EQUINOR Correlations

29446MAD4

96.34 2.92 2.94%

The current 90-days correlation between EQUINOR ASA and IPG Photonics is 0.18 (i.e., Average diversification). The correlation of EQUINOR 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.

EQUINOR Correlation With Market

Significant diversification

The correlation between EQUINOR ASA and DJI is 0.08 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding EQUINOR ASA and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with EQUINOR Bond

0.62

90331HPL1

US BANK NATIONAL

Pair Corr

Moving against EQUINOR Bond

0.63	CVX	Chevron Corp Sell-off Trend	Pair Corr
0.62	JPM	JPMorgan Chase Sell-off Trend	Pair Corr
0.51	AXP	American Express Fiscal Year End 24th of January 2025	Pair Corr
0.47	T	ATT Inc Aggressive Push	Pair Corr
0.43	CSCO	Cisco Systems Aggressive Push	Pair Corr
0.35	INTC	Intel Fiscal Year End 23rd of January 2025	Pair Corr

Related Correlations Analysis

	IPGP	ACCO	ADI	TOWTF	HNI	FLEX	ALNT	RBC
IPGP		0.29	0.16	0.0	0.28	0.78	0.05	0.32	IPGP
ACCO	0.29		-0.53	0.0	0.73	0.63	0.83	0.82	ACCO
ADI	0.16	-0.53		0.0	-0.33	-0.27	-0.66	-0.5	ADI
TOWTF	0.0	0.0	0.0		0.0	0.0	0.0	0.0	TOWTF
HNI	0.28	0.73	-0.33	0.0		0.71	0.77	0.81	HNI
FLEX	0.78	0.63	-0.27	0.0	0.71		0.58	0.75	FLEX
ALNT	0.05	0.83	-0.66	0.0	0.77	0.58		0.87	ALNT
RBC	0.32	0.82	-0.5	0.0	0.81	0.75	0.87		RBC
	IPGP	ACCO	ADI	TOWTF	HNI	FLEX	ALNT	RBC

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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

RBC	+ 0.87	ALNT
ALNT	+ 0.83	ACCO
RBC	+ 0.82	ACCO
RBC	+ 0.81	HNI
FLEX	+ 0.78	IPGP
ALNT	+ 0.77	HNI

High negative correlations

ALNT	- 0.66	ADI
ADI	- 0.53	ACCO
RBC	- 0.5	ADI
HNI	- 0.33	ADI
FLEX	- 0.27	ADI
RBC	- 0.0	TOWTF

Risk-Adjusted Indicators

There is a big difference between EQUINOR Bond performing well and EQUINOR 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 EQUINOR'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
IPGP	1.68	(0.01)	0.03	0.11	1.86	(1.78)	4.46	(3.32)	11.69
ACCO	1.65	(0.08)	0.00	0.07	1.74	(1.94)	4.55	(3.11)	10.48
ADI	1.54	(0.26)	0.00	(0.05)	0.00	0.00	2.90	(3.05)	9.32
TOWTF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
HNI	1.21	(0.06)	(0.01)	0.07	1.41	(1.18)	2.45	(2.19)	7.95
FLEX	1.84	0.08	0.09	0.15	1.79	(2.33)	5.67	(2.91)	10.39
ALNT	2.13	0.12	0.09	0.18	2.38	(2.35)	5.25	(4.45)	11.31
RBC	1.03	0.05	0.09	0.15	0.95	(1.16)	2.12	(1.98)	11.43

Be your own money manager

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