Basanite Correlations

BASA Stock

USD 0.03 0 4.48%

The correlation of Basanite 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.

Basanite Correlation With Market

Significant diversification

The correlation between Basanite and DJI is 0.06 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Basanite and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Basanite OTC Stock

0.73	PTAIY	Astra International Tbk	Pair Corr
0.66	GOOG	Alphabet Class C Sell-off Trend	Pair Corr
0.52	BKRKF	PT Bank Rakyat	Pair Corr
0.47	HCMLY	Lafargeholcim ADR	Pair Corr
0.45	TLKMF	Telkom Indonesia Tbk	Pair Corr
0.36	TLK	Telkom Indonesia Tbk	Pair Corr
0.35	EC	Ecopetrol SA ADR	Pair Corr
0.31	HCMLF	Holcim	Pair Corr
0.76	AAPL	Apple Inc	Pair Corr
0.74	GGB	Gerdau SA ADR	Pair Corr
0.66	FR	First Industrial Realty	Pair Corr
0.64	ENSG	Ensign Group	Pair Corr
0.64	MTD	Mettler Toledo Inter	Pair Corr
0.62	OSIS	OSI Systems	Pair Corr
0.6	CCJ	Cameco Corp Sell-off Trend	Pair Corr
0.55	ASGOF	Asante Gold	Pair Corr
0.54	TFPM	Triple Flag Precious	Pair Corr
0.43	RGRLF	Star Phoenix Group	Pair Corr
0.37	384802AD6	GRAINGER W W	Pair Corr
0.36	CLLFF	Collins Foods Limited Earnings Call This Week	Pair Corr
0.33	ACGBF	Agricultural Bank	Pair Corr

Related Correlations Analysis

	DLAD	JPDYY	TETEF	CMTL	SPNUF	IGLDF	GAMCF	HMENF
DLAD		0.0	0.0	0.0	0.0	0.0	0.0	0.0	DLAD
JPDYY	0.0		0.0	0.51	0.37	0.0	0.37	0.06	JPDYY
TETEF	0.0	0.0		0.0	0.0	-1.0	0.0	0.0	TETEF
CMTL	0.0	0.51	0.0		0.24	0.0	0.81	0.43	CMTL
SPNUF	0.0	0.37	0.0	0.24		0.0	0.0	-0.39	SPNUF
IGLDF	0.0	0.0	-1.0	0.0	0.0		0.0	0.0	IGLDF
GAMCF	0.0	0.37	0.0	0.81	0.0	0.0		0.67	GAMCF
HMENF	0.0	0.06	0.0	0.43	-0.39	0.0	0.67		HMENF
	DLAD	JPDYY	TETEF	CMTL	SPNUF	IGLDF	GAMCF	HMENF

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

GAMCF	+ 0.81	CMTL
HMENF	+ 0.67	GAMCF
CMTL	+ 0.51	JPDYY
HMENF	+ 0.43	CMTL
SPNUF	+ 0.37	JPDYY
GAMCF	+ 0.37	JPDYY

High negative correlations

IGLDF	- 1.0	TETEF
HMENF	- 0.39	SPNUF
HMENF	- 0.0	IGLDF
GAMCF	- 0.0	IGLDF
GAMCF	- 0.0	SPNUF
IGLDF	- 0.0	SPNUF

Risk-Adjusted Indicators

There is a big difference between Basanite OTC Stock performing well and Basanite OTC Stock 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 Basanite'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
DLAD	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
JPDYY	0.76	0.40	0.00	(0.81)	0.00	0.00	0.00	0.00	25.42
TETEF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
CMTL	3.24	0.63	0.16	0.54	3.63	(3.74)	7.04	(6.39)	23.38
SPNUF	0.13	0.00	0.00	0.64	0.00	0.00	0.00	0.00	3.36
IGLDF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
GAMCF	0.02	0.00	0.00	0.90	0.00	0.00	0.00	0.00	0.77
HMENF	1.60	0.01	(0.01)	0.15	2.47	(1.91)	3.87	(2.48)	15.23

Be your own money manager

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