IT Tech Correlations

ITP Stock

USD 0.20 0.01 4.76%

The current 90-days correlation between IT Tech Packaging and N2OFF Inc is 0.3 (i.e., Weak diversification). The correlation of IT Tech 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.

IT Tech Correlation With Market

Very good diversification

The correlation between IT Tech Packaging and DJI is -0.36 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding IT Tech Packaging and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with ITP Stock

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in IT Tech Packaging. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in population.

Moving against ITP Stock

0.78	WBE	Westbond Enterprises Corp	Pair Corr
0.7	TWL	Simpson Manufacturing	Pair Corr
0.69	ST5	STEICO SE	Pair Corr
0.64	2D2	SCANDINVGRNAMB DK	Pair Corr
0.63	SUZ	Suzano Papel e	Pair Corr
0.62	RPL	UPM Kymmene Oyj	Pair Corr
0.58	BCC	Boise Cascad Llc Earnings Call This Week	Pair Corr
0.52	ENUN	STORA ENSO OYJ	Pair Corr
0.47	ENUR	Stora Enso Oyj	Pair Corr
0.38	LPX	Louisiana Pacific	Pair Corr
0.76	LMP	Lee and Man	Pair Corr
0.69	WFC	West Fraser Timber	Pair Corr
0.68	WFG	West Fraser Timber	Pair Corr
0.66	WFG	West Fraser Timber	Pair Corr
0.66	IFP	Interfor Corp	Pair Corr
0.66	WEF	Western Forest Products	Pair Corr
0.65	AS4	Corticeira Amorim SGPS	Pair Corr
0.63	SPXB	Suzano SA	Pair Corr
0.62	ALMOU	Moulinvest	Pair Corr
0.61	MPX	Mitsubishi Paper Mills	Pair Corr
0.57	ACJ	Altri SGPS SA	Pair Corr
0.52	0BQ	NORSKE SKOG AS	Pair Corr
0.48	ENUA	STORA ENSO OYJ	Pair Corr
0.43	ALRGR	Rougier SA	Pair Corr
0.39	GDL	Goodfellow	Pair Corr
0.78	N3Y	Nine Dragons Paper Earnings Call This Week	Pair Corr
0.74	SJ	Stella Jones Earnings Call This Week	Pair Corr
0.71	CFP	Canfor	Pair Corr
0.64	DPR	Daio Paper	Pair Corr

Related Correlations Analysis

	NITO	ORGN	RKDA	CAPS	CNEY	GURE	RETO	ENFY	NAMM	JCTC
NITO		0.93	0.97	0.9	0.25	-0.3	0.93	0.92	-0.53	0.68	NITO
ORGN	0.93		0.91	0.88	0.54	-0.2	0.9	0.86	-0.41	0.66	ORGN
RKDA	0.97	0.91		0.86	0.3	-0.23	0.9	0.93	-0.5	0.64	RKDA
CAPS	0.9	0.88	0.86		0.3	-0.31	0.88	0.84	-0.45	0.7	CAPS
CNEY	0.25	0.54	0.3	0.3		-0.01	0.29	0.27	0.17	0.23	CNEY
GURE	-0.3	-0.2	-0.23	-0.31	-0.01		-0.25	-0.31	0.27	-0.55	GURE
RETO	0.93	0.9	0.9	0.88	0.29	-0.25		0.91	-0.57	0.74	RETO
ENFY	0.92	0.86	0.93	0.84	0.27	-0.31	0.91		-0.61	0.73	ENFY
NAMM	-0.53	-0.41	-0.5	-0.45	0.17	0.27	-0.57	-0.61		-0.56	NAMM
JCTC	0.68	0.66	0.64	0.7	0.23	-0.55	0.74	0.73	-0.56		JCTC
	NITO	ORGN	RKDA	CAPS	CNEY	GURE	RETO	ENFY	NAMM	JCTC

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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

RKDA	+ 0.97	NITO
ORGN	+ 0.93	NITO
RETO	+ 0.93	NITO
ENFY	+ 0.93	RKDA
ENFY	+ 0.92	NITO
RKDA	+ 0.91	ORGN

High negative correlations

NAMM	- 0.61	ENFY
NAMM	- 0.57	RETO
JCTC	- 0.56	NAMM
JCTC	- 0.55	GURE
NAMM	- 0.53	NITO
NAMM	- 0.5	RKDA

Risk-Adjusted Indicators

There is a big difference between ITP Stock performing well and IT Tech 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 IT Tech'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
NITO	4.99	(1.79)	0.00	(0.51)	0.00	0.00	9.70	(12.50)	30.98
ORGN	4.48	(1.72)	0.00	(0.50)	0.00	0.00	6.82	(8.70)	30.08
RKDA	3.88	(0.92)	0.00	(1.46)	0.00	0.00	11.25	(11.64)	25.74
CAPS	4.63	(0.51)	0.00	(1.03)	0.00	0.00	9.86	(8.97)	24.19
CNEY	5.75	(0.23)	0.00	0.33	0.00	0.00	10.00	(10.27)	68.03
GURE	7.69	1.23	0.15	0.57	7.64	(10.64)	19.02	(12.33)	105.51
RETO	6.65	(1.92)	0.00	(0.77)	0.00	0.00	15.13	(25.00)	59.40
ENFY	9.17	0.84	0.02	(0.08)	11.81	(23.73)	33.33	(25.00)	73.68
NAMM	11.25	2.36	0.27	0.45	8.70	(18.74)	35.88	(14.54)	165.48
JCTC	3.34	(0.62)	0.00	(0.20)	0.00	0.00	7.80	(7.66)	22.43

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