NESTE OYJ Correlations

NEFA Stock

EUR 6.10 0.25 3.94%

The current 90-days correlation between NESTE OYJ UNSPADR and Zoom Video Communications is -0.13 (i.e., Good diversification). The correlation of NESTE OYJ 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.

NESTE OYJ Correlation With Market

Good diversification

The correlation between NESTE OYJ UNSPADR and DJI is -0.15 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding NESTE OYJ UNSPADR and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with NESTE Stock

0.82	RLI	Reliance Industries	Pair Corr
0.96	NEF	Neste Oyj	Pair Corr
0.81	PKY1	Polski Koncern Naftowy	Pair Corr
0.83	7F8	PTT OILRETBUS FOR	Pair Corr
0.68	HO1	Hologic	Pair Corr

Moving against NESTE Stock

0.7	YMI	Yellow Pages Limited	Pair Corr
0.68	OD7B	ETFS Coffee ETC	Pair Corr
0.65	SLT	SCHALTBAU HOLDING	Pair Corr
0.32	WR1	W R Berkley Earnings Call This Week	Pair Corr
0.85	TL0	Tesla Inc Earnings Call This Week	Pair Corr
0.81	C8C	Consolidated Communications	Pair Corr
0.78	CAI	CDN IMPERIAL BANK	Pair Corr
0.77	FOO	Salesforce	Pair Corr
0.77	SNQB	SANOMA Dusseldorf	Pair Corr
0.75	3BZ	Bank of Zhengzhou	Pair Corr
0.72	ITB	IMPERIAL TOBACCO	Pair Corr
0.7	RHM	Rheinmetall AG	Pair Corr
0.66	BOV	Apyx Medical Corp	Pair Corr
0.65	AAH	AHLERS	Pair Corr
0.64	NTOA	Nintendo	Pair Corr
0.64	LIE	SUN LIFE FINANCIAL	Pair Corr
0.63	NH5	NH HOTEL GROUP	Pair Corr
0.57	GI4	G III Apparel	Pair Corr
0.47	CAC1	Casio Computer CoLtd	Pair Corr
0.31	CFC	UET United Electronic	Pair Corr
0.79	XKR	KAR Auction Services	Pair Corr
0.79	HEI	Heidelberg Materials	Pair Corr
0.74	MTX	MTU Aero Engines	Pair Corr
0.74	CE1	Perdoceo Education	Pair Corr
0.69	MSF	Microsoft	Pair Corr
0.67	UNC	UCB Dusseldorf	Pair Corr

Related Correlations Analysis

	COA1	SH9	CUEH	TC7	5ZM	SUI	KGZ
COA1		-0.05	0.27	-0.06	-0.13	0.25	0.54	COA1
SH9	-0.05		0.18	0.28	-0.14	-0.42	-0.35	SH9
CUEH	0.27	0.18		-0.31	-0.67	-0.51	-0.2	CUEH
TC7	-0.06	0.28	-0.31		0.5	0.22	0.13	TC7
5ZM	-0.13	-0.14	-0.67	0.5		0.68	0.42	5ZM
SUI	0.25	-0.42	-0.51	0.22	0.68		0.67	SUI
KGZ	0.54	-0.35	-0.2	0.13	0.42	0.67		KGZ
	COA1	SH9	CUEH	TC7	5ZM	SUI	KGZ

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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

SUI	+ 0.68	5ZM
KGZ	+ 0.67	SUI
KGZ	+ 0.54	COA1
5ZM	+ 0.5	TC7
KGZ	+ 0.42	5ZM
TC7	+ 0.28	SH9

High negative correlations

5ZM	- 0.67	CUEH
SUI	- 0.51	CUEH
SUI	- 0.42	SH9
KGZ	- 0.35	SH9
TC7	- 0.31	CUEH
KGZ	- 0.2	CUEH

Risk-Adjusted Indicators

There is a big difference between NESTE Stock performing well and NESTE OYJ 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 NESTE OYJ'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
COA1	0.72	0.02	0.00	(0.06)	0.00	0.00	0.00	0.00	22.53
SH9	2.66	0.02	0.01	(0.09)	4.01	(2.86)	6.45	(4.03)	31.86
CUEH	2.71	0.09	0.02	(0.32)	3.19	(3.42)	6.29	(6.41)	25.08
TC7	1.14	0.57	0.00	8.59	0.00	0.00	0.00	0.00	38.10
5ZM	1.59	0.28	0.14	1.84	1.81	(1.93)	3.92	(2.94)	12.64
SUI	1.49	0.18	0.09	0.70	1.34	(2.65)	3.65	(2.76)	15.08
KGZ	1.89	0.43	0.17	(0.30)	1.90	(2.59)	4.46	(3.06)	26.08

Be your own money manager

Our tools can tell you how much better you can do entering a position in NESTE OYJ 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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