Equinor ASA Correlations

Stocks . Germany . 
Stock . Equinor ASA
DNQ Stock  EUR 21.66  0.15  0.70%   
The current 90-days correlation between Equinor ASA and NXP Semiconductors NV is 0.1 (i.e., Average diversification). The correlation of Equinor ASA 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.

Equinor ASA Correlation With Market

Significant diversification

The correlation between Equinor ASA and DJI is 0.04 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Equinor ASA and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Equinor ASA could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Equinor ASA 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 Equinor ASA - 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 Equinor ASA to buy it.

Related Correlations Analysis

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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   
DFA1
+ 0.98
DFA1
DFA1
+ 0.88
GRG
DFA1
+ 0.87
GRG
DFA1
+ 0.81
EK7A
DFA1
+ 0.81
EK7A
GRG
+ 0.77
EK7A
  
High negative correlations   
AY5
- 0.53
GRG
DFA1
- 0.4
AY5
AY5
- 0.4
EK7A
DFA1
- 0.35
AY5
GRG
- 0.1
VNX

Risk-Adjusted Indicators

There is a big difference between Equinor Stock performing well and Equinor ASA 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 Equinor ASA'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.

Be your own money manager

Our tools can tell you how much better you can do entering a position in Equinor ASA 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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