Innovative Technology Correlations

ITD Stock

17,150 350.00 2.08%

The current 90-days correlation between Innovative Technology and Picomat Plastic JSC is -0.16 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Innovative Technology moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Innovative Technology Development moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Innovative Technology Correlation With Market

Very poor diversification

The correlation between Innovative Technology Developm and DJI is 0.85 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Innovative Technology Developm and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Innovative Stock

0.61	TDP	Thuan Duc JSC	Pair Corr
0.65	SFI	Sea Air Freight	Pair Corr
0.77	GAS	Petrovietnam Gas JSC	Pair Corr
0.73	MWG	Mobile World Investment	Pair Corr
0.8	ONE	ONE P	Pair Corr
0.66	VIC	Vingroup JSC Split	Pair Corr
0.73	PVS	Petrovietnam Technical	Pair Corr
0.8	VNI	VN Index	Pair Corr
0.64	PC1	PC1 Group JSC	Pair Corr
0.75	ADP	A Dong Paint	Pair Corr
0.75	PIT	Petrolimex International	Pair Corr
0.61	ASG	ASG Corp	Pair Corr
0.66	PHR	Phuoc Hoa Rubber	Pair Corr
0.71	POW	Petrovietnam Power Corp Split	Pair Corr

Moving against Innovative Stock

0.89	APG	APG Securities Joint	Pair Corr
0.73	AME	Alphanam ME	Pair Corr
0.68	ABT	Bentre Aquaproduct Import	Pair Corr
0.63	ABS	Binhthuan Agriculture	Pair Corr
0.57	AAM	Mekong Fisheries JSC	Pair Corr
0.53	AAA	An Phat Plastic	Pair Corr

Related Correlations Analysis

	SGT	SRC	FCM	PTC	ELC	DNP	PCH
SGT		0.34	-0.47	0.47	-0.43	-0.07	-0.41	SGT
SRC	0.34		-0.2	0.17	-0.08	0.03	-0.06	SRC
FCM	-0.47	-0.2		-0.03	0.12	-0.31	0.39	FCM
PTC	0.47	0.17	-0.03		-0.89	-0.28	0.08	PTC
ELC	-0.43	-0.08	0.12	-0.89		0.16	-0.05	ELC
DNP	-0.07	0.03	-0.31	-0.28	0.16		-0.03	DNP
PCH	-0.41	-0.06	0.39	0.08	-0.05	-0.03		PCH
	SGT	SRC	FCM	PTC	ELC	DNP	PCH

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

PTC	+ 0.47	SGT
PCH	+ 0.39	FCM
SRC	+ 0.34	SGT
PTC	+ 0.17	SRC
DNP	+ 0.16	ELC
ELC	+ 0.12	FCM

High negative correlations

ELC	- 0.89	PTC
FCM	- 0.47	SGT
ELC	- 0.43	SGT
PCH	- 0.41	SGT
DNP	- 0.31	FCM
DNP	- 0.28	PTC

Risk-Adjusted Indicators

There is a big difference between Innovative Stock performing well and Innovative Technology 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 Innovative Technology'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
SGT	1.07	(0.05)	0.00	(0.08)	0.00	0.00	2.47	(2.70)	8.85
SRC	1.51	0.00	(0.02)	0.09	1.91	(2.63)	4.14	(4.00)	13.49
FCM	0.77	0.01	0.00	0.04	0.00	0.00	1.64	(1.39)	12.81
PTC	1.30	(0.12)	0.00	0.46	0.00	0.00	2.99	(3.56)	10.25
ELC	1.40	0.15	0.05	0.80	1.58	(1.67)	2.84	(2.47)	12.53
DNP	2.27	(0.06)	0.00	0.38	0.00	0.00	6.06	(6.48)	18.18
PCH	0.91	(0.02)	0.00	0.13	0.00	0.00	1.66	(2.14)	7.36

Be your own money manager

Our tools can tell you how much better you can do entering a position in Innovative Technology 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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