0641594A1 Correlations

0641594A1

94.30 0.87 0.91%

The current 90-days correlation between BANK OF NOVA and Hurco Companies is 0.13 (i.e., Average diversification). The correlation of 0641594A1 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.

0641594A1 Correlation With Market

Average diversification

The correlation between BANK OF NOVA and DJI is 0.16 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding BANK OF NOVA and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to 0641594A1 could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace 0641594A1 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 0641594A1 - 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 BANK OF NOVA to buy it.

Moving together with 0641594A1 Bond

0.71	90331HPL1	US BANK NATIONAL	Pair Corr
0.78	PFE	Pfizer Inc Aggressive Push	Pair Corr

Moving against 0641594A1 Bond

0.82	DIS	Walt Disney Aggressive Push	Pair Corr
0.66	BAC	Bank of America Aggressive Push	Pair Corr
0.64	JPM	JPMorgan Chase Sell-off Trend	Pair Corr
0.62	WMT	Walmart Aggressive Push	Pair Corr
0.52	T	ATT Inc Aggressive Push	Pair Corr
0.52	AXP	American Express Fiscal Year End 24th of January 2025	Pair Corr
0.51	AA	Alcoa Corp Fiscal Year End 15th of January 2025	Pair Corr
0.39	INTC	Intel Fiscal Year End 23rd of January 2025	Pair Corr

Related Correlations Analysis

	HURC	PKOH	LOMLF	EME	UNMK	GFF	DFH	MYRG
HURC		0.58	0.1	0.85	0.0	0.55	-0.26	0.81	HURC
PKOH	0.58		-0.32	0.77	0.0	0.76	-0.3	0.8	PKOH
LOMLF	0.1	-0.32		-0.06	0.0	-0.35	0.47	-0.19	LOMLF
EME	0.85	0.77	-0.06		0.0	0.69	-0.29	0.93	EME
UNMK	0.0	0.0	0.0	0.0		0.0	0.0	0.0	UNMK
GFF	0.55	0.76	-0.35	0.69	0.0		-0.11	0.65	GFF
DFH	-0.26	-0.3	0.47	-0.29	0.0	-0.11		-0.48	DFH
MYRG	0.81	0.8	-0.19	0.93	0.0	0.65	-0.48		MYRG
	HURC	PKOH	LOMLF	EME	UNMK	GFF	DFH	MYRG

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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

MYRG	+ 0.93	EME
EME	+ 0.85	HURC
MYRG	+ 0.81	HURC
MYRG	+ 0.8	PKOH
EME	+ 0.77	PKOH
GFF	+ 0.76	PKOH

High negative correlations

MYRG	- 0.48	DFH
GFF	- 0.35	LOMLF
LOMLF	- 0.32	PKOH
DFH	- 0.3	PKOH
DFH	- 0.29	EME
DFH	- 0.26	HURC

Risk-Adjusted Indicators

There is a big difference between 0641594A1 Bond performing well and 0641594A1 Corporate Bond 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 0641594A1'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
HURC	1.87	0.43	0.21	0.76	1.42	(2.22)	4.37	(3.00)	18.87
PKOH	1.59	(0.15)	0.01	0.06	1.95	(1.65)	2.61	(3.59)	19.17
LOMLF	1.90	(0.12)	0.00	(1.26)	0.00	0.00	4.76	(4.55)	9.76
EME	1.38	0.31	0.15	0.34	1.87	(1.54)	3.31	(2.67)	10.81
UNMK	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
GFF	1.74	0.20	0.14	0.24	1.74	(1.99)	3.14	(3.11)	22.84
DFH	2.42	(0.16)	(0.03)	0.02	2.83	(2.79)	5.24	(4.21)	13.37
MYRG	2.10	0.47	0.24	0.38	1.82	(2.50)	5.71	(3.54)	17.58

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Our tools can tell you how much better you can do entering a position in 0641594A1 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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