WPP SCANGROUP Correlations
| SG Stock | 2.24 0.02 0.90% |
The current 90-days correlation between WPP SCANGROUP PLC and CO OPERATIVE BANK OF is 0.03 (i.e., Significant diversification). The correlation of WPP SCANGROUP 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.
WPP SCANGROUP Correlation With Market
Good diversification
The correlation between WPP SCANGROUP PLC and DJI is -0.17 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding WPP SCANGROUP PLC and DJI in the same portfolio, assuming nothing else is changed.
WPP |
The ability to find closely correlated positions to WPP SCANGROUP could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace WPP SCANGROUP 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 WPP SCANGROUP - 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 WPP SCANGROUP PLC to buy it.
Related Correlations Analysis
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WPP SCANGROUP 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 WPP SCANGROUP stock to make a market-neutral strategy. Peer analysis of WPP SCANGROUP could also be used in its relative valuation, which is a method of valuing WPP SCANGROUP by comparing valuation metrics with similar companies.
| Risk & Return | Correlation |