Netcare Correlations

NTC Stock

1,549 12.00 0.78%

The current 90-days correlation between Netcare and Life Healthcare is 0.62 (i.e., Poor diversification). The correlation of Netcare 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.

Netcare Correlation With Market

Modest diversification

The correlation between Netcare and DJI is 0.22 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Netcare and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Netcare Stock

0.95	LHC	Life Healthcare	Pair Corr
0.89	PRX	Prosus NV Earnings Call This Week	Pair Corr

Moving against Netcare Stock

0.63	LTE	Lighthouse Capital	Pair Corr
0.52	REN	Renergen	Pair Corr
0.43	NRP	NEPI Rockcastle PLC	Pair Corr
0.38	ACT	AfroCentric Investment	Pair Corr
0.32	SCD	Schroder European Real	Pair Corr

Related Correlations Analysis

	LHC	ACT	0P0000Z6BH	GRT	BCF	SHP	DCP	IMP	KAP	AMS
LHC		-0.47	0.83	-0.29	0.02	-0.19	0.76	0.83	0.13	0.33	LHC
ACT	-0.47		-0.38	0.34	-0.28	0.05	-0.34	-0.62	-0.06	-0.44	ACT
0P0000Z6BH	0.83	-0.38		-0.36	0.1	-0.05	0.75	0.76	0.14	0.5	0P0000Z6BH
GRT	-0.29	0.34	-0.36		-0.32	-0.29	-0.46	-0.51	0.3	-0.45	GRT
BCF	0.02	-0.28	0.1	-0.32		0.16	0.15	0.05	-0.33	-0.01	BCF
SHP	-0.19	0.05	-0.05	-0.29	0.16		0.16	0.01	-0.21	0.09	SHP
DCP	0.76	-0.34	0.75	-0.46	0.15	0.16		0.65	-0.06	0.35	DCP
IMP	0.83	-0.62	0.76	-0.51	0.05	0.01	0.65		-0.02	0.71	IMP
KAP	0.13	-0.06	0.14	0.3	-0.33	-0.21	-0.06	-0.02		-0.07	KAP
AMS	0.33	-0.44	0.5	-0.45	-0.01	0.09	0.35	0.71	-0.07		AMS
	LHC	ACT	0P0000Z6BH	GRT	BCF	SHP	DCP	IMP	KAP	AMS

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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

0P0000Z6BH	+ 0.83	LHC
IMP	+ 0.83	LHC
DCP	+ 0.76	LHC
IMP	+ 0.76	0P0000Z6BH
DCP	+ 0.75	0P0000Z6BH
AMS	+ 0.71	IMP

High negative correlations

IMP	- 0.62	ACT
IMP	- 0.51	GRT
ACT	- 0.47	LHC
DCP	- 0.46	GRT
AMS	- 0.45	GRT
AMS	- 0.44	ACT

Risk-Adjusted Indicators

There is a big difference between Netcare Stock performing well and Netcare 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 Netcare'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
LHC	1.27	0.32	0.15	45.97	1.18	(1.47)	2.43	(2.44)	12.21
ACT	3.71	0.12	(0.01)	(0.02)	4.63	(5.14)	8.73	(8.62)	29.32
0P0000Z6BH	0.33	0.05	(0.08)	1.12	0.19	(0.59)	0.84	(0.43)	2.53
GRT	0.92	0.04	(0.06)	(0.43)	1.02	(1.05)	1.94	(1.74)	5.09
BCF	2.58	0.03	0.00	0.14	3.69	(4.83)	10.32	(8.62)	30.49
SHP	0.94	0.01	(0.05)	0.18	1.38	(0.92)	2.05	(1.82)	7.40
DCP	0.97	0.03	(0.06)	(0.33)	1.22	(1.07)	2.11	(1.67)	6.13
IMP	3.13	0.36	0.06	(1.00)	3.44	(3.47)	6.33	(5.78)	19.11
KAP	1.35	0.04	(0.04)	(0.93)	1.61	(1.44)	3.36	(2.23)	9.13
AMS	2.88	(0.08)	0.00	0.48	0.00	0.00	5.50	(6.02)	19.85

Be your own money manager

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