Shelf Drilling Correlations

SDNS Stock

29.00 0.00 0.00%

The current 90-days correlation between Shelf Drilling and Odfjell Technology is -0.03 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Shelf Drilling moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Shelf Drilling moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Shelf Drilling Correlation With Market

Good diversification

The correlation between Shelf Drilling and DJI is -0.07 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Shelf Drilling and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Shelf Stock

0.74	BWO	BW Offshore	Pair Corr
0.88	NHY	Norsk Hydro ASA	Pair Corr
0.64	ORK	Orkla ASA	Pair Corr

Moving against Shelf Stock

0.78	AKAST	Akastor ASA	Pair Corr
0.59	ATEA	Atea ASA	Pair Corr
0.5	TGS	TGS NOPEC Geophysical	Pair Corr
0.4	SOFF	Solstad Offsho	Pair Corr
0.34	SUBC	Subsea 7 SA	Pair Corr

Related Correlations Analysis

	OTL	MING	RIVER	NOM	BIEN	BBERG	XPLRA
OTL		0.05	0.21	-0.04	-0.27	0.1	-0.34	OTL
MING	0.05		-0.85	-0.13	0.89	0.85	0.77	MING
RIVER	0.21	-0.85		-0.12	-0.92	-0.74	-0.94	RIVER
NOM	-0.04	-0.13	-0.12		-0.07	-0.29	0.3	NOM
BIEN	-0.27	0.89	-0.92	-0.07		0.77	0.88	BIEN
BBERG	0.1	0.85	-0.74	-0.29	0.77		0.65	BBERG
XPLRA	-0.34	0.77	-0.94	0.3	0.88	0.65		XPLRA
	OTL	MING	RIVER	NOM	BIEN	BBERG	XPLRA

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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

BIEN	+ 0.89	MING
XPLRA	+ 0.88	BIEN
BBERG	+ 0.85	MING
XPLRA	+ 0.77	MING
BBERG	+ 0.77	BIEN
XPLRA	+ 0.65	BBERG

High negative correlations

XPLRA	- 0.94	RIVER
BIEN	- 0.92	RIVER
RIVER	- 0.85	MING
BBERG	- 0.74	RIVER
XPLRA	- 0.34	OTL
BBERG	- 0.29	NOM

Risk-Adjusted Indicators

There is a big difference between Shelf Stock performing well and Shelf Drilling 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 Shelf Drilling'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
OTL	1.77	(0.16)	0.00	(0.44)	0.00	0.00	2.84	(3.64)	11.24
MING	0.69	0.03	(0.06)	0.20	0.86	(0.73)	1.43	(1.65)	4.39
RIVER	2.72	(0.54)	0.00	(1.65)	0.00	0.00	4.67	(6.32)	20.59
NOM	1.60	0.18	0.04	0.58	1.99	(1.53)	3.90	(3.47)	9.53
BIEN	1.09	0.39	0.20	1.12	0.46	(2.08)	2.86	(1.69)	11.87
BBERG	0.42	(0.01)	(0.15)	0.00	0.51	(0.79)	1.00	(1.21)	3.70
XPLRA	2.38	0.95	0.32	1.25	2.05	(2.97)	7.06	(4.21)	17.22

Be your own money manager

Our tools can tell you how much better you can do entering a position in Shelf Drilling 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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