Scodix Correlations

SCDX Stock

227.60 0.70 0.31%

The current 90-days correlation between Scodix and Vision Sigma is 0.08 (i.e., Significant diversification). The correlation of Scodix 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.

Scodix Correlation With Market

Good diversification

The correlation between Scodix 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 Scodix and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Scodix Stock

0.65	TPGM	Top Gum Industries	Pair Corr
0.62	FBRT	FMS Enterprises Migun	Pair Corr
0.54	FTAL	Fattal 1998 Holdings	Pair Corr
0.5	NTO	Neto ME Holdings	Pair Corr
0.49	QLTU	Qualitau	Pair Corr
0.48	BLGO	Buligo Capital	Pair Corr
0.48	ANLT	Analyst IMS Investment	Pair Corr
0.46	ILDR	Israel Land Development	Pair Corr
0.45	DSCT	Israel Discount Bank	Pair Corr
0.44	0P00013UB9	Yelin Lapidot Growth	Pair Corr
0.39	LUMI	Bank Leumi Le	Pair Corr
0.37	ORA	Ormat Technologies	Pair Corr
0.37	PHOE	Phoenix Holdings	Pair Corr
0.36	IDIN	IDI Insurance	Pair Corr
0.35	MZTF	Mizrahi Tefahot	Pair Corr
0.33	HARL	Harel Insurance Inve	Pair Corr
0.63	ISOP-L	Israel Opportunity	Pair Corr
0.57	YHNF	M Yochananof	Pair Corr
0.52	TTAM	Tiv Taam	Pair Corr
0.52	NWMD	NewMed Energy	Pair Corr
0.51	ISTA	Issta Lines	Pair Corr
0.48	MTDS	Meitav Dash Investments	Pair Corr
0.43	ILDC	Israel Land Development	Pair Corr
0.41	PLNT	Plantarc Bio	Pair Corr
0.4	PIU	Poalim Ibi	Pair Corr
0.4	GLTL	Gilat Telecom Global	Pair Corr
0.39	AFPR	Afi Properties	Pair Corr

Related Correlations Analysis

	VISN	AQUA	AUGN	THES	ELSPC	AUIS	FRDN	PNRG
VISN		-0.21	0.28	-0.65	-0.5	0.24	0.44	-0.3	VISN
AQUA	-0.21		-0.36	0.31	0.7	0.05	-0.65	-0.34	AQUA
AUGN	0.28	-0.36		-0.28	-0.17	0.04	0.39	-0.01	AUGN
THES	-0.65	0.31	-0.28		0.5	-0.41	-0.39	0.43	THES
ELSPC	-0.5	0.7	-0.17	0.5		0.12	-0.65	-0.09	ELSPC
AUIS	0.24	0.05	0.04	-0.41	0.12		-0.25	-0.45	AUIS
FRDN	0.44	-0.65	0.39	-0.39	-0.65	-0.25		0.38	FRDN
PNRG	-0.3	-0.34	-0.01	0.43	-0.09	-0.45	0.38		PNRG
	VISN	AQUA	AUGN	THES	ELSPC	AUIS	FRDN	PNRG

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

ELSPC	+ 0.7	AQUA
ELSPC	+ 0.5	THES
FRDN	+ 0.44	VISN
PNRG	+ 0.43	THES
FRDN	+ 0.39	AUGN
PNRG	+ 0.38	FRDN

High negative correlations

FRDN	- 0.65	ELSPC
FRDN	- 0.65	AQUA
THES	- 0.65	VISN
ELSPC	- 0.5	VISN
PNRG	- 0.45	AUIS
AUIS	- 0.41	THES

Risk-Adjusted Indicators

There is a big difference between Scodix Stock performing well and Scodix 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 Scodix'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
VISN	0.49	0.06	0.00	(0.15)	0.00	0.00	2.28	(2.34)	10.01
AQUA	3.78	(0.23)	0.00	(6.75)	0.00	0.00	12.64	(8.22)	31.42
AUGN	2.96	0.22	0.02	(0.14)	3.35	(4.39)	6.95	(7.45)	32.75
THES	3.13	0.43	0.11	(2.41)	2.64	(4.71)	8.26	(4.91)	16.28
ELSPC	2.01	(0.28)	0.00	0.97	0.00	0.00	4.55	(3.99)	12.19
AUIS	1.31	0.02	0.00	0.04	0.00	0.00	4.85	(4.64)	14.75
FRDN	1.69	0.40	0.17	5.41	1.17	(2.98)	3.74	(3.49)	20.56
PNRG	2.86	0.48	0.09	(0.55)	3.10	(3.46)	6.53	(5.24)	29.40

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

Vision Sigma Aquarius Engines AM Augwind Energy Tech Thirdeye Systems Elspec ES Australia Israel Fridenson Phinergy American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup SentinelOne CVS Health Corp

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