Nyfosa AB Correlations

NYF Stock

103.50 0.50 0.49%

The current 90-days correlation between Nyfosa AB and AstraZeneca PLC is 0.1 (i.e., Average diversification). The correlation of Nyfosa AB 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.

Nyfosa AB Correlation With Market

Weak diversification

The correlation between Nyfosa AB and DJI is 0.31 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nyfosa AB and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Nyfosa Stock

0.7	INVE-A	Investor AB ser	Pair Corr
0.67	INVE-B	Investor AB ser	Pair Corr
0.89	ATCO-B	Atlas Copco AB	Pair Corr
0.85	ATCO-A	Atlas Copco AB	Pair Corr
0.8	HEXA-B	Hexagon AB	Pair Corr

Moving against Nyfosa Stock

0.57

NDA-SE

Nordea Bank Abp

Pair Corr

Related Correlations Analysis

	AZN	INVE-A	INVE-B	ATCO-B	ATCO-A	NDA-SE	VOLV-B	VOLV-A	HEXA-B
AZN		0.14	0.15	0.24	0.22	-0.46	-0.5	-0.44	0.47	AZN
INVE-A	0.14		0.99	0.82	0.78	-0.15	0.29	0.32	0.74	INVE-A
INVE-B	0.15	0.99		0.82	0.78	-0.16	0.3	0.33	0.73	INVE-B
ATCO-B	0.24	0.82	0.82		0.99	-0.46	0.17	0.22	0.82	ATCO-B
ATCO-A	0.22	0.78	0.78	0.99		-0.49	0.18	0.24	0.8	ATCO-A
NDA-SE	-0.46	-0.15	-0.16	-0.46	-0.49		0.6	0.55	-0.29	NDA-SE
VOLV-B	-0.5	0.29	0.3	0.17	0.18	0.6		1.0	0.18	VOLV-B
VOLV-A	-0.44	0.32	0.33	0.22	0.24	0.55	1.0		0.24	VOLV-A
HEXA-B	0.47	0.74	0.73	0.82	0.8	-0.29	0.18	0.24		HEXA-B
	AZN	INVE-A	INVE-B	ATCO-B	ATCO-A	NDA-SE	VOLV-B	VOLV-A	HEXA-B

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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

VOLV-A	+ 1.0	VOLV-B
INVE-B	+ 0.99	INVE-A
ATCO-A	+ 0.99	ATCO-B
ATCO-B	+ 0.82	INVE-A
ATCO-B	+ 0.82	INVE-B
HEXA-B	+ 0.82	ATCO-B

High negative correlations

VOLV-B	- 0.5	AZN
NDA-SE	- 0.49	ATCO-A
NDA-SE	- 0.46	ATCO-B
NDA-SE	- 0.46	AZN
VOLV-A	- 0.44	AZN
HEXA-B	- 0.29	NDA-SE

Risk-Adjusted Indicators

There is a big difference between Nyfosa Stock performing well and Nyfosa AB 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 Nyfosa AB'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
AZN	1.07	(0.29)	0.00	(2.85)	0.00	0.00	1.86	(3.06)	9.94
INVE-A	0.71	(0.08)	0.00	(0.06)	0.00	0.00	1.40	(1.40)	4.28
INVE-B	0.75	(0.08)	0.00	(0.04)	0.00	0.00	1.35	(1.37)	4.71
ATCO-B	1.07	(0.18)	0.00	(0.09)	0.00	0.00	2.40	(1.78)	8.09
ATCO-A	1.09	(0.17)	0.00	(0.11)	0.00	0.00	2.14	(1.96)	8.48
NDA-SE	0.85	(0.02)	(0.10)	0.05	0.97	(0.94)	1.92	(1.65)	8.28
VOLV-B	1.03	(0.03)	(0.09)	0.05	1.14	(1.16)	2.82	(1.88)	7.55
VOLV-A	1.02	(0.04)	(0.10)	0.02	1.15	(1.17)	2.59	(2.18)	7.85
HEXA-B	1.35	(0.25)	0.00	(0.23)	0.00	0.00	2.99	(3.14)	7.78

Nyfosa AB Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with Nyfosa AB stock to make a market-neutral strategy. Peer analysis of Nyfosa AB could also be used in its relative valuation, which is a method of valuing Nyfosa AB by comparing valuation metrics with similar companies.

AstraZeneca PLC Investor AB ser Investor AB ser Atlas Copco AB Atlas Copco AB Nordea Bank Abp AB Volvo AB Volvo Hexagon AB American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup SentinelOne

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