Tectona Correlations

TECT Stock

264.40 8.30 3.04%

The current 90-days correlation between Tectona and Ratio Oil Explorations is 0.16 (i.e., Average 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

Excellent diversification

The correlation between Tectona and DJI is -0.55 (i.e., Excellent 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.

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 against Tectona Stock

0.63	CLIS	Clal Insurance Enter	Pair Corr
0.6	DSCT	Israel Discount Bank	Pair Corr
0.53	MZTF	Mizrahi Tefahot	Pair Corr
0.53	ENLT	Enlight Renewable Energy Earnings Call This Week	Pair Corr
0.52	AMDA	Almeda Ventures	Pair Corr
0.5	ILDR	Israel Land Development	Pair Corr
0.48	LUMI	Bank Leumi Le	Pair Corr
0.45	RMLI	Rami Levi	Pair Corr
0.44	NERZ	New Horizon Group	Pair Corr
0.44	ASHO	Ashot Ashkelon Industries	Pair Corr
0.43	ORA	Ormat Technologies	Pair Corr
0.43	PMNT	Payment Financial	Pair Corr
0.43	CNZN	Canzon Israel	Pair Corr
0.37	MAXO	Max Stock	Pair Corr
0.32	SHVA	Automatic Bank Services	Pair Corr
0.72	HARL	Harel Insurance Inve	Pair Corr
0.68	DRAL	Dor Alon	Pair Corr
0.65	FIBI	First International Bank	Pair Corr
0.64	ALMD	Allmed Solutions	Pair Corr
0.63	HGGE	Hagag Europe Development	Pair Corr
0.57	BEZQ	Bezeq Israeli Teleco	Pair Corr
0.54	AILN	Axilion Smart Mobility	Pair Corr
0.54	NTO	Neto ME Holdings	Pair Corr
0.52	IDIN	IDI Insurance	Pair Corr
0.51	QLTU	Qualitau	Pair Corr
0.51	TRPZ	Turpaz Industries	Pair Corr

Related Correlations Analysis

	LUMI	ICL	MZTF	AZRG	ESLT	DSCT	RATI
LUMI		-0.61	0.96	0.75	0.83	0.95	0.6	LUMI
ICL	-0.61		-0.68	-0.16	-0.38	-0.61	0.0	ICL
MZTF	0.96	-0.68		0.7	0.74	0.97	0.52	MZTF
AZRG	0.75	-0.16	0.7		0.9	0.67	0.87	AZRG
ESLT	0.83	-0.38	0.74	0.9		0.71	0.83	ESLT
DSCT	0.95	-0.61	0.97	0.67	0.71		0.51	DSCT
RATI	0.6	0.0	0.52	0.87	0.83	0.51		RATI
	LUMI	ICL	MZTF	AZRG	ESLT	DSCT	RATI

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

DSCT	+ 0.97	MZTF
MZTF	+ 0.96	LUMI
DSCT	+ 0.95	LUMI
ESLT	+ 0.9	AZRG
RATI	+ 0.87	AZRG
ESLT	+ 0.83	LUMI

High negative correlations

MZTF	- 0.68	ICL
DSCT	- 0.61	ICL
ICL	- 0.61	LUMI
ESLT	- 0.38	ICL
AZRG	- 0.16	ICL
RATI	- 0.0	ICL

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
LUMI	1.17	0.34	0.21	(17.01)	1.01	(1.31)	2.89	(2.18)	6.10
ICL	1.59	(0.29)	0.00	(0.43)	0.00	0.00	2.69	(3.22)	15.34
MZTF	1.28	0.32	0.18	(22.45)	1.21	(1.45)	2.70	(1.68)	8.39
AZRG	1.39	0.47	0.32	(2.50)	0.83	(1.68)	3.00	(2.13)	10.94
ESLT	1.81	0.44	0.19	1.59	1.65	(2.04)	6.20	(2.89)	12.74
DSCT	1.26	0.39	0.21	8.10	1.22	(1.43)	3.09	(1.81)	10.42
RATI	1.30	0.13	0.04	1.46	1.58	(1.41)	3.06	(2.76)	6.90

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.

Bank Leumi Le Israel ICL Israel Chemicals Mizrahi Tefahot Azrieli Group Elbit Systems Israel Discount Bank Ratio Oil Explorations American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup SentinelOne CVS Health Corp Chevron Corp

Risk & Return

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