Sumitomo Metal Correlations
| SMMYY Stock | USD 5.82 0.10 1.75% |
The current 90-days correlation between Sumitomo Metal Mining and Boliden AB ADR is 0.53 (i.e., Very weak diversification). The correlation of Sumitomo Metal 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.
Sumitomo Metal Correlation With Market
Modest diversification
The correlation between Sumitomo Metal Mining and DJI is 0.23 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Sumitomo Metal Mining and DJI in the same portfolio, assuming nothing else is changed.
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The ability to find closely correlated positions to Sumitomo Metal could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Sumitomo Metal 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 Sumitomo Metal - 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 Sumitomo Metal Mining to buy it.
Moving together with Sumitomo Pink Sheet
| 0.81 | BHPLF | BHP Group Limited | PairCorr |
| 0.94 | BHP | BHP Group Limited | PairCorr |
| 0.76 | RTPPF | Rio Tinto Group | PairCorr |
| 0.86 | RIO | Rio Tinto ADR | PairCorr |
| 0.93 | GLCNF | Glencore PLC | PairCorr |
| 0.95 | GLNCY | Glencore PLC ADR | PairCorr |
| 0.69 | KB | KB Financial Group Earnings Call This Week | PairCorr |
| 0.83 | SHG | Shinhan Financial Earnings Call This Week | PairCorr |
| 0.7 | KO | Coca Cola Earnings Call This Week | PairCorr |
| 0.72 | XOM | Exxon Mobil Corp Earnings Call Today | PairCorr |
| 0.76 | DD | Dupont De Nemours Earnings Call This Week | PairCorr |
| 0.66 | HPQ | HP Inc | PairCorr |
Moving against Sumitomo Pink Sheet
| 0.77 | MZHOF | Mizuho Financial Earnings Call Today | PairCorr |
| 0.74 | MBFJF | Mitsubishi UFJ Financial Earnings Call This Week | PairCorr |
| 0.73 | MFG | Mizuho Financial Earnings Call Today | PairCorr |
| 0.68 | SMFG | Sumitomo Mitsui Financial Sell-off Trend | PairCorr |
| 0.66 | MUFG | Mitsubishi UFJ Financial Earnings Call This Week | PairCorr |
| 0.59 | SMFNF | Sumitomo Mitsui Financial Normal Trading | PairCorr |
| 0.58 | MNPR | Monopar Therapeutics | PairCorr |
| 0.77 | WMT | Walmart Aggressive Push | PairCorr |
| 0.76 | DIS | Walt Disney Earnings Call This Week | PairCorr |
| 0.69 | AXP | American Express | PairCorr |
| 0.68 | BA | Boeing | PairCorr |
| 0.66 | CSCO | Cisco Systems | PairCorr |
| 0.54 | IBM | International Business Upward Rally | PairCorr |
| 0.53 | BAC | Bank of America Sell-off Trend | PairCorr |
| 0.38 | MSFT | Microsoft Downward Rally | PairCorr |
| 0.35 | T | ATT Inc Earnings Call This Week | PairCorr |
Related Correlations Analysis
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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
| High negative correlations
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Risk-Adjusted Indicators
There is a big difference between Sumitomo Pink Sheet performing well and Sumitomo Metal 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 Sumitomo Metal'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| BDNNY | 1.41 | (0.09) | 0.00 | (0.23) | 0.00 | 2.87 | 11.46 | |||
| NGLOY | 1.50 | (0.09) | 0.00 | (0.15) | 0.00 | 2.51 | 11.05 | |||
| GLCNF | 1.53 | (0.25) | 0.00 | (1.55) | 0.00 | 2.94 | 10.52 | |||
| LITM | 18.50 | 6.69 | 0.38 | (3.95) | 12.56 | 51.72 | 418.97 | |||
| LMMFF | 5.46 | 0.49 | 0.02 | (14.25) | 9.98 | 21.00 | 100.77 | |||
| DCNNF | 11.10 | 0.70 | 0.04 | (1.16) | 11.90 | 26.64 | 70.11 | |||
| NRVTF | 3.97 | (0.49) | 0.00 | 6.64 | 0.00 | 7.25 | 21.13 | |||
| ARAFF | 5.27 | 0.14 | (0.01) | 0.00 | 6.56 | 14.29 | 28.18 | |||
| ILKAY | 1.53 | (0.66) | 0.00 | 5.00 | 0.00 | 1.56 | 16.12 | |||
| AFBOF | 4.92 | 0.35 | 0.03 | (0.57) | 6.96 | 8.32 | 28.91 |
Be your own money manager
Our tools can tell you how much better you can do entering a position in Sumitomo Metal 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.Did you try this?
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