ScanSource Correlations

Stocks . Germany . 
Stock . ScanSource
SC3 Stock  EUR 27.80  0.80  2.80%   
The current 90-days correlation between ScanSource and PRECISION DRILLING P is 0.66 (i.e., Poor diversification). The correlation of ScanSource 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.

ScanSource Correlation With Market

ScanSourceDowDiversified AwayScanSourceDowDiversified Away100%

Good diversification

The correlation between ScanSource and DJI is -0.06 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ScanSource and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to ScanSource could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace ScanSource 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 ScanSource - 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 ScanSource to buy it.

Moving together with ScanSource Stock

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  0.75HHX HAMMONIA SchiffsholdingPairCorr
  0.69432 ARBOR METALS PPairCorr

Moving against ScanSource Stock

  0.81TKA thyssenkrupp AGPairCorr
  0.79VOS Vossloh AGPairCorr
  0.77RHM Rheinmetall AGPairCorr
  0.75B5R Berkeley EnergiaPairCorr
  0.75XCA CREDIT AGRICOLEPairCorr
  0.72902 ALEFARM BREWING DKPairCorr
  0.71UTDI United Internet AGPairCorr
  0.71FCC Fomento de ConstruccionesPairCorr
  0.7P4Q Perseus MiningPairCorr
  0.68AIL Air Liquide SAPairCorr
  0.66VVD Veolia EnvironnementPairCorr
  0.65TM2 Sydbank ASPairCorr
  0.65VVD Veolia EnvironnementPairCorr
  0.62SIT4 Singapore TelecommunicatioPairCorr
  0.62AU4 AUSGOLDPairCorr
  0.616I4 ZAPTEC ASA NKPairCorr
  0.58BAC Verizon CommunicationsPairCorr
  0.5ARRD ArcelorMittal SAPairCorr
  0.49ABG AmerisourceBergenPairCorr
  0.45MQR1 MULTI CHEM LTDPairCorr
  0.43SCG Sporting Clube dePairCorr
  0.4OS3 Otello ASAPairCorr
  0.899EE ZINZINO AB BPairCorr
  0.83RRTU RTL GROUP UNSPADRPairCorr
  0.82YT2A Atresmedia CorporacinPairCorr
  0.82RRTL RTL Group SAPairCorr
  0.81RF SITKA GOLD PPairCorr
  0.79CVS CVS Health CorpPairCorr
  0.78EFC1 Etn Fr ColruytPairCorr
  0.7892I ROMERIKE SPAREBANKPairCorr
  0.75PFI PALFINGER DusseldorfPairCorr

Related Correlations Analysis

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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   
PRE1
+ 0.8
TM9
CVS
+ 0.78
CVU
PRE1
+ 0.66
93M1
93M1
+ 0.58
TM9
CVU
+ 0.56
WX6
CVS
+ 0.32
WX6
  
High negative correlations   
PRE1
- 0.83
CVU
PRE1
- 0.79
CVS
CVS
- 0.5
TM9
93M1
- 0.45
CVS
MHG
- 0.44
TM9
CVU
- 0.43
TM9

Risk-Adjusted Indicators

There is a big difference between ScanSource Stock performing well and ScanSource 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 ScanSource'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.

Be your own money manager

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

Elected by the shareholders, the ScanSource's board of directors comprises two types of representatives: ScanSource inside directors who are chosen from within the company, and outside directors, selected externally and held independent of ScanSource. The board's role is to monitor ScanSource's management team and ensure that shareholders' interests are well served. ScanSource'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, ScanSource's outside directors are responsible for providing unbiased perspectives on the board's policies.
Michael BaurChairman FounderProfile
Frank BlackwellVP CommunicationsProfile
Rachel HaydenEVP OfficerProfile
Gregory DixonChief OfficerProfile
Jason WeidmanPR MangProfile
Stephen JonesEVP CFOProfile
Alexandre CondeVP OfficerProfile
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