Delko SA Correlations

DEL Stock

6.64 0.10 1.53%

The current 90-days correlation between Delko SA and Bank Polska Kasa is 0.12 (i.e., Average diversification). The correlation of Delko SA 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.

Delko SA Correlation With Market

Poor diversification

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

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

Moving together with Delko Stock

0.74	SAN	Banco Santander SA	Pair Corr
0.67	UCG	UniCredit SpA	Pair Corr
0.72	SPL	Santander Bank Polska	Pair Corr
0.76	KGH	KGHM Polska Miedz	Pair Corr
0.84	PCO	Pepco Group BV	Pair Corr
0.68	CAR	Inter Cars SA	Pair Corr
0.62	BHW	Bank Handlowy w	Pair Corr
0.62	WWL	WAWEL SA	Pair Corr
0.73	MIL	Bank Millennium SA	Pair Corr
0.67	BNP	BNP Paribas Bank	Pair Corr
0.66	BFT	Benefit Systems SA	Pair Corr
0.65	KOM	Komputronik SA	Pair Corr
0.64	SNT	Synektik SA	Pair Corr
0.71	MEG	Megaron SA	Pair Corr
0.62	VRC	Vercom SA	Pair Corr
0.79	ENT	Enter Air SA	Pair Corr
0.89	QNT	Quantum Software	Pair Corr

Related Correlations Analysis

	SAN	UCG	CEZ	PKN	DNP	ALE	SPL	KGH	PCO	PEO
SAN		0.95	-0.45	0.5	-0.6	-0.65	0.86	0.95	0.57	0.86	SAN
UCG	0.95		-0.47	0.55	-0.57	-0.69	0.9	0.9	0.44	0.93	UCG
CEZ	-0.45	-0.47		-0.54	0.68	0.63	-0.47	-0.49	0.1	-0.55	CEZ
PKN	0.5	0.55	-0.54		-0.35	-0.31	0.65	0.48	-0.03	0.62	PKN
DNP	-0.6	-0.57	0.68	-0.35		0.75	-0.41	-0.59	0.0	-0.58	DNP
ALE	-0.65	-0.69	0.63	-0.31	0.75		-0.61	-0.69	-0.07	-0.74	ALE
SPL	0.86	0.9	-0.47	0.65	-0.41	-0.61		0.85	0.47	0.94	SPL
KGH	0.95	0.9	-0.49	0.48	-0.59	-0.69	0.85		0.59	0.83	KGH
PCO	0.57	0.44	0.1	-0.03	0.0	-0.07	0.47	0.59		0.31	PCO
PEO	0.86	0.93	-0.55	0.62	-0.58	-0.74	0.94	0.83	0.31		PEO
	SAN	UCG	CEZ	PKN	DNP	ALE	SPL	KGH	PCO	PEO

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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

UCG	+ 0.95	SAN
KGH	+ 0.95	SAN
PEO	+ 0.94	SPL
PEO	+ 0.93	UCG
SPL	+ 0.9	UCG
KGH	+ 0.9	UCG

High negative correlations

PEO	- 0.74	ALE
KGH	- 0.69	ALE
ALE	- 0.69	UCG
ALE	- 0.65	SAN
SPL	- 0.61	ALE
DNP	- 0.6	SAN

Risk-Adjusted Indicators

There is a big difference between Delko Stock performing well and Delko SA 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 Delko SA'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
SAN	1.12	0.18	0.07	0.96	1.78	(1.06)	2.04	(2.99)	8.42
UCG	1.25	0.21	0.06	(0.41)	1.53	(1.77)	3.51	(4.20)	10.69
CEZ	1.14	(0.22)	0.00	(0.19)	0.00	0.00	2.23	(2.40)	12.76
PKN	1.50	0.13	0.05	0.34	1.87	(1.58)	3.90	(2.57)	12.47
DNP	1.50	(0.19)	0.00	(0.26)	0.00	0.00	3.57	(3.17)	8.75
ALE	1.23	(0.25)	0.00	(1.51)	0.00	0.00	1.97	(2.96)	7.91
SPL	1.38	0.26	0.12	0.94	1.47	(1.53)	2.91	(2.36)	9.54
KGH	2.54	0.83	0.19	2.22	3.17	(2.77)	6.23	(5.99)	19.08
PCO	1.37	0.04	(0.01)	3.68	1.78	(1.38)	3.22	(3.07)	8.42
PEO	1.20	0.21	0.14	0.60	1.05	(1.66)	3.22	(2.23)	7.25

Delko SA Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with Delko SA stock to make a market-neutral strategy. Peer analysis of Delko SA could also be used in its relative valuation, which is a method of valuing Delko SA by comparing valuation metrics with similar companies.

Banco Santander SA UniCredit SpA CEZ as Polski Koncern Naftowy Dino Polska SA Allegroeu SA Santander Bank Polska KGHM Polska Miedz Pepco Group BV Bank Polska Kasa American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup

Risk & Return

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