Scatec ASA Correlations

STECF Stock

USD 9.40 0.00 0.00%

The current 90-days correlation between Scatec ASA and Drax Group plc is -0.02 (i.e., Good diversification). The correlation of Scatec ASA 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.

Scatec ASA Correlation With Market

Good diversification

The correlation between Scatec ASA and DJI is -0.09 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Scatec ASA and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Scatec Pink Sheet

0.68	AER	AerCap Holdings NV	Pair Corr
0.86	OODH	Orion Diversified Holding	Pair Corr
0.71	RIVN	Rivian Automotive Sell-off Trend	Pair Corr
0.65	TPB	Turning Point Brands	Pair Corr
0.7	CPAC	Cementos Pacasmayo SAA	Pair Corr
0.79	CALC	CalciMedica, Common Stock	Pair Corr
0.76	MNRO	Monro Muffler Brake	Pair Corr
0.71	FBKIF	First International Bank	Pair Corr
0.69	CMTDF	Sumitomo Mitsui Trust	Pair Corr

Moving against Scatec Pink Sheet

0.71	OEZVF	VERBUND AG	Pair Corr
0.59	CLPXY	China Longyuan Power	Pair Corr
0.32	CZAVF	CEZ a s	Pair Corr
0.74	ADVWW	Advantage Solutions	Pair Corr
0.37	NYMXF	Nymox Pharmaceutical	Pair Corr
0.67	KTRIF	KTRIF	Pair Corr
0.57	02377BAB2	US02377BAB27	Pair Corr
0.35	WSNAF	Wesana Health Holdings	Pair Corr

Related Correlations Analysis

	DRXGF	PUPOF	DRXGY	CSGEF	BJWTF	EDRWY	TEPCY	CGKEF	PPAAF	EPWDF
DRXGF		0.81	0.52	0.2	-0.29	-0.22	0.0	0.0	-0.44	0.0	DRXGF
PUPOF	0.81		0.78	0.03	-0.18	-0.44	0.0	0.0	-0.62	0.0	PUPOF
DRXGY	0.52	0.78		0.09	0.23	-0.6	0.0	0.0	-0.51	0.0	DRXGY
CSGEF	0.2	0.03	0.09		-0.08	0.07	0.0	0.0	0.27	0.0	CSGEF
BJWTF	-0.29	-0.18	0.23	-0.08		-0.68	0.0	0.0	0.11	0.0	BJWTF
EDRWY	-0.22	-0.44	-0.6	0.07	-0.68		0.0	0.0	0.28	0.0	EDRWY
TEPCY	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	TEPCY
CGKEF	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	CGKEF
PPAAF	-0.44	-0.62	-0.51	0.27	0.11	0.28	0.0	0.0		0.0	PPAAF
EPWDF	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		EPWDF
	DRXGF	PUPOF	DRXGY	CSGEF	BJWTF	EDRWY	TEPCY	CGKEF	PPAAF	EPWDF

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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

PUPOF	+ 0.81	DRXGF
DRXGY	+ 0.78	PUPOF
DRXGY	+ 0.52	DRXGF
PPAAF	+ 0.28	EDRWY
PPAAF	+ 0.27	CSGEF
BJWTF	+ 0.23	DRXGY

High negative correlations

EDRWY	- 0.68	BJWTF
PPAAF	- 0.62	PUPOF
EDRWY	- 0.6	DRXGY
PPAAF	- 0.51	DRXGY
EDRWY	- 0.44	PUPOF
PPAAF	- 0.44	DRXGF

Risk-Adjusted Indicators

There is a big difference between Scatec Pink Sheet performing well and Scatec ASA 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 Scatec ASA'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
DRXGF	0.52	0.23	0.00	(4.16)	0.00	0.00	1.35	0.00	9.36
PUPOF	1.62	0.71	0.00	0.47	0.00	0.00	0.00	0.00	54.28
DRXGY	0.50	0.02	0.00	(0.04)	0.00	0.00	1.69	(1.09)	8.67
CSGEF	0.57	0.00	0.00	0.06	0.00	0.00	0.00	0.00	35.00
BJWTF	0.18	(0.10)	0.00	0.92	0.00	0.00	0.00	0.00	6.06
EDRWY	0.44	0.12	0.00	0.85	0.00	0.00	0.00	0.00	19.43
TEPCY	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
CGKEF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
PPAAF	18.83	6.28	0.30	(5.67)	16.25	(23.42)	49.07	(30.58)	72.61
EPWDF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Be your own money manager

Our tools can tell you how much better you can do entering a position in Scatec ASA 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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Scatec ASA Corporate Management

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