Western Bulk Correlations

WEST Stock

11.80 0.10 0.85%

The current 90-days correlation between Western Bulk Chartering and Zaptec AS is 0.04 (i.e., Significant diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Western Bulk moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Western Bulk Chartering moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Western Bulk Correlation With Market

Average diversification

The correlation between Western Bulk Chartering 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 Western Bulk Chartering and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Western Stock

0.78	HAFNI	Hafnia	Pair Corr
0.7	WWIB	Wilh Wilhelmsen Holding	Pair Corr
0.75	HAUTO	Hoegh Autoliners ASA	Pair Corr
0.65	CADLR	Cadeler As	Pair Corr
0.78	OET	Okeanis Eco Tankers	Pair Corr
0.79	KCC	Klaveness Combination	Pair Corr
0.72	PNOR	Petronor EP	Pair Corr
0.77	VAR	Var Energi ASA	Pair Corr

Moving against Western Stock

0.73	SB68	Sparebank 68 Grader	Pair Corr
0.7	EAM	EAM Solar ASA	Pair Corr
0.67	SDSD	SD Standard Drilling	Pair Corr
0.67	KOMPL	Komplett AS	Pair Corr
0.66	BELCO	Belships	Pair Corr
0.65	RING	Sparebank 1 Ringerike	Pair Corr
0.64	JAREN	Jaeren Sparebank	Pair Corr
0.49	CONTX	ContextVision AB	Pair Corr
0.46	DNB	DnB ASA	Pair Corr
0.44	QEC	Questerre Energy	Pair Corr
0.37	ENDUR	Endur ASA	Pair Corr

Related Correlations Analysis

	ZAP	SCATC	HPUR	ELK	IWS	VOW	NORTH	AZT	XXL	EQNR
ZAP		0.39	0.0	0.73	-0.53	-0.62	0.36	0.75	-0.44	-0.38	ZAP
SCATC	0.39		0.0	0.38	-0.33	0.07	0.44	0.18	0.2	0.33	SCATC
HPUR	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	HPUR
ELK	0.73	0.38	0.0		-0.54	-0.41	0.46	0.61	-0.36	-0.43	ELK
IWS	-0.53	-0.33	0.0	-0.54		0.39	-0.3	-0.43	0.23	0.21	IWS
VOW	-0.62	0.07	0.0	-0.41	0.39		0.05	-0.63	0.61	0.51	VOW
NORTH	0.36	0.44	0.0	0.46	-0.3	0.05		0.32	0.11	-0.07	NORTH
AZT	0.75	0.18	0.0	0.61	-0.43	-0.63	0.32		-0.44	-0.51	AZT
XXL	-0.44	0.2	0.0	-0.36	0.23	0.61	0.11	-0.44		0.52	XXL
EQNR	-0.38	0.33	0.0	-0.43	0.21	0.51	-0.07	-0.51	0.52		EQNR
	ZAP	SCATC	HPUR	ELK	IWS	VOW	NORTH	AZT	XXL	EQNR

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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

AZT	+ 0.75	ZAP
ELK	+ 0.73	ZAP
AZT	+ 0.61	ELK
XXL	+ 0.61	VOW
EQNR	+ 0.52	XXL
EQNR	+ 0.51	VOW

High negative correlations

AZT	- 0.63	VOW
VOW	- 0.62	ZAP
IWS	- 0.54	ELK
IWS	- 0.53	ZAP
EQNR	- 0.51	AZT
XXL	- 0.44	AZT

Risk-Adjusted Indicators

There is a big difference between Western Stock performing well and Western Bulk 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 Western Bulk'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
ZAP	3.59	0.58	0.17	2.24	3.36	(4.17)	8.76	(6.65)	34.52
SCATC	1.65	(0.16)	0.00	(3.22)	0.00	0.00	2.69	(3.38)	10.98
HPUR	6.13	(1.30)	0.00	0.62	0.00	0.00	8.99	(17.80)	81.05
ELK	2.14	0.19	0.10	0.48	2.24	(2.48)	4.98	(3.85)	24.58
IWS	1.83	(0.16)	0.00	(0.55)	0.00	0.00	3.83	(4.85)	12.92
VOW	2.15	(0.50)	0.00	(2.34)	0.00	0.00	5.26	(4.84)	15.18
NORTH	2.03	0.05	0.04	0.02	2.15	(3.06)	4.53	(3.70)	17.24
AZT	2.82	0.17	0.08	0.53	2.65	(3.97)	6.68	(4.67)	27.27
XXL	3.60	(0.35)	0.00	(0.79)	0.00	0.00	7.99	(8.08)	37.01
EQNR	1.60	(0.30)	0.00	5.18	0.00	0.00	3.14	(4.14)	9.39

Be your own money manager

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