SoftwareOne Holding Correlations

SWON Stock

112.82 0.86 0.76%

The current 90-days correlation between SoftwareOne Holding and Nordic Mining ASA is 0.28 (i.e., Modest diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as SoftwareOne Holding moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if SoftwareOne Holding moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

SoftwareOne Holding Correlation With Market

Good diversification

The correlation between SoftwareOne Holding and DJI is -0.08 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SoftwareOne Holding and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with SoftwareOne Stock

0.65	GRONG	Grong Sparebank	Pair Corr
0.62	WWI	Wilh Wilhelmsen Holding	Pair Corr
0.63	HDLY	Huddly AS	Pair Corr
0.63	MELG	Melhus Sparebank	Pair Corr
0.61	RANA	Rana Gruber AS	Pair Corr
0.66	ZENA	Zenith Energy	Pair Corr
0.64	ODL	Odfjell Drilling	Pair Corr
0.68	NOL	Northern Ocean	Pair Corr

Moving against SoftwareOne Stock

0.43	EQNR	Equinor ASA	Pair Corr
0.37	AKRBP	Aker BP ASA	Pair Corr
0.35	VAR	Var Energi ASA	Pair Corr
0.34	TEL	Telenor ASA	Pair Corr

Related Correlations Analysis

	NOM	SWON	SEA1	NAPA	AUSS	OTL	EIOF
NOM		0.66	0.82	0.26	-0.18	-0.1	-0.05	NOM
SWON	0.66		0.46	0.36	-0.19	-0.25	-0.2	SWON
SEA1	0.82	0.46		0.15	-0.37	0.15	-0.01	SEA1
NAPA	0.26	0.36	0.15		0.1	-0.41	-0.38	NAPA
AUSS	-0.18	-0.19	-0.37	0.1		0.08	0.48	AUSS
OTL	-0.1	-0.25	0.15	-0.41	0.08		0.56	OTL
EIOF	-0.05	-0.2	-0.01	-0.38	0.48	0.56		EIOF
	NOM	SWON	SEA1	NAPA	AUSS	OTL	EIOF

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

SEA1	+ 0.82	NOM
SWON	+ 0.66	NOM
EIOF	+ 0.56	OTL
EIOF	+ 0.48	AUSS
SEA1	+ 0.46	SWON
NAPA	+ 0.36	SWON

High negative correlations

OTL	- 0.41	NAPA
EIOF	- 0.38	NAPA
AUSS	- 0.37	SEA1
OTL	- 0.25	SWON
EIOF	- 0.2	SWON
AUSS	- 0.19	SWON

Risk-Adjusted Indicators

There is a big difference between SoftwareOne Stock performing well and SoftwareOne Holding 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 SoftwareOne Holding'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
NOM	1.63	0.12	0.02	0.69	2.40	(1.77)	4.14	(2.64)	12.81
SWON	1.94	0.13	0.01	(0.35)	2.43	(2.12)	5.11	(4.15)	14.37
SEA1	1.69	0.05	(0.01)	(0.45)	2.06	(1.85)	3.32	(4.07)	9.76
NAPA	2.74	0.18	0.02	(0.24)	3.55	(2.98)	7.75	(5.17)	24.43
AUSS	0.81	(0.08)	0.00	(0.38)	0.00	0.00	1.90	(1.50)	5.88
OTL	1.25	(0.10)	0.00	0.24	0.00	0.00	2.42	(2.47)	6.26
EIOF	1.22	(0.13)	0.00	3.69	0.00	0.00	2.80	(2.38)	7.13

SoftwareOne Holding 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 SoftwareOne Holding stock to make a market-neutral strategy. Peer analysis of SoftwareOne Holding could also be used in its relative valuation, which is a method of valuing SoftwareOne Holding by comparing valuation metrics with similar companies.

Nordic Mining ASA SoftwareOne Holding Sea1 Offshore Napatech AS Austevoll Seafood ASA Odfjell Technology Eidesvik Offshore ASA American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup SentinelOne CVS Health Corp Chevron Corp

Risk & Return

Correlation

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