METHODE ELECTRONICS Correlations
| ME5A Stock | EUR 7.15 0.05 0.70% |
The current 90-days correlation between METHODE ELECTRONICS and DANAHER is -0.2 (i.e., Good diversification). The correlation of METHODE ELECTRONICS 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.
METHODE ELECTRONICS Correlation With Market
Very weak diversification
The correlation between METHODE ELECTRONICS and DJI is 0.53 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding METHODE ELECTRONICS and DJI in the same portfolio, assuming nothing else is changed.
METHODE |
The ability to find closely correlated positions to METHODE ELECTRONICS could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace METHODE ELECTRONICS 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 METHODE ELECTRONICS - 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 METHODE ELECTRONICS to buy it.
Moving together with METHODE Stock
| 0.76 | RHO | ROCHE HLDG | PairCorr |
| 0.78 | 6MK | Merck | PairCorr |
| 0.8 | NOT | NOVARTIS N | PairCorr |
| 0.77 | 4I1 | Philip Morris Intern | PairCorr |
| 0.88 | TOTB | TotalEnergies SE | PairCorr |
| 0.83 | IUA | ASTRA GRAPHIA | PairCorr |
| 0.79 | SUI | Sekisui Chemical | PairCorr |
| 0.82 | KUO1 | Kubota | PairCorr |
| 0.72 | HY9H | SK hynix | PairCorr |
| 0.67 | SV5 | VISHAY PREC GRP | PairCorr |
| 0.84 | WX6 | National Health Investors | PairCorr |
| 0.75 | DL8 | Deluxe | PairCorr |
Moving against METHODE Stock
| 0.87 | QCI | QUALCOMM | PairCorr |
| 0.78 | DAP | DANAHER (DAPSG) | PairCorr |
| 0.67 | ABL | Abbott Laboratories | PairCorr |
| 0.67 | BNB | BAYAN RESOURCES | PairCorr |
| 0.4 | BNB | BAYAN RESOURCES | PairCorr |
| 0.5 | 3IB | INDO TAMBANGRAYA | PairCorr |
| 0.31 | 777 | EUROSPORTS GLOBAL LTD | PairCorr |
Related Correlations Analysis
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Be your own money manager
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