SCANSOURCE (SC3SG) Correlations

SC3 Stock

30.00 1.00 3.45%

The current 90-days correlation between SCANSOURCE (SC3SG) and Fevertree Drinks PLC is 0.1 (i.e., Average 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

Good diversification

The correlation between SCANSOURCE and DJI is -0.16 (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 (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 together with SCANSOURCE Stock

0.62

0S6

Cerence

Pair Corr

Moving against SCANSOURCE Stock

0.44	AMG	Amgen Inc	Pair Corr
0.42	TOTB	TotalEnergies SE	Pair Corr
0.39	TZO	Tsodilo Resources	Pair Corr
0.36	6MK	Merck	Pair Corr
0.35	4I1	Philip Morris Intern	Pair Corr
0.38	ENR	Siemens Energy AG	Pair Corr
0.35	WWR	Woolworths Group	Pair Corr
0.5	ENI	Eni SpA	Pair Corr
0.48	TWSA	TKH Group NV	Pair Corr
0.43	BAS	BASF SE	Pair Corr
0.38	SOBA	ATT Inc	Pair Corr

Related Correlations Analysis

	CVU	9TG	T6W	TSI	3GH	A2P	FV8
CVU		0.58	0.31	-0.63	0.31	0.76	0.79	CVU
9TG	0.58		0.52	-0.02	-0.16	0.43	0.55	9TG
T6W	0.31	0.52		-0.19	-0.11	0.41	0.46	T6W
TSI	-0.63	-0.02	-0.19		-0.48	-0.74	-0.67	TSI
3GH	0.31	-0.16	-0.11	-0.48		0.43	0.27	3GH
A2P	0.76	0.43	0.41	-0.74	0.43		0.74	A2P
FV8	0.79	0.55	0.46	-0.67	0.27	0.74		FV8
	CVU	9TG	T6W	TSI	3GH	A2P	FV8

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

FV8	+ 0.79	CVU
A2P	+ 0.76	CVU
FV8	+ 0.74	A2P
9TG	+ 0.58	CVU
FV8	+ 0.55	9TG
T6W	+ 0.52	9TG

High negative correlations

A2P	- 0.74	TSI
FV8	- 0.67	TSI
TSI	- 0.63	CVU
3GH	- 0.48	TSI
TSI	- 0.19	T6W
3GH	- 0.16	9TG

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
CVU	1.69	0.25	0.08	1.51	1.89	(2.08)	3.79	(3.54)	9.85
9TG	1.13	0.03	(0.01)	0.24	1.58	(1.15)	2.45	(2.68)	7.23
T6W	2.44	0.12	0.01	(0.59)	2.85	(5.15)	6.90	(6.45)	16.06
TSI	0.59	(0.14)	0.00	(1.61)	0.00	0.00	1.47	(1.76)	6.16
3GH	0.53	0.06	0.00	(1.90)	0.57	(1.05)	1.79	(1.53)	5.40
A2P	2.32	0.26	0.06	0.57	3.11	(2.41)	7.57	(6.29)	23.00
FV8	1.89	0.29	0.08	0.49	2.81	(2.42)	4.44	(2.69)	19.50

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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