ESG Correlations
| ESGH Stock | 5.22 0.23 4.61% |
The correlation of ESG 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.
ESG Correlation With Market
Good diversification
The correlation between ESG Inc and DJI is -0.19 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ESG Inc and DJI in the same portfolio, assuming nothing else is changed.
ESG |
The ability to find closely correlated positions to ESG could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace ESG 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 ESG - 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 ESG Inc to buy it.
Moving together with ESG Pink Sheet
| 0.7 | MSFT | Microsoft Sell-off Trend | PairCorr |
Moving against ESG Pink Sheet
| 0.78 | GOOG | Alphabet Class C Aggressive Push | PairCorr |
| 0.77 | REGN | Regeneron Pharmaceuticals | PairCorr |
| 0.72 | AAPL | Apple Inc | PairCorr |
| 0.7 | BMYMP | Bristol Myers Squibb | PairCorr |
| 0.64 | CHACR | Crane Harbor Acquisition | PairCorr |
| 0.63 | KYOCF | Kyocera | PairCorr |
| 0.62 | CX | Cemex SAB de Aggressive Push | PairCorr |
| 0.51 | AVGO | Broadcom Aggressive Push | PairCorr |
| 0.43 | ADC | Agree Realty | PairCorr |
| 0.36 | EFTR | Effector Therapeutics | PairCorr |
| 0.31 | CRRFY | Carrefour SA PK | PairCorr |
| 0.81 | RLMD | Relmada Therapeutics | PairCorr |
| 0.78 | DNLMY | Dunelm Group PLC | PairCorr |
| 0.77 | SHIP | Seanergy Maritime | PairCorr |
| 0.75 | AKAM | Akamai Technologies | PairCorr |
| 0.73 | APGE | Apogee Therapeutics, | PairCorr |
| 0.69 | PHAR | Pharming Group NV | PairCorr |
| 0.66 | GM | General Motors | PairCorr |
| 0.64 | EGP | EastGroup Properties | PairCorr |
| 0.64 | IDN | Intellicheck Mobilisa | PairCorr |
| 0.61 | HL | Hecla Mining Aggressive Push | PairCorr |
| 0.58 | DDS | Dillards, | PairCorr |
Related Correlations Analysis
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
| High negative correlations
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Risk-Adjusted Indicators
There is a big difference between ESG Pink Sheet performing well and ESG 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 ESG'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| NBBTF | 0.86 | 0.05 | 0.00 | 0.14 | 0.00 | 0.00 | 25.49 | |||
| SHGXY | 3.48 | 0.20 | 0.01 | 0.32 | 4.95 | 18.18 | 44.33 | |||
| ADWPF | 0.37 | (0.04) | 0.00 | (0.47) | 0.00 | 1.96 | 6.05 | |||
| STNT | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| OLVI | 7.18 | (1.35) | 0.00 | 2.05 | 0.00 | 13.64 | 53.08 | |||
| WPNTF | 1.78 | (0.86) | 0.00 | 1.36 | 0.00 | 0.00 | 60.49 | |||
| CVNZF | 7.17 | 2.74 | 0.00 | (0.91) | 0.00 | 0.00 | 309.64 | |||
| REED | 5.69 | (0.46) | 0.00 | (0.20) | 0.00 | 14.24 | 111.65 | |||
| DDEJF | 2.65 | (0.06) | (0.02) | 0.00 | 3.41 | 4.60 | 17.66 | |||
| UNHLF | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
ESG 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 ESG pink sheet to make a market-neutral strategy. Peer analysis of ESG could also be used in its relative valuation, which is a method of valuing ESG by comparing valuation metrics with similar companies.
| Risk & Return | Correlation |