80 Mile Correlations

80M Stock

0.26 0.01 3.70%

The current 90-days correlation between 80 Mile Plc and Everplay Group PLC is -0.14 (i.e., Good diversification). The correlation of 80 Mile 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.

80 Mile Correlation With Market

Significant diversification

The correlation between 80 Mile Plc and DJI is 0.05 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding 80 Mile Plc and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to 80 Mile could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace 80 Mile 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 80 Mile - 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 80 Mile Plc to buy it.

Moving together with 80M Stock

0.64	RIO	Rio Tinto PLC	Pair Corr
0.73	TYM	Tertiary Minerals Plc	Pair Corr

Moving against 80M Stock

0.71	THX	Thor Explorations	Pair Corr
0.7	KAP	JSC National Atomic	Pair Corr
0.69	ADT1	Adriatic Metals	Pair Corr
0.65	SMSD	Samsung Electronics	Pair Corr
0.64	GLEN	Glencore PLC	Pair Corr
0.64	QBT	Quantum Blockchain	Pair Corr
0.62	HDD	Hardide PLC	Pair Corr
0.6	0IKZ	Freddie Mac	Pair Corr
0.57	HSBK	Halyk Bank	Pair Corr
0.49	SVML	Sovereign Metals	Pair Corr
0.49	KINO	Kinovo PLC Earnings Call Today	Pair Corr
0.48	MMIT	Mobius Investment Trust	Pair Corr
0.45	HSX	Hiscox	Pair Corr
0.44	0RP8	Liechtensteinische	Pair Corr
0.36	BIRG	Bank of Ireland	Pair Corr
0.34	0IN3	Jacquet Metal Service	Pair Corr
0.7	KAP	National Atomic	Pair Corr
0.68	FME	Future Metals NL Earnings Call This Week	Pair Corr
0.66	EEE	Empire Metals Limited	Pair Corr
0.62	CMCL	Caledonia Mining	Pair Corr
0.59	TFG	Tetragon Financial	Pair Corr
0.57	0O2B	Gruppo MutuiOnline SpA	Pair Corr
0.52	0K7F	Aurubis AG	Pair Corr
0.47	ITX	Itaconix plc	Pair Corr
0.47	JDG	Judges Scientific Plc	Pair Corr

Related Correlations Analysis

	EVPL	OPT	WWH	EAH	PHP	0HTG	0NW1	HOC
EVPL		0.43	0.82	0.24	-0.51	0.73	0.8	-0.32	EVPL
OPT	0.43		0.57	0.1	0.01	0.84	0.6	-0.62	OPT
WWH	0.82	0.57		0.39	-0.25	0.78	0.78	-0.44	WWH
EAH	0.24	0.1	0.39		-0.05	0.22	0.38	-0.24	EAH
PHP	-0.51	0.01	-0.25	-0.05		-0.17	-0.3	-0.21	PHP
0HTG	0.73	0.84	0.78	0.22	-0.17		0.84	-0.59	0HTG
0NW1	0.8	0.6	0.78	0.38	-0.3	0.84		-0.54	0NW1
HOC	-0.32	-0.62	-0.44	-0.24	-0.21	-0.59	-0.54		HOC
	EVPL	OPT	WWH	EAH	PHP	0HTG	0NW1	HOC

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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

0HTG	+ 0.84	OPT
0NW1	+ 0.84	0HTG
WWH	+ 0.82	EVPL
0NW1	+ 0.8	EVPL
0HTG	+ 0.78	WWH
0NW1	+ 0.78	WWH

High negative correlations

HOC	- 0.62	OPT
HOC	- 0.59	0HTG
HOC	- 0.54	0NW1
PHP	- 0.51	EVPL
HOC	- 0.44	WWH
HOC	- 0.32	EVPL

Risk-Adjusted Indicators

There is a big difference between 80M Stock performing well and 80 Mile 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 80 Mile'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
EVPL	2.12	0.67	0.22	(3.65)	1.77	(2.61)	5.00	(3.17)	18.18
OPT	0.99	0.16	0.01	4.79	1.93	(1.20)	2.53	(1.83)	15.65
WWH	0.79	0.12	0.04	0.40	0.67	(0.97)	2.32	(1.22)	5.17
EAH	2.05	0.66	0.20	9.23	0.97	(6.82)	10.77	(3.27)	17.19
PHP	0.76	(0.03)	0.00	(2.76)	0.00	0.00	1.77	(1.74)	7.41
0HTG	0.89	0.26	0.12	7.83	0.86	(1.03)	2.40	(1.80)	5.93
0NW1	1.87	0.48	0.23	0.68	1.52	(2.21)	6.18	(2.72)	15.15
HOC	2.76	0.06	0.00	0.07	0.00	0.00	5.67	(5.42)	31.94

Be your own money manager

Our tools can tell you how much better you can do entering a position in 80 Mile 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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