UPM Kymmene Correlations
| UPM Stock | EUR 25.90 0.25 0.97% |
The current 90-days correlation between UPM Kymmene Oyj and Wartsila Oyj Abp is 0.38 (i.e., Weak diversification). The correlation of UPM Kymmene 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.
UPM Kymmene Correlation With Market
Average diversification
The correlation between UPM Kymmene Oyj and DJI is 0.14 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding UPM Kymmene Oyj and DJI in the same portfolio, assuming nothing else is changed.
UPM |
The ability to find closely correlated positions to UPM Kymmene could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace UPM Kymmene 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 UPM Kymmene - 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 UPM Kymmene Oyj to buy it.
Moving together with UPM Stock
| 0.74 | TEM1V | Tecnotree Oyj | PairCorr |
| 0.9 | ASPO | Aspo Oyj | PairCorr |
| 0.7 | FIA1S | Finnair Oyj | PairCorr |
| 0.72 | TULAV | Tulikivi Oyj A | PairCorr |
| 0.92 | EXL1V | Exel Composites Oyj | PairCorr |
Moving against UPM Stock
| 0.76 | NLG1V | Nurminen Logistics Oyj | PairCorr |
| 0.71 | DIGIGR | Digitalist Group Oyj | PairCorr |
| 0.67 | KESKOA | Kesko Oyj | PairCorr |
Related Correlations Analysis
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UPM Kymmene Corporate Management
Elected by the shareholders, the UPM Kymmene's board of directors comprises two types of representatives: UPM Kymmene inside directors who are chosen from within the company, and outside directors, selected externally and held independent of UPM. The board's role is to monitor UPM Kymmene's management team and ensure that shareholders' interests are well served. UPM Kymmene's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, UPM Kymmene's outside directors are responsible for providing unbiased perspectives on the board's policies.