Energy WorldLtd Correlations

EWCLF Stock

USD 0.03 0 3.78%

The current 90-days correlation between Energy WorldLtd and Westbridge Energy is 0.1 (i.e., Average diversification). The correlation of Energy WorldLtd 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.

Energy WorldLtd Correlation With Market

Very good diversification

The correlation between Energy World and DJI is -0.32 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Energy World and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Energy Pink Sheet

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0.42	EDRY	EuroDry	Pair Corr
0.41	XPO	XPO Logistics	Pair Corr
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0.35	DXPE	DXP Enterprises Earnings Call This Week	Pair Corr
0.35	ELEZF	Endesa SA	Pair Corr
0.34	MKKGY	Merck KGaA ADR Earnings Call This Week	Pair Corr
0.31	BSRR	Sierra Bancorp	Pair Corr
0.51	CCL	Carnival	Pair Corr
0.41	SIDU	Sidus Space	Pair Corr
0.4	TTC	Toro Earnings Call This Week	Pair Corr
0.4	GEAHF	Great Eagle Holdings	Pair Corr
0.39	NFG	National Fuel Gas	Pair Corr
0.36	SCCF	Sachem Capital Corp	Pair Corr

Related Correlations Analysis

	PPAAY	WEGYF	GIPIF	BESS	MOTNF	SMAYF	WNDW	GDYMF	BLSP	GEFI
PPAAY		-0.88	-0.29	-0.53	0.16	0.51	-0.21	0.86	0.0	0.43	PPAAY
WEGYF	-0.88		0.22	0.77	-0.1	-0.43	0.17	-0.72	0.0	-0.67	WEGYF
GIPIF	-0.29	0.22		0.08	-0.04	-0.09	0.22	-0.32	0.0	-0.1	GIPIF
BESS	-0.53	0.77	0.08		0.01	-0.3	0.2	-0.28	0.0	-0.81	BESS
MOTNF	0.16	-0.1	-0.04	0.01		0.07	-0.11	0.19	0.0	-0.04	MOTNF
SMAYF	0.51	-0.43	-0.09	-0.3	0.07		0.14	0.56	0.0	0.17	SMAYF
WNDW	-0.21	0.17	0.22	0.2	-0.11	0.14		-0.06	0.0	-0.26	WNDW
GDYMF	0.86	-0.72	-0.32	-0.28	0.19	0.56	-0.06		0.0	0.22	GDYMF
BLSP	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	BLSP
GEFI	0.43	-0.67	-0.1	-0.81	-0.04	0.17	-0.26	0.22	0.0		GEFI
	PPAAY	WEGYF	GIPIF	BESS	MOTNF	SMAYF	WNDW	GDYMF	BLSP	GEFI

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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

GDYMF	+ 0.86	PPAAY
BESS	+ 0.77	WEGYF
GDYMF	+ 0.56	SMAYF
SMAYF	+ 0.51	PPAAY
GEFI	+ 0.43	PPAAY
GIPIF	+ 0.22	WEGYF

High negative correlations

WEGYF	- 0.88	PPAAY
GEFI	- 0.81	BESS
GDYMF	- 0.72	WEGYF
GEFI	- 0.67	WEGYF
BESS	- 0.53	PPAAY
SMAYF	- 0.43	WEGYF

Risk-Adjusted Indicators

There is a big difference between Energy Pink Sheet performing well and Energy WorldLtd 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 Energy WorldLtd'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
PPAAY	1.65	0.53	0.00	0.66	0.00	0.00	2.10	(1.28)	47.16
WEGYF	1.36	(0.30)	0.00	0.66	0.00	0.00	2.60	(3.47)	15.12
GIPIF	0.27	(0.09)	0.00	0.34	0.00	0.00	0.00	0.00	9.09
BESS	6.47	(0.83)	0.00	1.17	0.00	0.00	11.41	(20.18)	81.25
MOTNF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
SMAYF	3.01	0.37	0.00	0.22	0.00	0.00	0.72	0.00	75.04
WNDW	5.66	0.32	0.04	0.83	5.76	(9.70)	14.29	(11.36)	49.61
GDYMF	200.87	114.82	0.00	(0.64)	0.00	0.00	0.00	0.00	6,762
BLSP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
GEFI	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Be your own money manager

Our tools can tell you how much better you can do entering a position in Energy WorldLtd 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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