Snowflake Correlations
The current 90-days correlation between Snowflake and Palantir Technologies is 0.02 (i.e., Significant diversification). The correlation of Snowflake 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.
Snowflake Correlation With Market
Modest diversification
The correlation between Snowflake and DJI is 0.25 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Snowflake and DJI in the same portfolio, assuming nothing else is changed.
Snowflake |
The ability to find closely correlated positions to Snowflake could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Snowflake 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 Snowflake - 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 Snowflake to buy it.
Moving together with Snowflake Stock
Moving against Snowflake Stock
| 0.68 | LMT | Lockheed Martin Corp Earnings Call This Week | PairCorr |
| 0.65 | ACN | ACCENTURE PLC CEDEAR | PairCorr |
| 0.64 | BHP | BHP Group Limited | PairCorr |
| 0.63 | XOM | Exxon Mobil Earnings Call This Week | PairCorr |
| 0.63 | WMT | Walmart | PairCorr |
| 0.59 | KOFM | Coca Cola FEMSA | PairCorr |
| 0.58 | DISN | Walt Disney | PairCorr |
| 0.51 | WFC | Wells Fargo | PairCorr |
| 0.51 | BIDU | Baidu Inc | PairCorr |
| 0.48 | MRK | Merck Company | PairCorr |
| 0.43 | HD | Home Depot CEDEAR | PairCorr |
| 0.35 | HAL | Halliburton | PairCorr |
| 0.53 | CVX | Chevron Corp CEDEAR Earnings Call This Week | PairCorr |
| 0.47 | INTC | Intel Corp CEDEAR Earnings Call This Week | PairCorr |
Related Correlations Analysis
Risk-Adjusted Indicators
There is a big difference between Snowflake Stock performing well and Snowflake 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 Snowflake'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.Be your own money manager
Our tools can tell you how much better you can do entering a position in Snowflake 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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