Fortinet Correlations

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EUR 67.78 0.13 0.19%

The current 90-days correlation between Fortinet and Nomad Foods is -0.3 (i.e., Very good diversification). The correlation of Fortinet 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.

Fortinet Correlation With Market

Very good diversification

The correlation between Fortinet and DJI is -0.48 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fortinet and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Fortinet Stock

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0.68	TAR	Targa Resources Corp	Pair Corr
0.67	PYCP	Minera Alamos Split	Pair Corr
0.65	BYG	Bouygues SA	Pair Corr
0.65	DG1	DAWSON GEOPHYSICAL	Pair Corr
0.63	1ZM	HIRATA Corp	Pair Corr
0.61	ECHA	Ecopetrol SA	Pair Corr
0.6	6VD0	Tractial Split	Pair Corr
0.58	PCU	Southern Copper Split	Pair Corr
0.57	H6D	Haleon PLC	Pair Corr
0.54	SSUN	Samsung Electronics	Pair Corr
0.53	N9U	Nomura Real Estate	Pair Corr
0.52	DYQ	ASOS PLC	Pair Corr
0.51	HY9H	SK hynix	Pair Corr
0.51	MSI	Mitsui Chemicals Earnings Call This Week	Pair Corr
0.51	AMK	Amkor Technology Earnings Call This Week	Pair Corr
0.51	UP2	UPDATE SOFTWARE Earnings Call This Week	Pair Corr
0.5	JJ1	JJ SNACK FOODS Earnings Call Tomorrow	Pair Corr
0.47	B3O	Nordic American Tankers	Pair Corr
0.46	ENI1	Eni SpA	Pair Corr
0.46	TSFA	Taiwan Semiconductor	Pair Corr
0.42	HSZ	H M SAMPOERNA	Pair Corr
0.38	8DA	InPlay Oil Corp	Pair Corr
0.32	4SK	Sinotruk Limited	Pair Corr
0.77	CWA0	REFINED METALS P	Pair Corr
0.72	EDL	Edel SE	Pair Corr
0.7	HLH	Hongkong Land Holdings	Pair Corr
0.7	BSD2	Banco Santander SA Earnings Call This Week	Pair Corr
0.66	3WN	PARK24 SPONS ADR1	Pair Corr
0.66	WPOB	Graham Holdings	Pair Corr
0.64	48M	Foran Mining	Pair Corr
0.63	SRB	Starbucks	Pair Corr
0.63	6RR	RealReal	Pair Corr

Related Correlations Analysis

	0NH	XSFA	DHR	SI3	NY70	AFG	5NU
0NH		0.3	0.59	-0.18	0.23	0.34	-0.15	0NH
XSFA	0.3		0.25	-0.67	-0.21	-0.21	-0.54	XSFA
DHR	0.59	0.25		-0.11	0.29	0.24	-0.17	DHR
SI3	-0.18	-0.67	-0.11		0.42	0.47	0.78	SI3
NY70	0.23	-0.21	0.29	0.42		0.6	0.48	NY70
AFG	0.34	-0.21	0.24	0.47	0.6		0.38	AFG
5NU	-0.15	-0.54	-0.17	0.78	0.48	0.38		5NU
	0NH	XSFA	DHR	SI3	NY70	AFG	5NU

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

5NU	+ 0.78	SI3
AFG	+ 0.6	NY70
DHR	+ 0.59	0NH
5NU	+ 0.48	NY70
AFG	+ 0.47	SI3
NY70	+ 0.42	SI3

High negative correlations

SI3	- 0.67	XSFA
5NU	- 0.54	XSFA
AFG	- 0.21	XSFA
NY70	- 0.21	XSFA
SI3	- 0.18	0NH
5NU	- 0.17	DHR

Risk-Adjusted Indicators

There is a big difference between Fortinet Stock performing well and Fortinet 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 Fortinet'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
0NH	1.89	0.05	0.01	(2.69)	2.09	(3.03)	5.88	(4.46)	14.73
XSFA	1.36	(0.16)	0.00	0.83	0.00	0.00	2.88	(4.74)	13.36
DHR	2.19	(0.01)	(0.01)	0.02	2.57	(2.60)	3.54	(4.24)	29.35
SI3	0.51	0.05	0.01	0.28	0.65	(1.26)	1.45	(1.38)	5.63
NY70	1.89	0.09	0.02	0.20	2.25	(3.78)	6.44	(4.50)	23.68
AFG	2.19	0.48	0.16	1.06	2.31	(2.57)	5.20	(3.39)	13.94
5NU	0.89	0.22	0.12	1.06	0.92	(1.28)	2.20	(1.71)	7.51

Be your own money manager

Our tools can tell you how much better you can do entering a position in Fortinet 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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Fortinet Corporate Management

Elected by the shareholders, the Fortinet's board of directors comprises two types of representatives: Fortinet inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Fortinet. The board's role is to monitor Fortinet's management team and ensure that shareholders' interests are well served. Fortinet's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Fortinet's outside directors are responsible for providing unbiased perspectives on the board's policies.

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