Provident Financial Correlations

FPLPF Stock

USD 1.51 0.00 0.00%

The correlation of Provident Financial 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.

Provident Financial Correlation With Market

Very poor diversification

The correlation between Provident Financial plc and DJI is 0.82 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Provident Financial plc and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Provident Pink Sheet

0.62	GOOG	Alphabet Class C	Pair Corr
0.73	BMYMP	Bristol Myers Squibb	Pair Corr
0.66	TSM	Taiwan Semiconductor Aggressive Push	Pair Corr
0.87	AA	Alcoa Corp	Pair Corr
0.72	WMT	Walmart Common Stock Aggressive Push	Pair Corr
0.73	DD	Dupont De Nemours Earnings Call Tomorrow	Pair Corr
0.61	CAT	Caterpillar	Pair Corr
0.75	MRK	Merck Company Aggressive Push	Pair Corr

Moving against Provident Pink Sheet

0.78	PBCRY	Bank Central Asia	Pair Corr
0.67	PBCRF	PT Bank Central	Pair Corr
0.55	MSFT	Microsoft	Pair Corr
0.48	AAPL	Apple Inc Aggressive Push	Pair Corr
0.47	BKRKF	PT Bank Rakyat Earnings Call This Week	Pair Corr
0.68	HPQ	HP Inc	Pair Corr
0.48	MMM	3M Company	Pair Corr

Related Correlations Analysis

	UTGN	SCGX	FBIP	PLQC	SFIGA	TRCY	FFXXF	MGTE	CFNB	COSG
UTGN		-0.11	-0.23	-0.07	0.0	0.43	-0.43	0.52	0.0	0.02	UTGN
SCGX	-0.11		-0.23	-0.03	0.0	-0.2	-0.01	-0.34	-0.27	-0.19	SCGX
FBIP	-0.23	-0.23		0.12	0.0	0.09	0.37	0.31	0.57	0.34	FBIP
PLQC	-0.07	-0.03	0.12		0.0	0.21	0.09	-0.08	0.24	0.06	PLQC
SFIGA	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	SFIGA
TRCY	0.43	-0.2	0.09	0.21	0.0		-0.18	0.48	0.61	0.0	TRCY
FFXXF	-0.43	-0.01	0.37	0.09	0.0	-0.18		-0.14	-0.08	0.11	FFXXF
MGTE	0.52	-0.34	0.31	-0.08	0.0	0.48	-0.14		0.48	0.35	MGTE
CFNB	0.0	-0.27	0.57	0.24	0.0	0.61	-0.08	0.48		0.2	CFNB
COSG	0.02	-0.19	0.34	0.06	0.0	0.0	0.11	0.35	0.2		COSG
	UTGN	SCGX	FBIP	PLQC	SFIGA	TRCY	FFXXF	MGTE	CFNB	COSG

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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

CFNB	+ 0.61	TRCY
CFNB	+ 0.57	FBIP
MGTE	+ 0.52	UTGN
MGTE	+ 0.48	TRCY
CFNB	+ 0.48	MGTE
TRCY	+ 0.43	UTGN

High negative correlations

FFXXF	- 0.43	UTGN
MGTE	- 0.34	SCGX
CFNB	- 0.27	SCGX
FBIP	- 0.23	SCGX
FBIP	- 0.23	UTGN
TRCY	- 0.2	SCGX

Risk-Adjusted Indicators

There is a big difference between Provident Pink Sheet performing well and Provident Financial 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 Provident Financial'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
UTGN	1.07	(0.01)	(0.01)	0.06	1.66	(3.25)	3.77	(4.00)	12.75
SCGX	7.14	2.10	0.00	(1.07)	0.00	0.00	6.25	0.00	154.14
FBIP	1.20	0.36	0.00	(0.74)	0.00	0.00	2.23	0.00	40.32
PLQC	0.02	(0.01)	0.00	(2.25)	0.00	0.00	0.00	0.00	1.53
SFIGA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
TRCY	1.65	0.28	0.11	0.69	1.53	(2.34)	5.77	(2.98)	13.48
FFXXF	2.36	(0.04)	0.00	0.14	0.00	0.00	6.86	(7.50)	21.28
MGTE	2.98	0.26	0.04	0.61	3.71	(4.24)	6.80	(6.10)	20.11
CFNB	1.03	0.35	0.21	(4.71)	0.40	(2.57)	3.35	(1.22)	18.88
COSG	367.82	195.14	0.00	(1.89)	0.00	0.00	0.00	(50.00)	4,900

Be your own money manager

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

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