Sprint Bioscience Correlations

SPRINT Stock

SEK 2.14 0.12 5.94%

The current 90-days correlation between Sprint Bioscience and Spago Nanomedical AB is 0.13 (i.e., Average diversification). The correlation of Sprint Bioscience 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.

Sprint Bioscience Correlation With Market

Poor diversification

The correlation between Sprint Bioscience AB and DJI is 0.77 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Sprint Bioscience AB and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Sprint Stock

0.69	TEL2-A	Tele2 AB	Pair Corr
0.73	BRAV	Bravida Holding AB	Pair Corr
0.68	SWED-A	Swedbank AB	Pair Corr
0.66	INDU-C	Industrivarden AB ser	Pair Corr
0.65	INDU-A	Industrivarden AB ser	Pair Corr
0.73	BIOA-B	BioArctic AB	Pair Corr
0.76	SKIS-B	SkiStar AB	Pair Corr
0.7	BOL	Boliden AB	Pair Corr
0.65	ORES	Investment AB Oresund	Pair Corr
0.64	DMYD-B	Diamyd Medical AB	Pair Corr
0.81	NIVI-B	Nivika Fastigheter	Pair Corr

Moving against Sprint Stock

0.74	ERMA	Enorama Pharma AB	Pair Corr
0.65	KAR	Karnov Group AB	Pair Corr
0.57	NNH	New Nordic Healthbrands	Pair Corr
0.55	EPRO-B	Electrolux Professional	Pair Corr
0.53	BEIJ-B	Beijer Ref AB	Pair Corr
0.41	THULE	Thule Group AB	Pair Corr

Related Correlations Analysis

	SPAGO	ATORX	ACOU	SPEC	PILA	LPGO	SIMRIS-B	ACTI	ONCOZ
SPAGO		-0.45	0.05	-0.73	-0.61	-0.27	0.14	-0.58	-0.48	SPAGO
ATORX	-0.45		0.14	0.72	0.59	0.85	0.2	0.84	-0.01	ATORX
ACOU	0.05	0.14		0.05	0.19	0.25	-0.4	0.23	-0.07	ACOU
SPEC	-0.73	0.72	0.05		0.77	0.59	0.0	0.81	0.45	SPEC
PILA	-0.61	0.59	0.19	0.77		0.49	-0.37	0.73	0.43	PILA
LPGO	-0.27	0.85	0.25	0.59	0.49		0.27	0.8	-0.21	LPGO
SIMRIS-B	0.14	0.2	-0.4	0.0	-0.37	0.27		0.1	-0.24	SIMRIS-B
ACTI	-0.58	0.84	0.23	0.81	0.73	0.8	0.1		0.13	ACTI
ONCOZ	-0.48	-0.01	-0.07	0.45	0.43	-0.21	-0.24	0.13		ONCOZ
	SPAGO	ATORX	ACOU	SPEC	PILA	LPGO	SIMRIS-B	ACTI	ONCOZ

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

LPGO	+ 0.85	ATORX
ACTI	+ 0.84	ATORX
ACTI	+ 0.81	SPEC
ACTI	+ 0.8	LPGO
PILA	+ 0.77	SPEC
ACTI	+ 0.73	PILA

High negative correlations

SPEC	- 0.73	SPAGO
PILA	- 0.61	SPAGO
ACTI	- 0.58	SPAGO
ONCOZ	- 0.48	SPAGO
ATORX	- 0.45	SPAGO
SIMRIS-B	- 0.4	ACOU

Risk-Adjusted Indicators

There is a big difference between Sprint Stock performing well and Sprint Bioscience 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 Sprint Bioscience'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
SPAGO	4.61	0.40	0.04	(0.35)	4.99	(9.32)	9.09	(9.09)	44.42
ATORX	7.23	(2.01)	0.00	0.94	0.00	0.00	11.76	(23.08)	86.58
ACOU	4.53	0.37	0.06	(0.31)	4.33	(6.31)	12.02	(6.79)	25.77
SPEC	3.80	(0.94)	0.00	5.78	0.00	0.00	6.25	(9.09)	39.76
PILA	4.06	(0.66)	0.00	6.96	0.00	0.00	9.82	(7.18)	51.16
LPGO	8.32	(2.09)	0.00	(3.39)	0.00	0.00	7.50	(23.00)	118.05
SIMRIS-B	7.94	0.62	0.04	0.63	11.09	(9.68)	15.24	(14.83)	104.57
ACTI	2.34	(0.66)	0.00	0.58	0.00	0.00	5.89	(6.87)	18.88
ONCOZ	3.66	0.15	0.03	0.76	3.57	(5.20)	9.72	(5.79)	24.41

Be your own money manager

Our tools can tell you how much better you can do entering a position in Sprint Bioscience 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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