EAM Solar Correlations

EAM Stock

NOK 1.58 0.27 20.61%

The current 90-days correlation between EAM Solar ASA and Akva Group is -0.15 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as EAM Solar moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if EAM Solar ASA moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

EAM Solar Correlation With Market

Very weak diversification

The correlation between EAM Solar ASA and DJI is 0.58 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding EAM Solar ASA and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with EAM Stock

0.8	NHY	Norsk Hydro ASA	Pair Corr
0.81	EQNR	Equinor ASA	Pair Corr
0.88	AKER	Aker ASA	Pair Corr
0.84	KOG	Kongsberg Gruppen ASA	Pair Corr
0.75	TEL	Telenor ASA	Pair Corr
0.78	YAR	Yara International ASA	Pair Corr
0.78	KIT	Kitron ASA	Pair Corr
0.86	SUBC	Subsea 7 SA	Pair Corr
0.82	SCATC	Scatec Solar OL	Pair Corr
0.79	B2I	B2 Impact ASA	Pair Corr
0.79	WWI	Wilh Wilhelmsen Holding	Pair Corr
0.63	ZLNA	Zelluna ASA	Pair Corr
0.73	ODL	Odfjell Drilling	Pair Corr

Moving against EAM Stock

0.54

AKH

Aker Horizons AS

Pair Corr

Related Correlations Analysis

	BONHR	MPCC	ENDUR	SNTIA	ODF	MULTI	KCC	NEL	ENVIP	AKVA
BONHR		0.66	0.78	0.54	0.59	0.53	0.81	-0.75	-0.43	-0.32	BONHR
MPCC	0.66		0.7	0.64	0.66	0.2	0.82	-0.63	-0.44	-0.2	MPCC
ENDUR	0.78	0.7		0.74	0.46	0.1	0.84	-0.67	-0.71	0.05	ENDUR
SNTIA	0.54	0.64	0.74		0.31	-0.11	0.63	-0.51	-0.38	0.16	SNTIA
ODF	0.59	0.66	0.46	0.31		0.29	0.71	-0.49	-0.37	-0.62	ODF
MULTI	0.53	0.2	0.1	-0.11	0.29		0.24	-0.26	0.3	-0.41	MULTI
KCC	0.81	0.82	0.84	0.63	0.71	0.24		-0.77	-0.58	-0.24	KCC
NEL	-0.75	-0.63	-0.67	-0.51	-0.49	-0.26	-0.77		0.39	0.17	NEL
ENVIP	-0.43	-0.44	-0.71	-0.38	-0.37	0.3	-0.58	0.39		-0.03	ENVIP
AKVA	-0.32	-0.2	0.05	0.16	-0.62	-0.41	-0.24	0.17	-0.03		AKVA
	BONHR	MPCC	ENDUR	SNTIA	ODF	MULTI	KCC	NEL	ENVIP	AKVA

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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

KCC	+ 0.84	ENDUR
KCC	+ 0.82	MPCC
KCC	+ 0.81	BONHR
ENDUR	+ 0.78	BONHR
SNTIA	+ 0.74	ENDUR
KCC	+ 0.71	ODF

High negative correlations

NEL	- 0.77	KCC
NEL	- 0.75	BONHR
ENVIP	- 0.71	ENDUR
NEL	- 0.67	ENDUR
NEL	- 0.63	MPCC
AKVA	- 0.62	ODF

Risk-Adjusted Indicators

There is a big difference between EAM Stock performing well and EAM Solar 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 EAM Solar'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
BONHR	0.96	0.34	0.36	4.76	0.26	(1.39)	1.98	(1.17)	9.82
MPCC	1.34	0.15	0.04	(0.67)	1.74	(1.30)	2.72	(2.96)	8.79
ENDUR	1.17	0.28	0.18	0.58	0.96	(1.36)	3.04	(1.92)	6.11
SNTIA	1.15	0.20	0.08	(1.25)	1.30	(1.19)	2.49	(2.58)	6.07
ODF	1.39	0.01	(0.02)	0.11	2.09	(1.30)	2.38	(3.49)	10.56
MULTI	1.09	(0.13)	0.00	(0.36)	0.00	0.00	2.38	(2.64)	7.96
KCC	1.08	0.23	0.11	(2.22)	1.28	(1.14)	2.53	(1.93)	8.08
NEL	1.78	(0.30)	0.00	(0.28)	0.00	0.00	3.93	(2.93)	18.63
ENVIP	1.86	(0.26)	0.00	(1.28)	0.00	0.00	2.99	(4.14)	10.11
AKVA	1.45	0.08	0.01	0.78	1.72	(2.01)	4.25	(3.11)	11.82

Be your own money manager

Our tools can tell you how much better you can do entering a position in EAM Solar 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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