| MYTHY Stock | | | USD 33.23 0.13 0.39% |
The correlation of Mytilineos Holdings 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.
Mytilineos Holdings Correlation With Market
Good diversification
The correlation between Mytilineos Holdings SA and DJI is -0.01 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mytilineos Holdings SA and DJI in the same portfolio, assuming nothing else is changed.
The ability to find closely correlated positions to Mytilineos Holdings could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Mytilineos Holdings 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 Mytilineos Holdings - 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 Mytilineos Holdings SA to buy it.
Moving together with Mytilineos Pink Sheet
Moving against Mytilineos Pink Sheet
Related Correlations Analysis
Risk-Adjusted IndicatorsThere is a big difference between Mytilineos Pink Sheet performing well and Mytilineos Holdings 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 Mytilineos Holdings' 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.
Be your own money manager
Our tools can tell you how much better you can do entering a position in Mytilineos Holdings 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.
| | Correlation AnalysisReduce portfolio risk simply by holding instruments which are not perfectly correlated |
Mytilineos Holdings Corporate Management