Kobe Steel Correlations

KBSTF Stock

USD 14.74 2.11 12.52%

The current 90-days correlation between Kobe Steel and Aurubis AG ADR is -0.06 (i.e., Good diversification). The correlation of Kobe Steel 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.

Kobe Steel Correlation With Market

Poor diversification

The correlation between Kobe Steel and DJI is 0.79 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Kobe Steel and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Kobe Pink Sheet

0.82	MT	ArcelorMittal SA ADR	Pair Corr
0.86	GGBR4	Gerdau SA	Pair Corr
0.88	GGBR3	Gerdau SA	Pair Corr
0.89	NUE	Nucor Corp	Pair Corr
0.76	STLD	Steel Dynamics	Pair Corr
0.72	AMSYF	ArcelorMittal SA	Pair Corr
0.82	PKX	POSCO Holdings	Pair Corr
0.83	NPSCY	Nippon Steel Corp	Pair Corr
0.85	FINN	First National	Pair Corr
0.7	HYMTF	Hyundai Motor	Pair Corr
0.81	SKM	SK Telecom	Pair Corr
0.73	LTSK	Ladenburg Thalmann	Pair Corr
0.71	MLSPF	Melrose Industries PLC	Pair Corr
0.85	HGKGY	Power Assets Holdings	Pair Corr
0.82	GRBK	Green Brick Partners Downward Rally	Pair Corr
0.81	GIC	Global Industrial	Pair Corr
0.86	PPCLY	PPC Ltd ADR	Pair Corr
0.72	DAC	Danaos	Pair Corr
0.89	GDS	GDS Holdings	Pair Corr
0.76	THLLY	Thales SA ADR Earnings Call Tomorrow	Pair Corr
0.7	GLAXF	GSK plc	Pair Corr
0.78	ORINY	Orion Oyj ADR	Pair Corr
0.83	FOXF	Fox Factory Holding	Pair Corr
0.88	MTRN	Materion	Pair Corr
0.84	HOPE	Hope Bancorp	Pair Corr
0.81	FOVSY	Ford Otomotiv Sanayi	Pair Corr
0.65	SOMMY	Sumitomo Chemical	Pair Corr

Moving against Kobe Pink Sheet

0.33

CALA

Calithera Biosciences

Pair Corr

Related Correlations Analysis

	SSAAF	AIAGY	MCHIF	PUTKY	AIAGF	SSAAY	KIROY	VLOUF	PUTKF	VLPNF
SSAAF		0.77	0.0	-0.24	0.45	0.83	0.8	0.73	0.17	0.0	SSAAF
AIAGY	0.77		0.0	-0.16	0.68	0.91	0.89	0.9	0.14	0.0	AIAGY
MCHIF	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	MCHIF
PUTKY	-0.24	-0.16	0.0		0.26	-0.06	-0.15	-0.06	0.13	0.0	PUTKY
AIAGF	0.45	0.68	0.0	0.26		0.71	0.52	0.68	0.13	0.0	AIAGF
SSAAY	0.83	0.91	0.0	-0.06	0.71		0.89	0.84	0.22	0.0	SSAAY
KIROY	0.8	0.89	0.0	-0.15	0.52	0.89		0.73	0.23	0.0	KIROY
VLOUF	0.73	0.9	0.0	-0.06	0.68	0.84	0.73		0.05	0.0	VLOUF
PUTKF	0.17	0.14	0.0	0.13	0.13	0.22	0.23	0.05		0.0	PUTKF
VLPNF	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		VLPNF
	SSAAF	AIAGY	MCHIF	PUTKY	AIAGF	SSAAY	KIROY	VLOUF	PUTKF	VLPNF

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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

SSAAY	+ 0.91	AIAGY
VLOUF	+ 0.9	AIAGY
KIROY	+ 0.89	AIAGY
KIROY	+ 0.89	SSAAY
VLOUF	+ 0.84	SSAAY
SSAAY	+ 0.83	SSAAF

High negative correlations

PUTKY	- 0.24	SSAAF
PUTKY	- 0.16	AIAGY
KIROY	- 0.15	PUTKY
VLOUF	- 0.06	PUTKY
SSAAY	- 0.06	PUTKY
VLPNF	- 0.0	PUTKF

Risk-Adjusted Indicators

There is a big difference between Kobe Pink Sheet performing well and Kobe Steel 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 Kobe Steel'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
SSAAF	0.66	0.20	0.00	4.15	0.00	0.00	3.57	0.00	15.51
AIAGY	1.64	0.86	0.00	(2.78)	0.00	0.00	6.87	0.00	20.39
MCHIF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
PUTKY	2.24	0.14	0.01	(0.62)	3.54	(2.03)	4.54	(5.03)	18.16
AIAGF	1.46	0.78	0.00	4.48	0.00	0.00	0.94	0.00	37.15
SSAAY	1.20	0.39	0.16	1.35	0.76	(2.21)	3.89	(2.71)	8.08
KIROY	1.53	0.24	0.09	0.82	1.79	(1.80)	3.31	(2.76)	10.78
VLOUF	0.78	0.27	0.08	(0.91)	0.45	(3.94)	3.36	(0.88)	10.06
PUTKF	0.21	0.09	0.00	1.50	0.00	0.00	0.00	0.00	6.87
VLPNF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Be your own money manager

Our tools can tell you how much better you can do entering a position in Kobe Steel 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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