ALTYNGOLD PLC Correlations
| FPP0 Stock | EUR 16.90 0.30 1.81% |
The current 90-days correlation between ALTYNGOLD PLC LS and CHINA SOUTHN AIR H is 0.1 (i.e., Average diversification). The correlation of ALTYNGOLD PLC 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.
ALTYNGOLD PLC Correlation With Market
Very poor diversification
The correlation between ALTYNGOLD PLC LS and DJI is 0.83 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ALTYNGOLD PLC LS and DJI in the same portfolio, assuming nothing else is changed.
ALTYNGOLD |
The ability to find closely correlated positions to ALTYNGOLD PLC could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace ALTYNGOLD PLC 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 ALTYNGOLD PLC - 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 ALTYNGOLD PLC LS to buy it.
Moving together with ALTYNGOLD Stock
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| 0.9 | HBC1 | HSBC HLDG | PairCorr |
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| 0.92 | SKNB | Skanska AB | PairCorr |
| 0.77 | 2G0 | Food Life Companies | PairCorr |
| 0.88 | ALV | Allianz SE | PairCorr |
| 0.65 | PRHA | Prosegur Compaa de | PairCorr |
| 0.79 | SVKB | SANDVIK | PairCorr |
| 0.69 | TWA | TOWA | PairCorr |
| 0.78 | 3RB | RECKITT BENCK GRP | PairCorr |
| 0.91 | LA3A | Laureate Education Earnings Call This Week | PairCorr |
| 0.77 | LPK | LPKF Laser Electronics | PairCorr |
| 0.76 | 3YL | SMARTOPTICS GRP AS Earnings Call This Week | PairCorr |
Moving against ALTYNGOLD Stock
| 0.8 | 6YG | IMMUNOCORE HLDGS ADS1 | PairCorr |
| 0.73 | ABL | Abbott Laboratories | PairCorr |
| 0.59 | 8CW | Crown Castle Interna | PairCorr |
| 0.37 | HK2C | Hong Kong Exchanges | PairCorr |
| 0.66 | 3HB | Hybrigenics Societe | PairCorr |
| 0.45 | TCO2 | TESCO PLC ADR1 | PairCorr |
| 0.31 | EFF | DTEFFWECHSEL BET Split | PairCorr |
| 0.62 | 4AH1 | PT Ace Hardware | PairCorr |
| 0.59 | 777 | EUROSPORTS GLOBAL LTD | PairCorr |
Related Correlations Analysis
| -0.39 | 0.85 | 0.4 | -0.61 | 0.44 | RY4D | ||
| -0.39 | -0.33 | -0.45 | 0.15 | -0.81 | WN6 | ||
| 0.85 | -0.33 | 0.42 | -0.73 | 0.22 | RY4C | ||
| 0.4 | -0.45 | 0.42 | -0.2 | 0.28 | NWC | ||
| -0.61 | 0.15 | -0.73 | -0.2 | -0.04 | AIL | ||
| 0.44 | -0.81 | 0.22 | 0.28 | -0.04 | ZNHH | ||
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 ALTYNGOLD Stock performing well and ALTYNGOLD PLC 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 ALTYNGOLD PLC'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| RY4D | 1.60 | 0.04 | (0.01) | 0.29 | 1.72 | 3.58 | 8.70 | |||
| WN6 | 1.58 | (0.41) | 0.00 | (0.33) | 0.00 | 2.01 | 13.90 | |||
| RY4C | 1.16 | 0.04 | (0.01) | (2.82) | 1.35 | 2.93 | 7.18 | |||
| NWC | 1.67 | 0.27 | 0.09 | 3.16 | 2.11 | 3.62 | 12.05 | |||
| AIL | 0.73 | 0.00 | 0.00 | 0.08 | 0.00 | 1.64 | 5.88 | |||
| ZNHH | 2.07 | 0.26 | 0.06 | (1.42) | 2.11 | 5.00 | 13.49 |
Be your own money manager
Our tools can tell you how much better you can do entering a position in ALTYNGOLD PLC 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.Did you try this?
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