BACKBONE Technology Correlations

AO9 Stock

EUR 0.02 0.00 0.00%

The current 90-days correlation between BACKBONE Technology and FIRST SHIP LEASE is 0.06 (i.e., Significant diversification). The correlation of BACKBONE Technology 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. If the correlation is 0, the equities are not correlated; they are entirely random.

BACKBONE Technology Correlation With Market

Very good diversification

The correlation between BACKBONE Technology AG and DJI is -0.27 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding BACKBONE Technology AG and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with BACKBONE Stock

0.65	MSF	Microsoft	Pair Corr
0.64	MSF	Microsoft	Pair Corr
0.64	MSF	Microsoft	Pair Corr
0.64	MSF	Microsoft	Pair Corr
0.83	HEI	Heidelberg Materials	Pair Corr
0.65	KGHA	KGHM Polska Miedz	Pair Corr

Moving against BACKBONE Stock

0.6	W7D	Workday	Pair Corr
0.49	FOO	Salesforce	Pair Corr
0.47	DBPD	Xtrackers ShortDAX	Pair Corr
0.4	4S0	ServiceNow Earnings Call This Week	Pair Corr
0.33	MUM	MENSCH UND MASCHINE Earnings Call This Week	Pair Corr

Related Correlations Analysis

	LJ9	AC8	37H	UR3	GLJ	3RW	AC8	CUW
LJ9		0.08	-0.1	-0.03	-0.27	-0.31	0.0	0.47	LJ9
AC8	0.08		0.2	0.11	0.23	0.14	0.76	-0.28	AC8
37H	-0.1	0.2		0.55	0.33	0.85	-0.11	-0.5	37H
UR3	-0.03	0.11	0.55		0.81	0.34	0.26	-0.13	UR3
GLJ	-0.27	0.23	0.33	0.81		0.22	0.43	-0.33	GLJ
3RW	-0.31	0.14	0.85	0.34	0.22		-0.14	-0.53	3RW
AC8	0.0	0.76	-0.11	0.26	0.43	-0.14		-0.14	AC8
CUW	0.47	-0.28	-0.5	-0.13	-0.33	-0.53	-0.14		CUW
	LJ9	AC8	37H	UR3	GLJ	3RW	AC8	CUW

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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

3RW	+ 0.85	37H
GLJ	+ 0.81	UR3
AC8	+ 0.76	AC8
UR3	+ 0.55	37H
CUW	+ 0.47	LJ9
AC8	+ 0.43	GLJ

High negative correlations

CUW	- 0.53	3RW
CUW	- 0.5	37H
CUW	- 0.33	GLJ
3RW	- 0.31	LJ9
CUW	- 0.28	AC8
GLJ	- 0.27	LJ9

Risk-Adjusted Indicators

There is a big difference between BACKBONE Stock performing well and BACKBONE Technology 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 BACKBONE Technology'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
LJ9	2.10	0.03	(0.01)	0.19	2.66	(2.98)	5.14	(4.76)	13.77
AC8	0.75	0.16	0.01	(1.56)	0.94	(1.60)	2.16	(1.13)	11.41
37H	1.45	0.48	0.21	3.26	1.37	(1.61)	4.29	(2.52)	9.04
UR3	1.64	0.57	0.29	25.42	1.17	(2.08)	4.25	(2.41)	11.30
GLJ	1.48	0.50	0.22	(2.14)	1.13	(1.88)	4.04	(2.24)	8.23
3RW	2.72	0.60	0.11	(7.07)	2.75	(3.92)	6.25	(5.36)	16.93
AC8	1.29	0.20	0.03	(1.32)	1.73	(1.51)	2.26	(1.71)	13.60
CUW	1.83	(0.17)	0.00	0.86	0.00	0.00	3.92	(3.64)	9.18

Be your own money manager

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