Scana ASA Correlations

SCANA Stock

NOK 1.50 0.03 2.04%

The current 90-days correlation between Scana ASA and Jinhui Shipping and is -0.17 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Scana ASA moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Scana ASA moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Scana ASA Correlation With Market

Very good diversification

The correlation between Scana ASA and DJI is -0.48 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Scana ASA and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Scana Stock

0.7	GYL	Gyldendal ASA	Pair Corr
0.69	ABG	ABG Sundal Collier	Pair Corr
0.68	AURG	Aurskog Sparebank	Pair Corr
0.65	SKUE	Skue Sparebank	Pair Corr
0.61	IDEX	Idex ASA Earnings Call This Week	Pair Corr
0.6	OTEC	Otello ASA Earnings Call This Week	Pair Corr
0.59	SATS	Sats ASA	Pair Corr
0.57	AUTO	AutoStore Holdings Earnings Call Today	Pair Corr
0.56	ZLNA	Zelluna ASA Earnings Call Today	Pair Corr
0.54	WWI	Wilh Wilhelmsen Holding	Pair Corr
0.51	STB	Storebrand ASA	Pair Corr
0.48	NHY	Norsk Hydro ASA Earnings Call Tomorrow	Pair Corr
0.47	SCATC	Scatec Solar OL	Pair Corr
0.45	DNB	DnB ASA	Pair Corr
0.44	YAR	Yara International ASA	Pair Corr
0.38	B2I	B2 Impact ASA Earnings Call Today	Pair Corr
0.38	ZENA	Zenith Energy	Pair Corr
0.37	SUBC	Subsea 7 SA	Pair Corr
0.31	KIT	Kitron ASA Earnings Call Today	Pair Corr

Related Correlations Analysis

	JIN	WEST	BOR	HPUR	VOW	BMA	ALNG	GEOS	HYPRO	PYRUM
JIN		-0.09	-0.3	0.34	-0.33	-0.2	0.5	0.48	0.47	0.38	JIN
WEST	-0.09		-0.04	-0.02	-0.48	-0.29	-0.2	0.2	0.26	-0.26	WEST
BOR	-0.3	-0.04		-0.49	0.4	0.29	-0.29	-0.63	-0.29	0.37	BOR
HPUR	0.34	-0.02	-0.49		-0.57	-0.31	0.52	0.75	0.72	0.12	HPUR
VOW	-0.33	-0.48	0.4	-0.57		0.39	-0.33	-0.76	-0.75	-0.01	VOW
BMA	-0.2	-0.29	0.29	-0.31	0.39		-0.48	-0.45	-0.41	-0.17	BMA
ALNG	0.5	-0.2	-0.29	0.52	-0.33	-0.48		0.46	0.48	0.5	ALNG
GEOS	0.48	0.2	-0.63	0.75	-0.76	-0.45	0.46		0.84	0.09	GEOS
HYPRO	0.47	0.26	-0.29	0.72	-0.75	-0.41	0.48	0.84		0.24	HYPRO
PYRUM	0.38	-0.26	0.37	0.12	-0.01	-0.17	0.5	0.09	0.24		PYRUM
	JIN	WEST	BOR	HPUR	VOW	BMA	ALNG	GEOS	HYPRO	PYRUM

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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

HYPRO	+ 0.84	GEOS
GEOS	+ 0.75	HPUR
HYPRO	+ 0.72	HPUR
ALNG	+ 0.52	HPUR
ALNG	+ 0.5	JIN
PYRUM	+ 0.5	ALNG

High negative correlations

GEOS	- 0.76	VOW
HYPRO	- 0.75	VOW
GEOS	- 0.63	BOR
VOW	- 0.57	HPUR
HPUR	- 0.49	BOR
ALNG	- 0.48	BMA

Risk-Adjusted Indicators

There is a big difference between Scana Stock performing well and Scana ASA 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 Scana ASA'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
JIN	1.26	(0.03)	0.00	0.82	0.00	0.00	2.81	(2.72)	13.39
WEST	1.66	(0.02)	(0.03)	0.02	2.52	(1.72)	3.23	(3.87)	10.86
BOR	1.56	0.05	(0.04)	(0.07)	1.67	(2.09)	4.41	(3.38)	12.41
HPUR	3.72	(0.37)	0.00	(1.12)	0.00	0.00	10.13	(7.24)	23.64
VOW	3.56	0.79	0.17	3.09	3.63	(4.46)	9.46	(4.40)	41.64
BMA	1.72	0.07	0.00	0.49	1.90	(2.36)	4.26	(3.50)	9.11
ALNG	1.67	(0.33)	0.00	10.29	0.00	0.00	3.03	(3.03)	15.19
GEOS	3.55	(0.87)	0.00	11.91	0.00	0.00	7.42	(12.32)	29.29
HYPRO	4.13	(0.67)	0.00	0.85	0.00	0.00	6.98	(8.46)	24.86
PYRUM	2.03	(0.10)	0.00	(0.06)	0.00	0.00	4.81	(3.99)	19.37

Be your own money manager

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

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

Torvald Reiestad	Chief Officer	Profile
Egil Kjeldsen	Head Skarpenord	Profile
Hans Kilen	Managing AS	Profile
Kjell Ravns	Controller	Profile
Tor Skjveland	Sales Director	Profile
Trond Bo	Chief Skarpenord	Profile
Styrk Bekkenes	Chief Officer	Profile

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