Mitie Group Correlations

The current 90-days correlation between Mitie Group plc and Exchange Income is 0.02 (i.e., Significant diversification). The correlation of Mitie Group 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.

Mitie Group Correlation With Market

Poor diversification

The correlation between Mitie Group plc and DJI is 0.63 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mitie Group plc and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Mitie Pink Sheet

0.81	CTAS	Cintas	Pair Corr
0.79	RBA	RB Global Earnings Call This Week	Pair Corr
0.88	RKLIF	Rentokil Initial plc	Pair Corr
0.73	BNKHF	BOC Hong Kong	Pair Corr
0.61	RILYL	B Riley Financial	Pair Corr
0.86	NEWTH	NewtekOne 8625 percent	Pair Corr

Moving against Mitie Pink Sheet

0.55	WOLTF	Wolters Kluwer NV	Pair Corr
0.51	BROGF	BROGF	Pair Corr
0.42	TRI	Thomson Reuters	Pair Corr
0.57	IVVD	Invivyd	Pair Corr

Related Correlations Analysis

	EIFZF	TNISY	IPSOF	CDGLF	JTTRY	SECCF	SCGPY	SNWAF	KUBTY	GULRY
EIFZF		0.0	0.21	0.0	0.06	0.68	0.85	0.0	0.0	0.54	EIFZF
TNISY	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	TNISY
IPSOF	0.21	0.0		0.0	0.18	0.52	0.09	0.0	0.0	-0.34	IPSOF
CDGLF	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	CDGLF
JTTRY	0.06	0.0	0.18	0.0		-0.12	-0.06	0.0	0.0	-0.53	JTTRY
SECCF	0.68	0.0	0.52	0.0	-0.12		0.71	0.0	0.0	0.32	SECCF
SCGPY	0.85	0.0	0.09	0.0	-0.06	0.71		0.0	0.0	0.63	SCGPY
SNWAF	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	SNWAF
KUBTY	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	KUBTY
GULRY	0.54	0.0	-0.34	0.0	-0.53	0.32	0.63	0.0	0.0		GULRY
	EIFZF	TNISY	IPSOF	CDGLF	JTTRY	SECCF	SCGPY	SNWAF	KUBTY	GULRY

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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

SCGPY	+ 0.85	EIFZF
SCGPY	+ 0.71	SECCF
SECCF	+ 0.68	EIFZF
GULRY	+ 0.63	SCGPY
GULRY	+ 0.54	EIFZF
SECCF	+ 0.52	IPSOF

High negative correlations

GULRY	- 0.53	JTTRY
GULRY	- 0.34	IPSOF
SECCF	- 0.12	JTTRY
SCGPY	- 0.06	JTTRY
GULRY	- 0.0	KUBTY
GULRY	- 0.0	SNWAF

Risk-Adjusted Indicators

There is a big difference between Mitie Pink Sheet performing well and Mitie Group 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 Mitie Group'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
EIFZF	0.92	0.44	0.24	(2.73)	0.28	(1.36)	3.59	(1.67)	6.68
TNISY	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
IPSOF	0.12	(0.02)	0.00	(2.11)	0.00	0.00	0.00	0.00	4.08
CDGLF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
JTTRY	0.56	0.01	0.00	0.02	0.00	0.00	0.00	0.00	14.96
SECCF	0.51	0.07	0.00	(4.09)	0.00	0.00	2.34	0.00	12.53
SCGPY	0.75	0.31	0.00	2.25	0.00	0.00	3.54	0.00	10.72
SNWAF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
KUBTY	1.81	0.78	0.39	2.35	1.24	(2.16)	4.44	(3.49)	10.08
GULRY	0.72	0.26	0.00	1.29	0.00	0.00	0.00	0.00	21.85

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Our tools can tell you how much better you can do entering a position in Mitie Group 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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