Obayashi Correlations

OBYCF Stock

USD 27.74 0.76 2.67%

The current 90-days correlation between Obayashi and Taiwan Semiconductor Manufacturing is 0.2 (i.e., Modest diversification). The correlation of Obayashi 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.

Obayashi Correlation With Market

Poor diversification

The correlation between Obayashi and DJI is 0.77 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Obayashi and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Obayashi Pink Sheet

0.82	BMYMP	Bristol Myers Squibb	Pair Corr
0.89	TSM	Taiwan Semiconductor Aggressive Push	Pair Corr
0.9	MBFJF	Mitsubishi UFJ Financial Downward Rally	Pair Corr
0.92	BFS	Saul Centers	Pair Corr
0.86	AES	AES Aggressive Push	Pair Corr
0.75	LAND	Gladstone Land Earnings Call This Week	Pair Corr
0.9	CGECF	Cogeco Inc	Pair Corr
0.85	MEEEF	Metal Energy Corp	Pair Corr
0.65	NTZ	Natuzzi SpA	Pair Corr
0.81	MEGI	MainStay CBRE Global Normal Trading	Pair Corr
0.76	TOGOF	TomaGold	Pair Corr
0.85	GRBK	Green Brick Partners	Pair Corr
0.77	MXCHY	Orbia Advance Corp	Pair Corr
0.78	MTGRF	Mount Gibson Iron	Pair Corr
0.86	FRSB	First Resource Bank	Pair Corr
0.77	YLLXF	Yellow Cake plc Downward Rally	Pair Corr
0.67	JLHL	Julong Holding	Pair Corr
0.89	JOE	St Joe Company	Pair Corr
0.67	TATT	Tat Techno	Pair Corr
0.72	BLAGF	Blue Lagoon Resources	Pair Corr
0.61	PNRG	PrimeEnergy	Pair Corr
0.66	GS	Goldman Sachs Group	Pair Corr

Moving against Obayashi Pink Sheet

0.89	MSFT	Microsoft Sell-off Trend	Pair Corr
0.85	PBCRY	Bank Central Asia	Pair Corr
0.51	PTAIF	PT Astra International	Pair Corr
0.49	AMZN	Amazon Inc	Pair Corr
0.42	AFIIQ	Armstrong Flooring	Pair Corr

Related Correlations Analysis

	NVDA	AAPL	GOOG	MSFT	AMZN	BMYMP	TSM	META
NVDA		-0.25	-0.05	0.13	0.29	-0.06	0.3	0.13	NVDA
AAPL	-0.25		-0.33	0.2	-0.25	-0.09	-0.49	0.06	AAPL
GOOG	-0.05	-0.33		-0.5	0.25	0.52	0.61	0.59	GOOG
MSFT	0.13	0.2	-0.5		0.5	-0.71	-0.78	-0.41	MSFT
AMZN	0.29	-0.25	0.25	0.5		-0.37	-0.18	0.06	AMZN
BMYMP	-0.06	-0.09	0.52	-0.71	-0.37		0.74	0.48	BMYMP
TSM	0.3	-0.49	0.61	-0.78	-0.18	0.74		0.44	TSM
META	0.13	0.06	0.59	-0.41	0.06	0.48	0.44		META
	NVDA	AAPL	GOOG	MSFT	AMZN	BMYMP	TSM	META

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

TSM	+ 0.74	BMYMP
TSM	+ 0.61	GOOG
META	+ 0.59	GOOG
BMYMP	+ 0.52	GOOG
AMZN	+ 0.5	MSFT
META	+ 0.48	BMYMP

High negative correlations

TSM	- 0.78	MSFT
BMYMP	- 0.71	MSFT
MSFT	- 0.5	GOOG
TSM	- 0.49	AAPL
META	- 0.41	MSFT
BMYMP	- 0.37	AMZN

Risk-Adjusted Indicators

There is a big difference between Obayashi Pink Sheet performing well and Obayashi 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 Obayashi'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
NVDA	1.68	(0.17)	0.00	(0.14)	0.00	0.00	2.95	(3.41)	9.51
AAPL	0.90	(0.12)	0.00	(0.12)	0.00	0.00	2.16	(1.84)	9.06
GOOG	1.26	0.06	0.02	0.19	1.38	(1.43)	2.82	(2.48)	9.42
MSFT	1.32	(0.36)	0.00	(0.92)	0.00	0.00	1.90	(2.74)	13.28
AMZN	1.33	(0.37)	0.00	(0.46)	0.00	0.00	2.53	(3.40)	8.93
BMYMP	1.09	0.30	0.06	3.68	1.40	(1.69)	4.04	(1.27)	13.48
TSM	1.65	0.27	0.15	0.29	1.74	(1.85)	3.48	(2.98)	9.62
META	1.51	0.00	(0.02)	0.06	1.53	(1.82)	3.43	(2.82)	13.69

Be your own money manager

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