HOVE AS Correlations

LL0 Stock

0.62 0.02 3.33%

The current 90-days correlation between HOVE AS DK and Apple Inc is 0.03 (i.e., Significant diversification). The correlation of HOVE AS 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.

HOVE AS Correlation With Market

Average diversification

The correlation between HOVE AS DK and DJI is 0.1 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding HOVE AS DK and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with HOVE Stock

0.74	APC	Apple Inc	Pair Corr
0.74	APC	Apple Inc	Pair Corr
0.77	APC	Apple Inc	Pair Corr
0.76	APC	Apple Inc	Pair Corr
0.75	APC	Apple Inc	Pair Corr
0.73	APC	Apple Inc	Pair Corr
0.7	PGZ	Healius Limited	Pair Corr
0.77	IBE5	IBERDROLA ADR1 EO	Pair Corr
0.86	AMG	Amgen Inc	Pair Corr
0.78	SDA	SEALED AIR	Pair Corr
0.87	2Y7	Fastly Inc	Pair Corr
0.76	S92	SMA SOLAR TECH	Pair Corr
0.65	TWH	Twilio Inc	Pair Corr
0.74	NYT	NEW YORK TIMES	Pair Corr
0.68	WSU	WashTec AG	Pair Corr

Moving against HOVE Stock

0.61	MSF	Microsoft	Pair Corr
0.59	MSF	Microsoft	Pair Corr
0.58	MSF	Microsoft	Pair Corr
0.58	MSF	Microsoft	Pair Corr
0.44	AXA	AXA SA	Pair Corr
0.8	E908	Lyxor 1	Pair Corr
0.61	DBPE	Xtrackers LevDAX	Pair Corr
0.44	AXA	AXA SA	Pair Corr

Related Correlations Analysis

	APC	APC	APC	APC	APC	APC	MSF	MSF	MSF	MSF
APC		1.0	0.98	0.97	0.99	1.0	-0.48	-0.52	-0.47	-0.46	APC
APC	1.0		0.99	0.98	0.99	1.0	-0.49	-0.52	-0.48	-0.47	APC
APC	0.98	0.99		0.99	0.99	0.98	-0.54	-0.56	-0.52	-0.51	APC
APC	0.97	0.98	0.99		0.98	0.97	-0.52	-0.55	-0.5	-0.49	APC
APC	0.99	0.99	0.99	0.98		0.98	-0.5	-0.53	-0.49	-0.48	APC
APC	1.0	1.0	0.98	0.97	0.98		-0.48	-0.51	-0.46	-0.46	APC
MSF	-0.48	-0.49	-0.54	-0.52	-0.5	-0.48		0.98	1.0	0.98	MSF
MSF	-0.52	-0.52	-0.56	-0.55	-0.53	-0.51	0.98		0.97	0.96	MSF
MSF	-0.47	-0.48	-0.52	-0.5	-0.49	-0.46	1.0	0.97		0.97	MSF
MSF	-0.46	-0.47	-0.51	-0.49	-0.48	-0.46	0.98	0.96	0.97		MSF
	APC	APC	APC	APC	APC	APC	MSF	MSF	MSF	MSF

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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

APC	+ 1.0	APC
APC	+ 1.0	APC
APC	+ 1.0	APC
MSF	+ 1.0	MSF
APC	+ 0.99	APC
APC	+ 0.99	APC

High negative correlations

MSF	- 0.56	APC
MSF	- 0.55	APC
MSF	- 0.54	APC
MSF	- 0.53	APC
MSF	- 0.52	APC
MSF	- 0.52	APC

Risk-Adjusted Indicators

There is a big difference between HOVE Stock performing well and HOVE AS 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 HOVE AS'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
APC	1.03	0.05	0.02	0.17	1.24	(1.13)	1.70	(2.29)	9.13
APC	1.03	0.06	0.02	0.26	1.30	(1.09)	1.74	(2.05)	10.11
APC	0.83	0.09	0.03	0.72	1.03	(0.84)	1.42	(1.76)	8.50
APC	1.00	0.11	0.06	0.84	0.94	(1.26)	2.08	(1.72)	9.68
APC	1.05	0.09	0.03	1.20	1.24	(1.22)	1.80	(2.40)	9.21
APC	1.03	0.07	0.02	0.22	1.35	(1.10)	2.00	(2.06)	9.59
MSF	0.80	(0.10)	0.00	(0.31)	0.00	0.00	1.93	(2.41)	5.00
MSF	1.02	(0.09)	0.00	(0.32)	0.00	0.00	2.26	(2.91)	6.23
MSF	0.84	(0.09)	0.00	(0.55)	0.00	0.00	1.94	(2.54)	5.57
MSF	0.96	(0.08)	0.00	(1.20)	0.00	0.00	1.66	(3.32)	6.86

HOVE AS 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 HOVE AS stock to make a market-neutral strategy. Peer analysis of HOVE AS could also be used in its relative valuation, which is a method of valuing HOVE AS by comparing valuation metrics with similar companies.

Apple Inc Apple Inc Apple Inc Apple Inc Apple Inc Apple Inc Microsoft Microsoft Microsoft Microsoft American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup

Risk & Return

Correlation

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