTF
SEOVF	- 0.48	RLFTF
MMIRF	- 0.38	SEOVF

Risk-Adjusted Indicators

There is a big difference between Covalon OTC Stock performing well and Covalon Technologies OTC Stock 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 Covalon Technologies' 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
RLFTF	6.97	(0.49)	0.00	(1.79)	0.00	0.00	10.91	(18.67)	78.78
OTLC	4.36	(0.78)	0.00	(3.34)	0.00	0.00	14.29	(12.50)	47.22
PSYBF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
ACHFF	3.24	(0.11)	0.00	(0.11)	0.00	0.00	6.67	(6.82)	34.54
INNMF	8.35	1.38	0.06	(0.96)	10.09	(24.31)	29.87	(20.83)	80.91
HBPCF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
RLFTY	16.72	3.10	0.10	(5.80)	19.05	(26.67)	43.93	(31.43)	231.63
CYYNF	2.11	1.11	0.00	(1.24)	0.00	0.00	0.00	0.00	46.67
SEOVF	3.26	0.20	0.01	(0.11)	4.10	(9.94)	10.00	(9.09)	29.09
MMIRF	3.84	(0.17)	0.00	(0.05)	0.00	0.00	0.00	0.00	169.05

Be your own money manager

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

Elected by the shareholders, the Covalon Technologies' board of directors comprises two types of representatives: Covalon Technologies inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Covalon. The board's role is to monitor Covalon Technologies' management team and ensure that shareholders' interests are well served. Covalon Technologies' inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Covalon Technologies' outside directors are responsible for providing unbiased perspectives on the board's policies.

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