ORMAT TECHNOLOGIES Correlations

Stocks Germany . 
Stock . ORMAT TECHNOLOGIES
HNM Stock   76.10  1.02  1.36%   
The current 90-days correlation between ORMAT TECHNOLOGIES and Apple Inc is 0.15 (i.e., Average diversification). The correlation of ORMAT TECHNOLOGIES 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. If the correlation is 0, the equities are not correlated; they are entirely random.

ORMAT TECHNOLOGIES Correlation With Market

Modest diversification

The correlation between ORMAT TECHNOLOGIES and DJI is 0.21 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ORMAT TECHNOLOGIES and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to ORMAT TECHNOLOGIES could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace ORMAT TECHNOLOGIES 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 ORMAT TECHNOLOGIES - 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 ORMAT TECHNOLOGIES to buy it.

Moving together with ORMAT Stock

  0.72APC Apple IncPairCorr
  0.74APC Apple IncPairCorr
  0.75APC Apple IncPairCorr
  0.74APC Apple IncPairCorr
  0.73MSF MicrosoftPairCorr
  0.73MSF MicrosoftPairCorr
  0.73MSF MicrosoftPairCorr
  0.73MSF MicrosoftPairCorr
  0.73MSF MicrosoftPairCorr
  0.9AMZ Amazon IncPairCorr
  0.92ADH2 Air CanadaPairCorr

Moving against ORMAT Stock

  0.73CXT Carmat SAPairCorr
  0.56DBPD Xtrackers ShortDAXPairCorr
  0.53MTO Mitie Group PLCPairCorr
  0.52MTO METTLER TOLEDO INTLPairCorr
  0.52MTO METTLER TOLEDO INTLPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between ORMAT Stock performing well and ORMAT TECHNOLOGIES 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 ORMAT TECHNOLOGIES'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.

Be your own money manager

Our tools can tell you how much better you can do entering a position in ORMAT TECHNOLOGIES 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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