Pipe Works Correlations

PROFK Stock

EUR 1.71 0.07 3.93%

The current 90-days correlation between Pipe Works L and Lampsa Hellenic Hotels is -0.1 (i.e., Good diversification). The correlation of Pipe Works 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.

Pipe Works Correlation With Market

Poor diversification

The correlation between Pipe Works L and DJI is 0.72 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Pipe Works L and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Pipe Stock

0.75	ELSTR	Elastron SA	Pair Corr
0.74	SIDMA	Sidma SA Steel	Pair Corr
0.77	TPEIR	Piraeus Financial	Pair Corr
0.75	ETE	National Bank	Pair Corr
0.87	ALPHA	Alpha Services	Pair Corr
0.74	EUROB	Eurobank Ergasias	Pair Corr
0.82	ELPE	Hellenic Petroleum	Pair Corr
0.84	EEE	Coca Cola HBC	Pair Corr
0.75	MOH	Motor Oil Corinth	Pair Corr
0.75	EKTER	Ekter SA	Pair Corr
0.82	ELHA	Elvalhalcor Hellenic	Pair Corr
0.69	VIO	Viohalco SA	Pair Corr
0.79	INKAT	Intracom Constructions	Pair Corr
0.71	ORILINA	Orilina Properties REIC	Pair Corr
0.71	MEVA	Mevaco SA	Pair Corr
0.79	OTOEL	Autohellas SA	Pair Corr
0.76	PAP	Papoutsanis SA	Pair Corr
0.77	TITC	Titan Cement Interna	Pair Corr
0.73	TELL	Bank of Greece	Pair Corr
0.77	PPC	Public Power	Pair Corr
0.71	TRASTOR	Trastor Real Estate	Pair Corr
0.74	KYLO	Loulis Mills SA	Pair Corr
0.79	AVAX	Avax SA	Pair Corr
0.77	CENER	Cenergy Holdings	Pair Corr
0.74	ATRUST	Alpha Trust Mutual	Pair Corr
0.79	AKTR	AKTR	Pair Corr
0.81	KRI	Kri Kri Milk	Pair Corr

Moving against Pipe Stock

0.56	BELA	Jumbo SA	Pair Corr
0.4	HTO	Hellenic Telecommunicatio	Pair Corr

Related Correlations Analysis

	AEGN	ETE	INKAT	EUROB	LAMPS	MIG	PROF
AEGN		0.76	0.77	0.75	-0.39	-0.53	0.63	AEGN
ETE	0.76		0.86	0.97	-0.47	-0.49	0.5	ETE
INKAT	0.77	0.86		0.91	-0.62	-0.72	0.48	INKAT
EUROB	0.75	0.97	0.91		-0.47	-0.55	0.51	EUROB
LAMPS	-0.39	-0.47	-0.62	-0.47		0.64	-0.19	LAMPS
MIG	-0.53	-0.49	-0.72	-0.55	0.64		-0.38	MIG
PROF	0.63	0.5	0.48	0.51	-0.19	-0.38		PROF
	AEGN	ETE	INKAT	EUROB	LAMPS	MIG	PROF

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

EUROB	+ 0.97	ETE
EUROB	+ 0.91	INKAT
INKAT	+ 0.86	ETE
INKAT	+ 0.77	AEGN
ETE	+ 0.76	AEGN
EUROB	+ 0.75	AEGN

High negative correlations

MIG	- 0.72	INKAT
LAMPS	- 0.62	INKAT
MIG	- 0.55	EUROB
MIG	- 0.53	AEGN
MIG	- 0.49	ETE
LAMPS	- 0.47	EUROB

Risk-Adjusted Indicators

There is a big difference between Pipe Stock performing well and Pipe Works 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 Pipe Works' 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
AEGN	1.08	0.14	0.06	8.90	1.04	(1.38)	2.96	(1.93)	8.15
ETE	1.51	0.26	0.12	3.76	1.44	(1.88)	3.42	(2.56)	9.46
INKAT	1.07	0.41	0.42	43.61	0.38	(1.54)	2.80	(1.47)	8.66
EUROB	1.69	0.28	0.10	0.46	1.93	(2.02)	3.81	(3.49)	8.22
LAMPS	0.64	(0.02)	0.00	(0.17)	0.00	0.00	2.24	(2.16)	5.71
MIG	0.69	(0.07)	0.00	0.58	0.00	0.00	1.36	(1.84)	4.75
PROF	1.25	0.08	0.01	(0.43)	1.21	(1.46)	2.94	(1.76)	8.43

Be your own money manager

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