Stingray Correlations

RAY-B Stock

CAD 16.62 0.00 0.00%

The current 90-days correlation between Stingray Group and Maritime Launch Services is -0.14 (i.e., Good diversification). The correlation of Stingray 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Stingray Correlation With Market

Poor diversification

The correlation between Stingray Group and DJI is 0.6 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Stingray Group and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Stingray Stock

0.73	BNP	BNP Paribas CDR	Pair Corr
0.68	NSE	New Stratus Energy	Pair Corr
0.71	MCDS	McDonalds Corp CDR	Pair Corr
0.64	GQ	Great Quest Fertilizer Split	Pair Corr
0.67	BTO	B2Gold Corp	Pair Corr
0.68	CBR	Cabral Gold	Pair Corr
0.77	DE	Decisive Dividend Corp	Pair Corr
0.69	PML	Panoro Minerals	Pair Corr
0.76	AQN-PD	Algonquin Power Utilities Earnings Call This Week	Pair Corr
0.7	ENB-PFC	Enbridge Pref 11	Pair Corr
0.61	LNR	Linamar Earnings Call This Week	Pair Corr

Related Correlations Analysis

	DELX	DIAM	CTF-UN	MAXQ
DELX		0.36	0.49	0.48	DELX
DIAM	0.36		0.28	0.17	DIAM
CTF-UN	0.49	0.28		0.86	CTF-UN
MAXQ	0.48	0.17	0.86		MAXQ
	DELX	DIAM	CTF-UN	MAXQ

Risk-Adjusted Indicators

There is a big difference between Stingray Stock performing well and Stingray 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 Stingray'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
DELX	6.02	0.65	0.04	7.05	6.53	(15.94)	15.38	(14.29)	70.00
DIAM	6.88	0.84	0.03	2.34	8.63	(33.33)	33.33	(25.00)	58.33
CTF-UN	1.35	0.14	0.03	2.31	1.57	(1.69)	3.30	(2.62)	8.67
MAXQ	4.74	1.11	0.16	0.70	5.00	(6.84)	15.22	(8.70)	37.55

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

DelphX Capital Markets Star Diamond Corp Citadel Income Maritime Launch Services American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup SentinelOne CVS Health Corp Chevron Corp The Home Depot International Business Machines Intel

Risk & Return

Correlation

Stingray Corporate Management

Elected by the shareholders, the Stingray's board of directors comprises two types of representatives: Stingray inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Stingray. The board's role is to monitor Stingray's management team and ensure that shareholders' interests are well served. Stingray'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, Stingray's outside directors are responsible for providing unbiased perspectives on the board's policies.

Simon Foster	General Chatter	Profile
Rick Bergan	Head States	Profile
James Riley	US Stingray	Profile
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