Telenor ASA Correlations

TELNY Stock

USD 11.61 0.06 0.52%

The current 90-days correlation between Telenor ASA ADR and Hellenic Telecommunications Org is 0.07 (i.e., Significant diversification). The correlation of Telenor ASA 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.

Telenor ASA Correlation With Market

Good diversification

The correlation between Telenor ASA ADR and DJI is -0.06 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Telenor ASA ADR and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Telenor Pink Sheet

0.8	VNTN	VentureNet Capital	Pair Corr
0.72	JNJ	Johnson Johnson Earnings Call This Week	Pair Corr
0.61	DD	Dupont De Nemours Fiscal Year End 4th of February 2025	Pair Corr
0.65	HPQ	HP Inc	Pair Corr

Moving against Telenor Pink Sheet

0.77	BA	Boeing Fiscal Year End 29th of January 2025	Pair Corr
0.63	AXP	American Express Earnings Call This Week	Pair Corr
0.59	DIS	Walt Disney	Pair Corr
0.57	MSFT	Microsoft Earnings Call Next Week	Pair Corr
0.56	CSCO	Cisco Systems Aggressive Push	Pair Corr
0.55	IBM	International Business Fiscal Year End 22nd of January 2025	Pair Corr
0.51	OPFI	OppFi Inc	Pair Corr
0.51	EXEEW	Expand Energy Symbol Change	Pair Corr
0.38	17298CHT8	US17298CHT80	Pair Corr
0.32	T	ATT Inc Earnings Call This Week	Pair Corr

Related Correlations Analysis

	PCWLF	HLTOY	TEF	PTXKY	MTNOY	VDMCY	KT	TLSNY	TLTZY
PCWLF		-0.47	-0.29	-0.14	0.4	-0.47	-0.09	0.0	-0.55	PCWLF
HLTOY	-0.47		0.56	0.01	0.06	0.74	-0.26	0.0	0.64	HLTOY
TEF	-0.29	0.56		0.12	0.27	0.68	0.11	0.0	0.56	TEF
PTXKY	-0.14	0.01	0.12		0.19	0.36	-0.25	0.0	0.1	PTXKY
MTNOY	0.4	0.06	0.27	0.19		0.33	-0.2	0.0	0.06	MTNOY
VDMCY	-0.47	0.74	0.68	0.36	0.33		-0.17	0.0	0.64	VDMCY
KT	-0.09	-0.26	0.11	-0.25	-0.2	-0.17		0.0	-0.07	KT
TLSNY	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	TLSNY
TLTZY	-0.55	0.64	0.56	0.1	0.06	0.64	-0.07	0.0		TLTZY
	PCWLF	HLTOY	TEF	PTXKY	MTNOY	VDMCY	KT	TLSNY	TLTZY

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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

VDMCY	+ 0.74	HLTOY
VDMCY	+ 0.68	TEF
TLTZY	+ 0.64	HLTOY
TLTZY	+ 0.64	VDMCY
TEF	+ 0.56	HLTOY
TLTZY	+ 0.56	TEF

High negative correlations

TLTZY	- 0.55	PCWLF
VDMCY	- 0.47	PCWLF
HLTOY	- 0.47	PCWLF
TEF	- 0.29	PCWLF
KT	- 0.26	HLTOY
KT	- 0.25	PTXKY

Risk-Adjusted Indicators

There is a big difference between Telenor Pink Sheet performing well and Telenor ASA 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 Telenor ASA'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
PCWLF	3.45	0.18	0.04	0.19	3.52	(5.22)	7.69	(7.14)	17.14
HLTOY	1.75	(0.15)	0.00	(0.16)	0.00	0.00	4.06	(4.14)	16.57
TEF	0.87	(0.21)	0.00	(0.63)	0.00	0.00	1.86	(1.90)	5.95
PTXKY	3.80	0.01	(0.01)	0.01	4.36	(5.80)	8.33	(8.48)	32.87
MTNOY	2.01	0.13	0.05	0.33	2.35	(2.13)	3.77	(3.46)	16.62
VDMCY	1.63	(0.14)	0.00	0.87	0.00	0.00	2.84	(3.45)	10.10
KT	1.35	0.08	0.04	0.17	1.86	(1.55)	3.12	(2.62)	10.73
TLSNY	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
TLTZY	1.87	(0.07)	0.00	(0.10)	0.00	0.00	4.81	(4.23)	17.50

Be your own money manager

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