Tectona Correlations
| TECT Stock | 279.30 8.00 2.95% |
The current 90-days correlation between Tectona and Photomyne is 0.03 (i.e., Significant diversification). The correlation of Tectona 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.
Tectona Correlation With Market
Good diversification
The correlation between Tectona 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 Tectona and DJI in the same portfolio, assuming nothing else is changed.
Tectona |
The ability to find closely correlated positions to Tectona could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Tectona 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 Tectona - 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 Tectona to buy it.
Moving together with Tectona Stock
Moving against Tectona Stock
| 0.9 | ILDR | Israel Land Development | PairCorr |
| 0.9 | 0P00013UB9 | Yelin Lapidot Growth | PairCorr |
| 0.87 | LUMI | Bank Leumi Le | PairCorr |
| 0.86 | QLTU | Qualitau | PairCorr |
| 0.86 | ANLT | Analyst IMS Investment | PairCorr |
| 0.85 | NTO | Neto ME Holdings | PairCorr |
| 0.84 | FTAL | Fattal 1998 Holdings | PairCorr |
| 0.82 | HARL | Harel Insurance Inve | PairCorr |
| 0.81 | DSCT | Israel Discount Bank | PairCorr |
| 0.79 | TPGM | Top Gum Industries | PairCorr |
| 0.77 | MZTF | Mizrahi Tefahot | PairCorr |
| 0.76 | PHOE | Phoenix Holdings | PairCorr |
| 0.74 | BLGO | Buligo Capital | PairCorr |
| 0.72 | ORA | Ormat Technologies | PairCorr |
| 0.69 | FBRT | FMS Enterprises Migun | PairCorr |
| 0.63 | ABRA | Abra Information Tec | PairCorr |
| 0.6 | IDIN | IDI Insurance | PairCorr |
| 0.54 | PRTC | Priortech | PairCorr |
| 0.53 | KRDI | Kardan Israel | PairCorr |
| 0.44 | EMTC-M | Elbit Medical Techno | PairCorr |
| 0.42 | BLND | Blender Financial | PairCorr |
| 0.37 | PRIM | Prime Energy PE | PairCorr |
| 0.85 | TTAM | Tiv Taam | PairCorr |
| 0.8 | AFPR | Afi Properties | PairCorr |
| 0.79 | ISOP-L | Israel Opportunity | PairCorr |
| 0.78 | MTDS | Meitav Dash Investments | PairCorr |
| 0.78 | YHNF | M Yochananof | PairCorr |
| 0.77 | PLNT | Plantarc Bio | PairCorr |
| 0.73 | MVNE | Mivne Real Estate | PairCorr |
| 0.71 | BIG | Big Shopping Centers | PairCorr |
| 0.68 | PIU | Poalim Ibi | PairCorr |
| 0.62 | GLTL | Gilat Telecom Global | PairCorr |
| 0.57 | BRIH | Rav Bariach 08 | PairCorr |
Related Correlations Analysis
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
| High negative correlations
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Risk-Adjusted Indicators
There is a big difference between Tectona Stock performing well and Tectona 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 Tectona'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| PHTM | 1.27 | (0.33) | 0.00 | (0.63) | 0.00 | 2.52 | 14.59 | |||
| PMVM | 2.48 | (0.07) | (0.02) | 0.01 | 2.83 | 6.85 | 24.13 | |||
| CLAB | 1.32 | (0.07) | 0.00 | 0.16 | 0.00 | 2.83 | 17.19 | |||
| IDMO | 1.90 | (0.41) | 0.00 | (0.34) | 0.00 | 4.07 | 17.23 | |||
| NRGN | 1.98 | (0.26) | 0.00 | (0.44) | 0.00 | 3.95 | 22.27 | |||
| ROBO | 2.16 | (0.65) | 0.00 | 1.70 | 0.00 | 4.43 | 17.63 | |||
| TNDO | 1.70 | (0.53) | 0.00 | (0.96) | 0.00 | 2.76 | 16.99 | |||
| SNEL | 1.79 | (0.15) | 0.00 | 0.32 | 0.00 | 3.82 | 21.25 | |||
| SPDV | 0.61 | (0.22) | 0.00 | 1.28 | 0.00 | 1.03 | 7.42 | |||
| JNGO | 1.26 | (0.11) | 0.00 | (0.02) | 0.00 | 3.57 | 16.24 |
Tectona 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 Tectona stock to make a market-neutral strategy. Peer analysis of Tectona could also be used in its relative valuation, which is a method of valuing Tectona by comparing valuation metrics with similar companies.
| Risk & Return | Correlation |