SCANSOURCE (SC3SG) Correlations

SC3 Stock

33.60 1.40 4.00%

The current 90-days correlation between SCANSOURCE (SC3SG) and Harmony Gold Mining is -0.08 (i.e., Good diversification). The correlation of SCANSOURCE (SC3SG) 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.

SCANSOURCE (SC3SG) Correlation With Market

Average diversification

The correlation between SCANSOURCE and DJI is 0.12 (i.e., Average 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 (SC3SG) 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 (SC3SG) 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 (SC3SG) - 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 against SCANSOURCE Stock

0.31	REPA	Repsol SA	Pair Corr
0.57	AD2B	AIR CHINA LTD	Pair Corr
0.56	S92	SMA SOLAR TECH	Pair Corr
0.42	COZ	Cognizant Technology	Pair Corr
0.41	0B2	BAWAG Group AG	Pair Corr
0.41	8ZI	Scandinavian Tobacco	Pair Corr
0.37	C0Q	Coca Cola HBC	Pair Corr
0.32	59Z	MEDIPAL HOLDINGS P	Pair Corr
0.32	I8M	Sims Metal Management	Pair Corr
0.48	NVG	NUVISTA ENERGY	Pair Corr
0.42	JATA	JAPAN TOBACCO UNSPADR12	Pair Corr
0.41	TJX	TJX Companies	Pair Corr
0.39	2UK	OSB GROUP PLC	Pair Corr
0.39	BYG	Bouygues SA	Pair Corr
0.36	LFL0	LATAM Airlines Group	Pair Corr

Related Correlations Analysis

	HAM	7SNU	AXL1	DHR	P4Q	NF2	3DS	CFH
HAM		-0.59	0.78	0.33	0.7	0.05	-0.49	0.31	HAM
7SNU	-0.59		-0.53	-0.15	-0.68	-0.39	0.7	-0.48	7SNU
AXL1	0.78	-0.53		0.11	0.64	0.23	-0.29	0.13	AXL1
DHR	0.33	-0.15	0.11		0.27	0.26	-0.37	0.27	DHR
P4Q	0.7	-0.68	0.64	0.27		0.31	-0.46	0.22	P4Q
NF2	0.05	-0.39	0.23	0.26	0.31		-0.28	0.27	NF2
3DS	-0.49	0.7	-0.29	-0.37	-0.46	-0.28		-0.56	3DS
CFH	0.31	-0.48	0.13	0.27	0.22	0.27	-0.56		CFH
	HAM	7SNU	AXL1	DHR	P4Q	NF2	3DS	CFH

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

AXL1	+ 0.78	HAM
P4Q	+ 0.7	HAM
3DS	+ 0.7	7SNU
P4Q	+ 0.64	AXL1
DHR	+ 0.33	HAM
CFH	+ 0.31	HAM

High negative correlations

P4Q	- 0.68	7SNU
7SNU	- 0.59	HAM
CFH	- 0.56	3DS
AXL1	- 0.53	7SNU
3DS	- 0.49	HAM
CFH	- 0.48	7SNU

Risk-Adjusted Indicators

There is a big difference between SCANSOURCE Stock performing well and SCANSOURCE (SC3SG) 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 (SC3SG)'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
HAM	3.55	0.38	0.08	3.40	4.00	(4.18)	7.67	(7.42)	20.37
7SNU	0.74	0.06	0.00	1.13	0.78	(1.04)	2.29	(1.52)	3.18
AXL1	0.93	0.16	0.06	0.77	1.53	(0.94)	1.72	(1.63)	7.72
DHR	2.26	0.20	0.06	0.45	2.45	(2.81)	5.00	(3.91)	29.35
P4Q	1.86	0.40	0.13	(15.62)	1.97	(2.06)	3.70	(3.40)	8.60
NF2	0.89	0.12	0.03	0.72	1.07	(1.42)	1.99	(1.89)	8.57
3DS	2.38	0.07	0.00	1.11	2.70	(3.49)	6.45	(5.71)	16.35
CFH	2.79	0.19	0.01	(0.19)	3.61	(4.33)	8.51	(6.38)	23.11

Be your own money manager

Our tools can tell you how much better you can do entering a position in SCANSOURCE (SC3SG) 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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