Scandinavian Medical Correlations
| SMSMED Stock | 5.48 0.02 0.36% |
The current 90-days correlation between Scandinavian Medical and Vestjysk Bank AS is 0.07 (i.e., Significant diversification). The correlation of Scandinavian Medical 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.
Scandinavian Medical Correlation With Market
Good diversification
The correlation between Scandinavian Medical Solutions and DJI is -0.18 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Scandinavian Medical Solutions and DJI in the same portfolio, assuming nothing else is changed.
Scandinavian |
The ability to find closely correlated positions to Scandinavian Medical could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Scandinavian Medical 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 Scandinavian Medical - 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 Scandinavian Medical Solutions to buy it.
Moving together with Scandinavian Stock
Moving against Scandinavian Stock
Related Correlations Analysis
| Click cells to compare fundamentals | Check Volatility | Backtest Portfolio |
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
|
Risk-Adjusted Indicators
There is a big difference between Scandinavian Stock performing well and Scandinavian Medical 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 Scandinavian Medical'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| VJBA | 0.62 | 0.16 | 0.25 | (1.32) | 0.33 | 1.42 | 5.11 | |||
| EMBLA | 1.42 | (0.08) | 0.00 | 0.17 | 0.00 | 3.01 | 7.77 | |||
| SIG | 1.35 | 0.06 | 0.03 | 0.67 | 1.57 | 3.05 | 7.95 | |||
| NORTHM | 1.02 | (0.11) | 0.00 | 5.39 | 0.00 | 2.00 | 12.24 | |||
| SMSMED | 2.46 | (0.12) | 0.00 | 0.14 | 0.00 | 5.09 | 20.58 | |||
| HVID | 1.10 | 0.23 | 0.14 | (65.91) | 0.93 | 3.03 | 7.76 | |||
| LASP | 0.93 | 0.07 | 0.05 | (0.31) | 0.94 | 2.04 | 5.52 |
Scandinavian Medical 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 Scandinavian Medical stock to make a market-neutral strategy. Peer analysis of Scandinavian Medical could also be used in its relative valuation, which is a method of valuing Scandinavian Medical by comparing valuation metrics with similar companies.
| Risk & Return | Correlation |