STORA ENSO Correlations

ENUA Stock

EUR 9.40 0.06 0.63%

The current 90-days correlation between STORA ENSO OYJ and INTUITIVE SURGICAL is -0.14 (i.e., Good diversification). The correlation of STORA ENSO 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.

STORA ENSO Correlation With Market

Average diversification

The correlation between STORA ENSO OYJ and DJI is 0.19 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding STORA ENSO OYJ and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with STORA Stock

0.8	RPL	UPM Kymmene Oyj	Pair Corr
0.87	ENUR	Stora Enso Oyj	Pair Corr
0.61	HL9C	Holmen AB	Pair Corr
0.68	OJI	Oji Holdings	Pair Corr
0.65	RFC4	COPAUR MINERALS INC	Pair Corr
0.65	0KJ	ABERFORTH SMCOS TRLS	Pair Corr

Moving against STORA Stock

0.69	1WT	WisdomTree Investments	Pair Corr
0.67	SPXB	Suzano SA	Pair Corr
0.63	SPXB	Suzano SA	Pair Corr
0.61	XTP	Sino AG	Pair Corr
0.55	74F	LIFE BANC SPLIT	Pair Corr

Related Correlations Analysis

	8SP	39O1	INVN	IUI1	INL	VOW	RS6	RRU	XYTA	3RKU
8SP		0.22	-0.71	-0.83	-0.67	0.75	-0.77	-0.58	-0.51	0.24	8SP
39O1	0.22		0.04	-0.14	0.17	0.15	0.03	0.39	0.43	-0.18	39O1
INVN	-0.71	0.04		0.81	0.76	-0.66	0.83	0.78	0.61	-0.23	INVN
IUI1	-0.83	-0.14	0.81		0.74	-0.82	0.9	0.69	0.56	-0.23	IUI1
INL	-0.67	0.17	0.76	0.74		-0.69	0.83	0.81	0.64	-0.17	INL
VOW	0.75	0.15	-0.66	-0.82	-0.69		-0.79	-0.63	-0.55	0.17	VOW
RS6	-0.77	0.03	0.83	0.9	0.83	-0.79		0.71	0.6	-0.06	RS6
RRU	-0.58	0.39	0.78	0.69	0.81	-0.63	0.71		0.75	-0.52	RRU
XYTA	-0.51	0.43	0.61	0.56	0.64	-0.55	0.6	0.75		-0.35	XYTA
3RKU	0.24	-0.18	-0.23	-0.23	-0.17	0.17	-0.06	-0.52	-0.35		3RKU
	8SP	39O1	INVN	IUI1	INL	VOW	RS6	RRU	XYTA	3RKU

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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

RS6	+ 0.9	IUI1
RS6	+ 0.83	INVN
RS6	+ 0.83	INL
IUI1	+ 0.81	INVN
RRU	+ 0.81	INL
RRU	+ 0.78	INVN

High negative correlations

IUI1	- 0.83	8SP
VOW	- 0.82	IUI1
RS6	- 0.79	VOW
RS6	- 0.77	8SP
INVN	- 0.71	8SP
VOW	- 0.69	INL

Risk-Adjusted Indicators

There is a big difference between STORA Stock performing well and STORA ENSO 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 STORA ENSO'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
8SP	2.17	(0.08)	0.00	0.19	0.00	0.00	3.43	(4.74)	21.59
39O1	3.81	0.15	0.03	0.44	3.57	(5.44)	9.64	(5.38)	34.42
INVN	2.20	0.22	0.04	(1.11)	2.59	(2.56)	5.61	(4.98)	14.01
IUI1	1.21	0.22	0.12	1.01	1.08	(1.38)	2.87	(1.96)	10.01
INL	2.55	0.17	0.09	0.18	2.41	(3.32)	6.80	(4.28)	13.89
VOW	1.24	(0.28)	0.00	(5.57)	0.00	0.00	2.12	(2.99)	9.42
RS6	1.35	0.20	0.09	0.62	1.41	(1.55)	2.94	(2.17)	13.51
RRU	1.65	0.06	0.00	0.24	2.13	(1.75)	3.66	(4.31)	10.56
XYTA	15.85	4.93	0.11	(0.69)	13.36	(69.79)	50.00	(33.33)	233.33
3RKU	1.56	0.12	0.05	0.25	1.63	(2.02)	3.31	(3.01)	8.52

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Our tools can tell you how much better you can do entering a position in STORA ENSO 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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