Top Group Correlations

TOPG Stock

1,268 18.00 1.44%

The current 90-days correlation between Top Group Software and Rotshtein is -0.12 (i.e., Good diversification). The correlation of Top Group 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.

Top Group Correlation With Market

Excellent diversification

The correlation between Top Group Software and DJI is -0.54 (i.e., Excellent diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Top Group Software and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Top Stock

0.74	FIBI	First International Bank	Pair Corr
0.7	STRS	Strauss Group	Pair Corr
0.68	DSCT	Israel Discount Bank	Pair Corr
0.63	KEN	Kenon Holdings	Pair Corr
0.59	HAMAT	Hamat Group	Pair Corr
0.58	ICON	Icon Group	Pair Corr
0.57	SHAN	Shaniv	Pair Corr
0.57	CRMT	Carmit	Pair Corr
0.55	MZTF	Mizrahi Tefahot Earnings Call Today	Pair Corr
0.55	CNZN	Canzon Israel	Pair Corr
0.51	LUMI	Bank Leumi Le Earnings Call This Week	Pair Corr
0.46	NVPT	Navitas Petroleum	Pair Corr
0.44	GFC-M	GFC Green Fields	Pair Corr
0.39	AFHL	Afcon Holdings	Pair Corr
0.36	MDTR	Mediterranean Towers	Pair Corr
0.31	AZRG	Azrieli Group	Pair Corr
0.76	ISCD	Isracard	Pair Corr
0.75	MMHD	Menora Miv Hld	Pair Corr
0.67	CLIS	Clal Insurance Enter	Pair Corr
0.63	PHOE	Phoenix Holdings	Pair Corr
0.59	ALMD	Allmed Solutions	Pair Corr
0.57	PTNR	Partner	Pair Corr
0.56	ENLT	Enlight Renewable Energy	Pair Corr
0.56	LPHL-L	Lapidoth Heletz	Pair Corr
0.49	KNFM	Knafaim	Pair Corr
0.44	SCOP	Scope Metals Group	Pair Corr
0.43	ALBA	Al Bad Massuot	Pair Corr
0.38	MTDS	Meitav Dash Investments	Pair Corr

Related Correlations Analysis

	DLTI	DLEA	MAXO	CAST	ISTA	DUNI	FOX	TRX	ROTS
DLTI		-0.37	0.79	-0.3	0.56	-0.19	-0.36	0.84	0.35	DLTI
DLEA	-0.37		-0.61	0.91	-0.16	0.21	0.9	-0.12	0.16	DLEA
MAXO	0.79	-0.61		-0.57	0.57	-0.21	-0.65	0.74	0.46	MAXO
CAST	-0.3	0.91	-0.57		-0.23	0.11	0.92	-0.13	0.08	CAST
ISTA	0.56	-0.16	0.57	-0.23		0.41	-0.3	0.63	0.6	ISTA
DUNI	-0.19	0.21	-0.21	0.11	0.41		0.27	-0.14	0.07	DUNI
FOX	-0.36	0.9	-0.65	0.92	-0.3	0.27		-0.25	-0.06	FOX
TRX	0.84	-0.12	0.74	-0.13	0.63	-0.14	-0.25		0.53	TRX
ROTS	0.35	0.16	0.46	0.08	0.6	0.07	-0.06	0.53		ROTS
	DLTI	DLEA	MAXO	CAST	ISTA	DUNI	FOX	TRX	ROTS

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

FOX	+ 0.92	CAST
CAST	+ 0.91	DLEA
FOX	+ 0.9	DLEA
TRX	+ 0.84	DLTI
MAXO	+ 0.79	DLTI
TRX	+ 0.74	MAXO

High negative correlations

FOX	- 0.65	MAXO
MAXO	- 0.61	DLEA
CAST	- 0.57	MAXO
DLEA	- 0.37	DLTI
FOX	- 0.36	DLTI
FOX	- 0.3	ISTA

Risk-Adjusted Indicators

There is a big difference between Top Stock performing well and Top Group 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 Top Group'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
DLTI	2.27	0.13	(0.01)	(0.12)	3.96	(2.16)	4.07	(5.18)	21.83
DLEA	1.57	(0.51)	0.00	2.26	0.00	0.00	2.98	(3.24)	9.10
MAXO	1.60	0.23	0.06	(1.07)	1.60	(1.98)	4.36	(2.87)	10.01
CAST	2.37	(0.76)	0.00	2.20	0.00	0.00	3.85	(5.22)	14.60
ISTA	1.59	0.08	(0.01)	1.61	1.42	(2.12)	4.61	(2.45)	8.96
DUNI	1.59	0.02	0.00	0.05	0.00	0.00	2.66	(2.91)	19.68
FOX	1.81	(0.43)	0.00	1.22	0.00	0.00	2.99	(4.18)	13.53
TRX	1.93	0.24	0.04	(0.64)	2.16	(2.73)	5.24	(3.58)	22.90
ROTS	1.65	(0.17)	0.00	4.25	0.00	0.00	4.24	(3.45)	12.80

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

Delta Israel Brands Delek Automotive Systems Max Stock Castro Issta Lines Duniec Fox Wizel Terminal X Online Rotshtein American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup SentinelOne

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