ELEn SpA Correlations

ELEAF Stock

USD 16.61 0.00 0.00%

The correlation of ELEn SpA 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.

ELEn SpA Correlation With Market

Very weak diversification

The correlation between ELEn SpA and DJI is 0.4 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ELEn SpA and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with ELEn OTC Stock

0.74	SHG	Shinhan Financial Earnings Call Tomorrow	Pair Corr
0.62	KB	KB Financial Group	Pair Corr
0.71	WF	Woori Financial Group	Pair Corr
0.81	KO	Coca Cola Earnings Call This Week	Pair Corr
0.63	MCD	McDonalds Earnings Call Tomorrow	Pair Corr
0.69	CSCO	Cisco Systems Aggressive Push	Pair Corr
0.92	VZ	Verizon Communications Aggressive Push	Pair Corr
0.65	JNJ	Johnson Johnson Sell-off Trend	Pair Corr
0.63	PFE	Pfizer Inc Aggressive Push	Pair Corr
0.71	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr
0.71	CAT	Caterpillar	Pair Corr
0.63	WMT	Walmart Common Stock	Pair Corr
0.69	CVX	Chevron Corp Sell-off Trend	Pair Corr

Moving against ELEn OTC Stock

0.73	BSX	Boston Scientific Corp	Pair Corr
0.71	EW	Edwards Lifesciences Corp	Pair Corr
0.56	ABT	Abbott Laboratories	Pair Corr
0.38	VFSWW	VinFast Auto	Pair Corr
0.33	AXP	American Express	Pair Corr

Related Correlations Analysis

	LFTSF	SAFLF	TGRNF	HGYMF	SMSZF	FDMDF	ABSCF	FOGCF	INRLF	ARRJF
LFTSF		0.0	-1.0	0.0	-1.0	0.0	0.0	0.0	0.0	0.0	LFTSF
SAFLF	0.0		0.0	0.0	0.0	0.87	0.82	0.0	0.2	0.62	SAFLF
TGRNF	-1.0	0.0		0.0	1.0	0.0	0.0	0.0	0.0	0.0	TGRNF
HGYMF	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	HGYMF
SMSZF	-1.0	0.0	1.0	0.0		0.0	0.0	0.0	0.0	0.0	SMSZF
FDMDF	0.0	0.87	0.0	0.0	0.0		0.92	0.0	0.38	0.8	FDMDF
ABSCF	0.0	0.82	0.0	0.0	0.0	0.92		0.0	0.36	0.7	ABSCF
FOGCF	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	FOGCF
INRLF	0.0	0.2	0.0	0.0	0.0	0.38	0.36	0.0		0.45	INRLF
ARRJF	0.0	0.62	0.0	0.0	0.0	0.8	0.7	0.0	0.45		ARRJF
	LFTSF	SAFLF	TGRNF	HGYMF	SMSZF	FDMDF	ABSCF	FOGCF	INRLF	ARRJF

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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

SMSZF	+ 1.0	TGRNF
ABSCF	+ 0.92	FDMDF
FDMDF	+ 0.87	SAFLF
ABSCF	+ 0.82	SAFLF
ARRJF	+ 0.8	FDMDF
ARRJF	+ 0.7	ABSCF

High negative correlations

SMSZF	- 1.0	LFTSF
TGRNF	- 1.0	LFTSF
ARRJF	- 0.0	FOGCF
INRLF	- 0.0	FOGCF
FOGCF	- 0.0	ABSCF
FOGCF	- 0.0	FDMDF

Risk-Adjusted Indicators

There is a big difference between ELEn OTC Stock performing well and ELEn SpA 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 ELEn SpA'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
LFTSF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
SAFLF	0.55	0.25	0.00	0.89	0.00	0.00	0.00	0.00	13.99
TGRNF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
HGYMF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
SMSZF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
FDMDF	4.66	1.93	0.18	(0.91)	2.61	(23.74)	14.91	(6.87)	99.01
ABSCF	0.44	0.21	0.00	2.11	0.00	0.00	0.00	0.00	14.17
FOGCF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
INRLF	0.95	0.15	0.00	(0.10)	1.24	(5.31)	1.19	(3.52)	26.59
ARRJF	0.46	(0.14)	0.00	(3.36)	0.00	0.00	0.00	0.00	2.45

Be your own money manager

Our tools can tell you how much better you can do entering a position in ELEn SpA 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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