CONCORDIA FINL Correlations

YC3 Stock

EUR 5.30 0.05 0.95%

The current 90-days correlation between CONCORDIA FINL GROUP and China Merchants Bank is 0.2 (i.e., Modest diversification). The correlation of CONCORDIA FINL 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.

CONCORDIA FINL Correlation With Market

Average diversification

The correlation between CONCORDIA FINL GROUP 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 CONCORDIA FINL GROUP and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with CONCORDIA Stock

0.7	HDFA	HDFC Bank Limited	Pair Corr
0.64	ICBA	ICICI Bank Limited Earnings Call Tomorrow	Pair Corr
0.85	DEVL	DBS Group Holdings	Pair Corr
0.9	MZ8	Mizuho Financial	Pair Corr
0.91	MZ8A	Mizuho Financial	Pair Corr
0.85	5JP	Japan Post Bank	Pair Corr
0.65	APC	Apple Inc	Pair Corr
0.83	NY70	MOLSON RS BEVERAGE	Pair Corr
0.87	XKR	KAR Auction Services	Pair Corr
0.87	1FA	SPROUTS FARMERS MKT	Pair Corr
0.87	HEI	Heidelberg Materials	Pair Corr
0.88	RHM	Rheinmetall AG	Pair Corr
0.77	FDX	FedEx	Pair Corr
0.73	NTOA	Nintendo	Pair Corr
0.67	C8C	Consolidated Communications	Pair Corr
0.78	FAA	FABASOFT Dusseldorf	Pair Corr
0.64	AAH	AHLERS	Pair Corr
0.67	KEL	Kellogg Company	Pair Corr
0.88	FOO	Salesforce	Pair Corr

Moving against CONCORDIA Stock

0.75	BYRA	PT Bank Rakyat	Pair Corr
0.65	BYRA	BANK RAKYAT IND	Pair Corr
0.61	PQ9	PT Bank Mandiri	Pair Corr
0.6	SSU	Samsung Electronics	Pair Corr
0.6	BYRA	BANK RAKYAT IND	Pair Corr
0.58	SSU	Samsung Electronics	Pair Corr
0.5	SSUN	Samsung Electronics	Pair Corr
0.49	BZG2	PT Bank Central Earnings Call This Week	Pair Corr
0.48	SSUN	Samsung Electronics	Pair Corr
0.4	BYRA	PT Bank Rakyat	Pair Corr
0.78	PQ9	BANK MANDIRI	Pair Corr

Related Correlations Analysis

	M4B	HDFA	ICBA	BZG2	DEVL	SID	BYRA	MZ8	MZ8A	5JP
M4B		-0.3	-0.17	0.01	0.12	-0.41	-0.17	0.04	0.02	0.14	M4B
HDFA	-0.3		0.87	-0.09	0.6	0.75	-0.55	0.63	0.64	0.5	HDFA
ICBA	-0.17	0.87		-0.08	0.61	0.67	-0.64	0.64	0.65	0.5	ICBA
BZG2	0.01	-0.09	-0.08		-0.51	0.1	0.49	-0.53	-0.55	-0.5	BZG2
DEVL	0.12	0.6	0.61	-0.51		0.29	-0.82	0.96	0.95	0.89	DEVL
SID	-0.41	0.75	0.67	0.1	0.29		-0.29	0.33	0.35	0.3	SID
BYRA	-0.17	-0.55	-0.64	0.49	-0.82	-0.29		-0.84	-0.84	-0.72	BYRA
MZ8	0.04	0.63	0.64	-0.53	0.96	0.33	-0.84		0.99	0.9	MZ8
MZ8A	0.02	0.64	0.65	-0.55	0.95	0.35	-0.84	0.99		0.87	MZ8A
5JP	0.14	0.5	0.5	-0.5	0.89	0.3	-0.72	0.9	0.87		5JP
	M4B	HDFA	ICBA	BZG2	DEVL	SID	BYRA	MZ8	MZ8A	5JP

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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

MZ8A	+ 0.99	MZ8
MZ8	+ 0.96	DEVL
MZ8A	+ 0.95	DEVL
5JP	+ 0.9	MZ8
5JP	+ 0.89	DEVL
ICBA	+ 0.87	HDFA

High negative correlations

MZ8A	- 0.84	BYRA
MZ8	- 0.84	BYRA
BYRA	- 0.82	DEVL
5JP	- 0.72	BYRA
BYRA	- 0.64	ICBA
MZ8A	- 0.55	BZG2

Risk-Adjusted Indicators

There is a big difference between CONCORDIA Stock performing well and CONCORDIA FINL 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 CONCORDIA FINL'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
M4B	1.63	0.18	0.09	0.63	1.77	(1.99)	3.88	(2.92)	11.04
HDFA	1.21	0.05	0.03	(4.16)	1.33	(1.96)	3.45	(2.59)	10.15
ICBA	1.21	0.05	0.03	(0.09)	1.30	(1.79)	3.55	(2.14)	9.37
BZG2	2.61	0.02	0.00	(0.06)	3.37	(3.94)	8.77	(6.78)	20.09
DEVL	1.08	0.26	0.21	1.53	0.94	(1.18)	2.31	(1.63)	10.94
SID	1.28	(0.01)	0.00	(0.05)	0.00	0.00	2.31	(2.67)	10.47
BYRA	3.34	(0.28)	0.00	(0.47)	0.00	0.00	8.70	(8.33)	30.95
MZ8	1.53	0.48	0.28	(6.17)	1.26	(1.78)	3.66	(2.73)	10.56
MZ8A	1.26	0.45	0.28	2.35	0.91	(1.71)	3.00	(2.10)	10.07
5JP	1.65	0.15	0.07	1.73	1.75	(2.25)	3.82	(3.28)	10.30

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