Identi Healthcare Correlations

IDNT Stock

142.00 1.40 0.98%

The current 90-days correlation between Identi Healthcare and Photomyne is -0.19 (i.e., Good diversification). The correlation of Identi Healthcare 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.

Identi Healthcare Correlation With Market

Average diversification

The correlation between Identi Healthcare and DJI is 0.14 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Identi Healthcare and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Identi Stock

0.69

IMED

Imed Infinity Medical

Pair Corr

Moving against Identi Stock

0.58	DLEKG	Delek Group	Pair Corr
0.52	ISRS	Isras Investment	Pair Corr
0.44	ARAD	Arad Investment Indu	Pair Corr
0.41	HRON	Hiron Trade Investments	Pair Corr

Related Correlations Analysis

	IDNT	IMED	BCOM	HLMS	NVMI	PTCH	ISOP-L	PHTM	ILDR	EVGN
IDNT		0.69	-0.4	-0.75	0.48	-0.72	-0.82	-0.68	0.08	0.92	IDNT
IMED	0.69		-0.38	-0.71	0.39	-0.6	-0.73	-0.57	-0.02	0.71	IMED
BCOM	-0.4	-0.38		0.78	-0.61	0.65	0.29	0.66	0.73	-0.54	BCOM
HLMS	-0.75	-0.71	0.78		-0.5	0.89	0.71	0.83	0.4	-0.86	HLMS
NVMI	0.48	0.39	-0.61	-0.5		-0.41	-0.34	-0.46	-0.35	0.42	NVMI
PTCH	-0.72	-0.6	0.65	0.89	-0.41		0.75	0.82	0.3	-0.82	PTCH
ISOP-L	-0.82	-0.73	0.29	0.71	-0.34	0.75		0.62	-0.15	-0.82	ISOP-L
PHTM	-0.68	-0.57	0.66	0.83	-0.46	0.82	0.62		0.37	-0.78	PHTM
ILDR	0.08	-0.02	0.73	0.4	-0.35	0.3	-0.15	0.37		-0.13	ILDR
EVGN	0.92	0.71	-0.54	-0.86	0.42	-0.82	-0.82	-0.78	-0.13		EVGN
	IDNT	IMED	BCOM	HLMS	NVMI	PTCH	ISOP-L	PHTM	ILDR	EVGN

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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

EVGN	+ 0.92	IDNT
PTCH	+ 0.89	HLMS
PHTM	+ 0.83	HLMS
PHTM	+ 0.82	PTCH
HLMS	+ 0.78	BCOM
ISOP-L	+ 0.75	PTCH

High negative correlations

EVGN	- 0.86	HLMS
EVGN	- 0.82	ISOP-L
EVGN	- 0.82	PTCH
ISOP-L	- 0.82	IDNT
EVGN	- 0.78	PHTM
HLMS	- 0.75	IDNT

Risk-Adjusted Indicators

There is a big difference between Identi Stock performing well and Identi Healthcare 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 Identi Healthcare'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
IDNT	4.69	(1.81)	0.00	(1.39)	0.00	0.00	14.59	(11.11)	29.00
IMED	0.75	(0.14)	0.00	5.37	0.00	0.00	2.04	(3.81)	14.39
BCOM	1.83	0.48	0.16	(2.66)	1.56	(2.10)	4.90	(3.10)	16.14
HLMS	1.49	0.28	0.11	1.07	1.39	(1.70)	3.93	(2.37)	9.83
NVMI	2.73	(0.19)	0.00	1.04	0.00	0.00	6.35	(6.67)	21.92
PTCH	2.04	0.33	0.06	(1.99)	2.76	(2.29)	5.20	(3.40)	17.02
ISOP-L	2.00	0.30	0.04	(0.46)	2.39	(2.45)	5.05	(5.33)	17.11
PHTM	1.09	0.29	0.11	(35.19)	1.08	(1.21)	2.41	(2.12)	7.08
ILDR	1.69	0.09	(0.03)	(0.21)	2.15	(2.06)	4.82	(4.49)	11.17
EVGN	3.21	(1.68)	0.00	4.34	0.00	0.00	5.18	(9.43)	30.28

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Our tools can tell you how much better you can do entering a position in Identi Healthcare 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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