Thirdeye Systems Correlations

THES Stock

512.90 5.90 1.16%

The current 90-days correlation between Thirdeye Systems and ES Australia Israel is -0.1 (i.e., Good diversification). The correlation of Thirdeye Systems 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.

Thirdeye Systems Correlation With Market

Good diversification

The correlation between Thirdeye Systems and DJI is -0.03 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Thirdeye Systems and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Thirdeye Stock

0.61

CRMT

Carmit

Pair Corr

Moving against Thirdeye Stock

0.49	ORA	Ormat Technologies	Pair Corr
0.47	LUMI	Bank Leumi Le	Pair Corr
0.46	PHOE	Phoenix Holdings	Pair Corr
0.45	NTO	Neto ME Holdings	Pair Corr
0.42	MZTF	Mizrahi Tefahot	Pair Corr
0.42	ILDR	Israel Land Development	Pair Corr
0.42	LHIS	Lachish	Pair Corr
0.39	DSCT	Israel Discount Bank	Pair Corr
0.38	PRTC	Priortech	Pair Corr
0.32	HARL	Harel Insurance Inve	Pair Corr
0.32	0P00013UB9	Yelin Lapidot Growth	Pair Corr
0.45	BRIH	Rav Bariach 08	Pair Corr
0.43	BIG	Big Shopping Centers	Pair Corr
0.42	PIU	Poalim Ibi	Pair Corr
0.41	MTDS	Meitav Dash Investments	Pair Corr
0.38	BLSR	Blue Square Real	Pair Corr
0.35	MVNE	Mivne Real Estate	Pair Corr
0.34	ISOP-L	Israel Opportunity	Pair Corr
0.33	PLNT	Plantarc Bio	Pair Corr

Related Correlations Analysis

	AUIS	ELSPC	AUGN	SCDX	VISN	FRDN	BIRM	AMAN	GKL
AUIS		0.12	0.04	0.27	0.24	-0.25	0.02	-0.56	0.37	AUIS
ELSPC	0.12		-0.17	0.48	-0.5	-0.65	-0.23	-0.59	0.69	ELSPC
AUGN	0.04	-0.17		0.24	0.28	0.39	0.63	0.06	-0.22	AUGN
SCDX	0.27	0.48	0.24		-0.03	-0.31	-0.18	-0.58	0.53	SCDX
VISN	0.24	-0.5	0.28	-0.03		0.44	0.34	0.03	-0.4	VISN
FRDN	-0.25	-0.65	0.39	-0.31	0.44		0.48	0.72	-0.71	FRDN
BIRM	0.02	-0.23	0.63	-0.18	0.34	0.48		0.11	-0.27	BIRM
AMAN	-0.56	-0.59	0.06	-0.58	0.03	0.72	0.11		-0.74	AMAN
GKL	0.37	0.69	-0.22	0.53	-0.4	-0.71	-0.27	-0.74		GKL
	AUIS	ELSPC	AUGN	SCDX	VISN	FRDN	BIRM	AMAN	GKL

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

AMAN	+ 0.72	FRDN
GKL	+ 0.69	ELSPC
BIRM	+ 0.63	AUGN
GKL	+ 0.53	SCDX
SCDX	+ 0.48	ELSPC
BIRM	+ 0.48	FRDN

High negative correlations

GKL	- 0.74	AMAN
GKL	- 0.71	FRDN
FRDN	- 0.65	ELSPC
AMAN	- 0.59	ELSPC
AMAN	- 0.58	SCDX
AMAN	- 0.56	AUIS

Risk-Adjusted Indicators

There is a big difference between Thirdeye Stock performing well and Thirdeye Systems 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 Thirdeye Systems' 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
AUIS	1.31	0.02	0.00	0.04	0.00	0.00	4.85	(4.64)	14.75
ELSPC	2.01	(0.28)	0.00	0.97	0.00	0.00	4.55	(3.99)	12.19
AUGN	2.96	0.22	0.02	(0.14)	3.35	(4.39)	6.95	(7.45)	32.75
SCDX	1.26	(0.19)	0.00	0.52	0.00	0.00	3.72	(2.82)	12.62
VISN	0.49	0.06	0.00	(0.15)	0.00	0.00	2.28	(2.34)	10.01
FRDN	1.69	0.40	0.17	5.41	1.17	(2.98)	3.74	(3.49)	20.56
BIRM	1.36	(0.01)	0.00	0.10	0.00	0.00	3.87	(4.87)	14.61
AMAN	1.48	0.60	0.37	2.19	0.67	(2.09)	4.96	(1.56)	12.51
GKL	0.46	(0.19)	0.00	1.93	0.00	0.00	0.37	(1.89)	5.05

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

ES Australia Israel Elspec Augwind Energy Tech Scodix Vision Sigma Fridenson Birman Wood and Amanet Management Systems Global Knafaim Leasing American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup SentinelOne

Risk & Return

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