| DGS Stock | | | EUR 6.70 0.00 0.00% |
The current 90-days correlation between Envela Corp and Apple Inc is -0.03 (i.e., Good diversification). The correlation of Envela Corp 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.
Envela Corp Correlation With Market
Very good diversification
The correlation between Envela Corp and DJI is -0.26 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Envela Corp and DJI in the same portfolio, assuming nothing else is changed.
The ability to find closely correlated positions to Envela Corp could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Envela Corp 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 Envela Corp - 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 Envela Corp to buy it.
Moving together with Envela Stock
Moving against Envela Stock
Related Correlations Analysis
Risk-Adjusted IndicatorsThere is a big difference between Envela Stock performing well and Envela Corp 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 Envela Corp'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.
Envela Corp 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 Envela Corp stock to make a market-neutral strategy. Peer analysis of Envela Corp could also be used in its relative valuation, which is a method of valuing Envela Corp by comparing valuation metrics with similar companies.