SoftwareOne Holding Correlations

SWON Stock

83.71 1.21 1.47%

The current 90-days correlation between SoftwareOne Holding and Austevoll Seafood ASA is -0.01 (i.e., Good 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

Excellent diversification

The correlation between SoftwareOne Holding and DJI is -0.61 (i.e., Excellent 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 against SoftwareOne Stock

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0.91	BWLPG	BW LPG Earnings Call This Week	Pair Corr
0.9	TGS	TGS NOPEC Geophysical	Pair Corr
0.89	TEL	Telenor ASA	Pair Corr
0.87	AKER	Aker ASA	Pair Corr
0.85	DNB	DnB ASA	Pair Corr
0.85	HDLY	Huddly AS	Pair Corr
0.85	CMBTO	CmbTech NV	Pair Corr
0.82	VAR	Var Energi ASA	Pair Corr
0.8	YAR	Yara International ASA	Pair Corr
0.75	AKRBP	Aker BP ASA	Pair Corr
0.7	NHY	Norsk Hydro ASA	Pair Corr
0.69	BONHR	Bonheur	Pair Corr
0.69	BNOR	BlueNord ASA	Pair Corr
0.67	BWO	BW Offshore	Pair Corr
0.53	NORAM	NorAm Drilling AS	Pair Corr
0.52	NORTH	North Energy ASA	Pair Corr
0.51	PEN	Panoro Energy ASA	Pair Corr
0.41	EAM	EAM Solar ASA	Pair Corr
0.33	SKUE	Skue Sparebank	Pair Corr
0.91	ORK	Orkla ASA	Pair Corr
0.91	FRO	Frontline	Pair Corr
0.89	KOG	Kongsberg Gruppen ASA	Pair Corr
0.88	WWI	Wilh Wilhelmsen Holding	Pair Corr
0.88	ODL	Odfjell Drilling	Pair Corr
0.84	ARCH	Archer Limited	Pair Corr
0.84	HSHP	Himalaya Shipping	Pair Corr
0.84	DELIA	Dellia Grp ASA	Pair Corr
0.84	B2I	B2 Impact ASA	Pair Corr
0.83	SEA1	Sea1 Offshore	Pair Corr
0.76	NSKOG	Norske Skog Asa	Pair Corr
0.75	IWS	Integrated Wind Solutions	Pair Corr

Related Correlations Analysis

	NAPA	STECH	LOKO	OTL	XPLRA	AUSS
NAPA		0.4	-0.59	0.49	0.63	-0.1	NAPA
STECH	0.4		-0.52	0.81	0.11	0.59	STECH
LOKO	-0.59	-0.52		-0.6	-0.59	-0.08	LOKO
OTL	0.49	0.81	-0.6		0.33	0.59	OTL
XPLRA	0.63	0.11	-0.59	0.33		-0.22	XPLRA
AUSS	-0.1	0.59	-0.08	0.59	-0.22		AUSS
	NAPA	STECH	LOKO	OTL	XPLRA	AUSS

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

OTL	+ 0.81	STECH
XPLRA	+ 0.63	NAPA
AUSS	+ 0.59	STECH
AUSS	+ 0.59	OTL
OTL	+ 0.49	NAPA
STECH	+ 0.4	NAPA

High negative correlations

OTL	- 0.6	LOKO
XPLRA	- 0.59	LOKO
LOKO	- 0.59	NAPA
LOKO	- 0.52	STECH
AUSS	- 0.22	XPLRA
AUSS	- 0.1	NAPA

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
NAPA	2.75	0.37	0.11	0.66	2.75	(3.36)	6.55	(4.79)	20.26
STECH	1.65	0.32	0.09	0.66	2.18	(1.81)	3.69	(2.90)	18.92
LOKO	2.27	(0.10)	0.00	(1.19)	0.00	0.00	4.62	(4.00)	21.29
OTL	1.22	0.31	0.17	(11.88)	0.97	(1.51)	3.14	(1.97)	7.24
XPLRA	1.37	0.06	0.01	0.21	1.68	(1.69)	3.21	(2.94)	8.08
AUSS	0.90	0.16	0.09	0.91	0.93	(1.05)	1.67	(1.66)	7.11

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.

Napatech AS Soiltech ASA Lokotech Group AS Odfjell Technology Xplora Technologies As Austevoll Seafood ASA American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup SentinelOne CVS Health Corp Chevron Corp The Home Depot

Risk & Return

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