LEGEND INTERNET Correlations
| LEGENDINT | 6.37 0.27 4.43% |
The current 90-days correlation between LEGEND INTERNET PLC and VETIVA BANKING ETF is 0.09 (i.e., Significant diversification). The correlation of LEGEND INTERNET 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.
LEGEND INTERNET Correlation With Market
Very weak diversification
The correlation between LEGEND INTERNET PLC and DJI is 0.55 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding LEGEND INTERNET PLC and DJI in the same portfolio, assuming nothing else is changed.
LEGEND |
The ability to find closely correlated positions to LEGEND INTERNET could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace LEGEND INTERNET 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 LEGEND INTERNET - 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 LEGEND INTERNET PLC to buy it.
Moving together with LEGEND Stock
| 0.65 | MERGROWTH | MERISTEM GROWTH EXCHANGE | PairCorr |
| 0.65 | GUINEAINS | GUINEA INSURANCE PLC | PairCorr |
| 0.75 | JBERGER | JULIUS BERGER NIGERIA | PairCorr |
| 0.73 | ABCTRANS | ABC TRANSPORT PLC | PairCorr |
| 0.7 | VETGOODS | VETIVA SUMER GOODS | PairCorr |
| 0.77 | TIP | THE INITIATES PLC | PairCorr |
| 0.75 | MEYER | MEYER PLC | PairCorr |
| 0.63 | VITAFOAM | VITAFOAM NIGERIA PLC | PairCorr |
| 0.73 | VETBANK | VETIVA BANKING ETF | PairCorr |
| 0.65 | CAVERTON | CAVERTON OFFSHORE SUPPORT | PairCorr |
| 0.68 | STANBIC | STANBIC IBTC HOLDINGS | PairCorr |
| 0.78 | WEMABANK | WEMA BANK PLC | PairCorr |
| 0.72 | DEAPCAP | DEAP CAPITAL MANAGEMENT | PairCorr |
| 0.73 | ZENITHBANK | ZENITH BANK PLC | PairCorr |
Related Correlations Analysis
Risk-Adjusted Indicators
There is a big difference between LEGEND Stock performing well and LEGEND INTERNET 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 LEGEND INTERNET'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| MEYER | 2.00 | 0.43 | 0.00 | 2.14 | 0.00 | 9.86 | 19.80 | |||
| CAVERTON | 3.73 | 0.60 | 0.10 | (5.32) | 3.77 | 9.52 | 19.71 | |||
| MERGROWTH | 5.58 | 1.16 | 0.13 | 1.25 | 5.29 | 10.00 | 35.24 | |||
| VETGRIF30 | 5.55 | 0.82 | 0.09 | (1.01) | 5.28 | 20.00 | 39.94 | |||
| LEGENDINT | 2.83 | 0.16 | 0.02 | 6.51 | 3.47 | 9.12 | 18.17 | |||
| TIP | 2.96 | 0.84 | 0.17 | 3.64 | 3.07 | 9.44 | 19.50 | |||
| AIICO | 2.30 | 0.33 | 0.10 | (1.41) | 2.18 | 4.89 | 15.97 | |||
| VETBANK | 5.51 | 1.39 | 0.16 | 9.24 | 5.12 | 10.00 | 32.72 |
LEGEND INTERNET Related Equities
One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with LEGEND INTERNET stock to make a market-neutral strategy. Peer analysis of LEGEND INTERNET could also be used in its relative valuation, which is a method of valuing LEGEND INTERNET by comparing valuation metrics with similar companies.
| Risk & Return | Correlation |