Packaging Correlations

PKA Stock

EUR 195.30 1.60 0.83%

The current 90-days correlation between Packaging and BANK OF CHINA is -0.37 (i.e., Very good diversification). The correlation of Packaging 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.

Packaging Correlation With Market

Very poor diversification

The correlation between Packaging of and DJI is 0.82 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Packaging of and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Packaging Stock

0.94	RHO	ROCHE HLDG	Pair Corr
0.92	6MK	Merck	Pair Corr
0.92	NOT	NOVARTIS N	Pair Corr
0.9	NOT	NOVARTIS N	Pair Corr
0.92	4I1	Philip Morris Intern	Pair Corr
0.68	AMG	Amgen Inc	Pair Corr
0.86	ARW	Arrow Electronics	Pair Corr
0.89	OCBA	OCBC	Pair Corr
0.63	41B	Bellway PLC	Pair Corr
0.79	9P4	SMTPC EO 305	Pair Corr
0.75	RTH	WILMAR INTL ADR10	Pair Corr
0.92	SGL	SGL CARBON	Pair Corr
0.64	IXD1	Industria de Diseno	Pair Corr
0.69	9MU	MULLEN GROUP	Pair Corr
0.9	TEKB	Teck Resources	Pair Corr
0.84	RO41	Rotork PLC	Pair Corr
0.84	IFX	Infineon Technologies	Pair Corr
0.88	PO9	Navigator	Pair Corr
0.89	OSG	OSG Corporation	Pair Corr
0.65	30Z0	IPERIONX LTD SPADR10	Pair Corr
0.9	QHH	DAI ICHI LIFE	Pair Corr
0.83	A2P	COPLAND ROAD CAPITAL	Pair Corr
0.73	L3X	Centrais Elétricas Earnings Call Today	Pair Corr
0.68	LOR	LOral SA	Pair Corr
0.9	GFF	Griffon	Pair Corr

Moving against Packaging Stock

0.83	QCI	QUALCOMM	Pair Corr
0.72	ABL	Abbott Laboratories	Pair Corr
0.52	DAP	DANAHER (DAPSG)	Pair Corr
0.39	EFF	DTEFFWECHSEL BET Split	Pair Corr
0.76	DBPD	Xtrackers ShortDAX	Pair Corr

Related Correlations Analysis

	RHO	ABL	DAP	QCI	6MK	NOT	NOT	AMD	4I1	W8V
RHO		-0.79	-0.6	-0.85	0.92	0.97	0.97	-0.11	0.95	0.38	RHO
ABL	-0.79		0.58	0.81	-0.61	-0.75	-0.75	-0.23	-0.78	-0.32	ABL
DAP	-0.6	0.58		0.7	-0.53	-0.64	-0.64	0.42	-0.57	-0.31	DAP
QCI	-0.85	0.81	0.7		-0.78	-0.84	-0.83	0.04	-0.91	-0.49	QCI
6MK	0.92	-0.61	-0.53	-0.78		0.89	0.92	-0.27	0.89	0.41	6MK
NOT	0.97	-0.75	-0.64	-0.84	0.89		0.98	-0.12	0.93	0.39	NOT
NOT	0.97	-0.75	-0.64	-0.83	0.92	0.98		-0.16	0.92	0.38	NOT
AMD	-0.11	-0.23	0.42	0.04	-0.27	-0.12	-0.16		-0.03	-0.08	AMD
4I1	0.95	-0.78	-0.57	-0.91	0.89	0.93	0.92	-0.03		0.42	4I1
W8V	0.38	-0.32	-0.31	-0.49	0.41	0.39	0.38	-0.08	0.42		W8V
	RHO	ABL	DAP	QCI	6MK	NOT	NOT	AMD	4I1	W8V

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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

NOT	+ 0.98	NOT
NOT	+ 0.97	RHO
NOT	+ 0.97	RHO
4I1	+ 0.95	RHO
4I1	+ 0.93	NOT
6MK	+ 0.92	RHO

High negative correlations

4I1	- 0.91	QCI
QCI	- 0.85	RHO
NOT	- 0.84	QCI
NOT	- 0.83	QCI
ABL	- 0.79	RHO
6MK	- 0.78	QCI

Risk-Adjusted Indicators

There is a big difference between Packaging Stock performing well and Packaging 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 Packaging'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
RHO	0.96	0.22	0.10	0.74	1.36	(1.07)	2.24	(2.20)	8.07
ABL	1.09	(0.12)	0.00	0.26	0.00	0.00	1.95	(2.11)	14.56
DAP	1.22	(0.08)	0.00	0.32	0.00	0.00	2.32	(2.98)	8.54
QCI	1.46	(0.19)	0.00	1.35	0.00	0.00	1.90	(2.57)	12.93
6MK	1.29	0.40	0.16	(0.99)	1.28	(1.48)	3.38	(2.23)	8.41
NOT	0.83	0.32	0.27	(6.02)	0.35	(1.08)	2.10	(1.18)	4.95
NOT	0.90	0.34	0.33	1.10	0.34	(1.10)	2.70	(1.40)	5.41
AMD	2.67	(0.02)	0.00	0.15	0.00	0.00	6.33	(5.57)	24.55
4I1	1.10	0.31	0.12	(1.26)	1.16	(1.23)	2.65	(2.55)	7.67
W8V	1.49	0.05	0.00	0.21	2.72	(3.37)	2.08	(2.04)	24.03

Be your own money manager

Our tools can tell you how much better you can do entering a position in Packaging 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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Packaging Corporate Management

Elected by the shareholders, the Packaging's board of directors comprises two types of representatives: Packaging inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Packaging. The board's role is to monitor Packaging's management team and ensure that shareholders' interests are well served. Packaging's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Packaging's outside directors are responsible for providing unbiased perspectives on the board's policies.

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