Broadwind Correlations

Stocks . Germany . 
Stock . Broadwind
9IRA Stock  EUR 2.10  0.30  16.67%   
The current 90-days correlation between Broadwind and ALERION CLEANPOWER is -0.12 (i.e., Good diversification). The correlation of Broadwind 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.

Broadwind Correlation With Market

Good diversification

The correlation between Broadwind and DJI is -0.2 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Broadwind and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Broadwind could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Broadwind 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 Broadwind - 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 Broadwind to buy it.

Moving together with Broadwind Stock

  0.62VWSB Vestas Wind SystemsPairCorr
  0.72SSUN Samsung ElectronicsPairCorr
  0.74SSU Samsung ElectronicsPairCorr
  0.69SSUN Samsung ElectronicsPairCorr
  0.74SSU Samsung ElectronicsPairCorr

Moving against Broadwind Stock

  0.51DBPD Xtrackers ShortDAXPairCorr

Related Correlations Analysis

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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   
4MI
+ 0.79
MLT
CC3
+ 0.77
MLT
01R
+ 0.77
FCW3
01R
+ 0.77
5QV
5QV
+ 0.75
FCW3
CC3
+ 0.7
4MI
  
High negative correlations   
4MI
- 0.06
6P8

Risk-Adjusted Indicators

There is a big difference between Broadwind Stock performing well and Broadwind 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 Broadwind'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.

Be your own money manager

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