SANDVIK Correlations

SVKB Stock

EUR 33.17 0.43 1.28%

The current 90-days correlation between SANDVIK and Datang International Power is -0.03 (i.e., Good diversification). The correlation of SANDVIK 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.

SANDVIK Correlation With Market

Poor diversification

The correlation between SANDVIK and DJI is 0.79 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SANDVIK and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with SANDVIK Stock

0.68	KBIA	KB Financial Group	Pair Corr
0.86	ECHA	Ecopetrol SA	Pair Corr
0.87	ECHA	Ecopetrol SA	Pair Corr
0.83	6GAA	Grupo Aval Acciones	Pair Corr
0.74	6GAA	Grupo Aval Acciones	Pair Corr
0.73	2WGA	WOORI FIN GRP Earnings Call This Week	Pair Corr
0.87	MFZA	Mitsubishi UFJ Financial Earnings Call This Week	Pair Corr
0.85	FM7	Meta Financial Group	Pair Corr
0.78	TF7A	Tyson Foods Earnings Call Today	Pair Corr
0.74	DBPE	Xtrackers LevDAX	Pair Corr
0.64	E908	Lyxor 1	Pair Corr

Moving against SANDVIK Stock

0.77

DBPD

Xtrackers ShortDAX

Pair Corr

Related Correlations Analysis

	DOC2	TSFA	LTT	2DG	BSI	ADP	BJI
DOC2		-0.28	-0.54	-0.33	-0.21	0.11	0.38	DOC2
TSFA	-0.28		0.85	0.13	0.93	-0.01	0.06	TSFA
LTT	-0.54	0.85		0.34	0.8	0.1	-0.19	LTT
2DG	-0.33	0.13	0.34		-0.07	0.31	-0.47	2DG
BSI	-0.21	0.93	0.8	-0.07		0.03	0.23	BSI
ADP	0.11	-0.01	0.1	0.31	0.03		0.08	ADP
BJI	0.38	0.06	-0.19	-0.47	0.23	0.08		BJI
	DOC2	TSFA	LTT	2DG	BSI	ADP	BJI

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

BSI	+ 0.93	TSFA
LTT	+ 0.85	TSFA
BSI	+ 0.8	LTT
BJI	+ 0.38	DOC2
2DG	+ 0.34	LTT
ADP	+ 0.31	2DG

High negative correlations

LTT	- 0.54	DOC2
BJI	- 0.47	2DG
2DG	- 0.33	DOC2
TSFA	- 0.28	DOC2
BSI	- 0.21	DOC2
BJI	- 0.19	LTT

Risk-Adjusted Indicators

There is a big difference between SANDVIK Stock performing well and SANDVIK 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 SANDVIK'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
DOC2	1.19	(0.08)	0.00	0.37	0.00	0.00	2.44	(4.65)	14.17
TSFA	1.65	0.16	0.07	0.44	1.73	(1.84)	3.62	(2.89)	11.15
LTT	2.65	0.25	0.08	0.53	2.69	(3.28)	6.26	(4.29)	16.74
2DG	2.87	0.00	0.00	0.04	0.00	0.00	8.57	(5.88)	18.33
BSI	2.08	0.19	0.07	0.35	2.11	(2.49)	4.89	(3.92)	17.06
ADP	0.90	(0.24)	0.00	(3.39)	0.00	0.00	1.81	(2.36)	5.85
BJI	1.87	(0.06)	0.00	0.41	0.00	0.00	4.17	(4.00)	22.35

Be your own money manager

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