ODFJELL DRILLLTD Correlations
| OD3 Stock | EUR 4.26 0.05 1.16% |
The current 90-days correlation between ODFJELL DRILLLTD and Sinopec Oilfield Service is 0.15 (i.e., Average diversification). The correlation of ODFJELL DRILLLTD 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.
ODFJELL DRILLLTD Correlation With Market
Good diversification
The correlation between ODFJELL DRILLLTD DL 01 and DJI is -0.08 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ODFJELL DRILLLTD DL 01 and DJI in the same portfolio, assuming nothing else is changed.
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The ability to find closely correlated positions to ODFJELL DRILLLTD could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace ODFJELL DRILLLTD 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 ODFJELL DRILLLTD - 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 ODFJELL DRILLLTD DL 01 to buy it.
Moving together with ODFJELL Stock
Moving against ODFJELL Stock
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