Psychemedics Correlations

PMDI Stock

1.49 0.17 10.24%

The correlation of Psychemedics 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.

Psychemedics Correlation With Market

Significant diversification

The correlation between Psychemedics and DJI is 0.04 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Psychemedics and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Psychemedics Pink Sheet

0.7	MSFT	Microsoft	Pair Corr
0.72	HPQ	HP Inc	Pair Corr
0.71	T	ATT Inc	Pair Corr

Moving against Psychemedics Pink Sheet

0.89	ATI	Allegheny Technologies	Pair Corr
0.87	BMYMP	Bristol Myers Squibb	Pair Corr
0.86	ACN	Accenture plc	Pair Corr
0.86	BAC	Bank of America Earnings Call Tomorrow	Pair Corr
0.85	MRK	Merck Company	Pair Corr
0.85	JPM	JPMorgan Chase Earnings Call Today	Pair Corr
0.77	WMT	Walmart Common Stock Aggressive Push	Pair Corr
0.76	DD	Dupont De Nemours	Pair Corr
0.73	WSFS	WSFS Financial	Pair Corr
0.72	GOOG	Alphabet Class C Aggressive Push	Pair Corr
0.7	CAT	Caterpillar	Pair Corr
0.7	AXP	American Express	Pair Corr
0.65	F	Ford Motor Aggressive Push	Pair Corr
0.59	CSCO	Cisco Systems	Pair Corr
0.55	TSM	Taiwan Semiconductor Earnings Call This Week	Pair Corr
0.49	BA	Boeing	Pair Corr
0.48	MCD	McDonalds	Pair Corr
0.4	GE	GE Aerospace	Pair Corr

Related Correlations Analysis

	CSGU	AQNB	JNJ	TNL	AVEFF	VIR	NXTP	BOLL
CSGU		0.0	0.0	0.0	1.0	0.0	1.0	0.0	CSGU
AQNB	0.0		0.69	0.82	0.0	0.2	0.0	0.0	AQNB
JNJ	0.0	0.69		0.8	0.0	0.48	0.0	0.0	JNJ
TNL	0.0	0.82	0.8		0.0	0.38	0.0	0.0	TNL
AVEFF	1.0	0.0	0.0	0.0		0.0	1.0	0.0	AVEFF
VIR	0.0	0.2	0.48	0.38	0.0		0.0	0.0	VIR
NXTP	1.0	0.0	0.0	0.0	1.0	0.0		0.0	NXTP
BOLL	0.0	0.0	0.0	0.0	0.0	0.0	0.0		BOLL
	CSGU	AQNB	JNJ	TNL	AVEFF	VIR	NXTP	BOLL

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

AVEFF	+ 1.0	CSGU
NXTP	+ 1.0	CSGU
NXTP	+ 1.0	AVEFF
TNL	+ 0.82	AQNB
TNL	+ 0.8	JNJ
JNJ	+ 0.69	AQNB

High negative correlations

BOLL	- 0.0	NXTP
BOLL	- 0.0	VIR
NXTP	- 0.0	VIR
BOLL	- 0.0	AVEFF
VIR	- 0.0	AVEFF
BOLL	- 0.0	TNL

Risk-Adjusted Indicators

There is a big difference between Psychemedics Pink Sheet performing well and Psychemedics 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 Psychemedics' 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
CSGU	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
AQNB	0.19	0.01	(0.26)	0.25	0.16	(0.23)	0.40	(0.39)	1.39
JNJ	0.73	0.15	0.08	1.38	0.70	(0.82)	1.86	(1.39)	5.56
TNL	1.50	0.26	0.14	0.33	1.43	(1.69)	3.13	(2.37)	22.04
AVEFF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
VIR	3.10	(0.15)	(0.01)	0.02	3.75	(3.25)	7.75	(6.04)	16.61
NXTP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
BOLL	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Psychemedics 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 Psychemedics pink sheet to make a market-neutral strategy. Peer analysis of Psychemedics could also be used in its relative valuation, which is a method of valuing Psychemedics by comparing valuation metrics with similar companies.

Consolidated Sports Media Algonquin Power Utilities Johnson Johnson Travel Leisure Co Avecho Biotechnology Limited Vir Biotechnology Nextplay Technologies Alliance Sports Group American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup SentinelOne CVS Health Corp

Risk & Return

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