Carlsberg Correlations

CBGA Stock

EUR 126.00 2.00 1.61%

The current 90-days correlation between Carlsberg AS and Ambev SA is 0.1 (i.e., Average diversification). The correlation of Carlsberg 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.

Carlsberg Correlation With Market

Significant diversification

The correlation between Carlsberg AS and DJI is 0.08 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Carlsberg AS and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Carlsberg Stock

0.67	FOMC	FOMECONMEXSAB DCV UTS Earnings Call Tomorrow	Pair Corr
0.75	HNK1	Heineken NV Earnings Call This Week	Pair Corr
0.75	HNK2	HEINEKEN SP ADR Earnings Call This Week	Pair Corr
0.74	AMNA	Ambev SA	Pair Corr
0.81	4H5	Heineken Holding Earnings Call This Week	Pair Corr
0.61	TSI	Tsingtao Brewery	Pair Corr
0.65	KIR	Kirin Holdings	Pair Corr
0.76	TOMA	Toyota Motor	Pair Corr
0.65	ALV	Allianz SE	Pair Corr

Moving against Carlsberg Stock

0.75	JOT	ELEKTROBIT	Pair Corr
0.64	C6TB	CHINA BANK ADR20	Pair Corr
0.61	2WGA	WOORI FIN GRP Earnings Call This Week	Pair Corr
0.58	ICK	Industrial and Commercial	Pair Corr
0.55	ICKB	INDCOMMBK CHINA ADR20	Pair Corr
0.52	SSU	Samsung Electronics	Pair Corr
0.5	PKX	POSCO Holdings	Pair Corr
0.42	5EE	MEBUKI FINANCIAL	Pair Corr
0.38	HEI	Heidelberg Materials	Pair Corr

Related Correlations Analysis

	FOMC	HNK1	HNK2	AMNA	4H5	CBGB	TSI	CBGA	ABW	KIR
FOMC		0.62	0.61	0.76	0.65	0.52	0.6	0.67	0.33	0.57	FOMC
HNK1	0.62		0.93	0.71	0.87	0.48	0.54	0.75	0.44	0.62	HNK1
HNK2	0.61	0.93		0.71	0.9	0.54	0.53	0.75	0.42	0.58	HNK2
AMNA	0.76	0.71	0.71		0.85	0.57	0.48	0.74	0.38	0.53	AMNA
4H5	0.65	0.87	0.9	0.85		0.59	0.55	0.81	0.46	0.61	4H5
CBGB	0.52	0.48	0.54	0.57	0.59		0.12	0.51	-0.17	-0.02	CBGB
TSI	0.6	0.54	0.53	0.48	0.55	0.12		0.61	0.65	0.81	TSI
CBGA	0.67	0.75	0.75	0.74	0.81	0.51	0.61		0.54	0.65	CBGA
ABW	0.33	0.44	0.42	0.38	0.46	-0.17	0.65	0.54		0.89	ABW
KIR	0.57	0.62	0.58	0.53	0.61	-0.02	0.81	0.65	0.89		KIR
	FOMC	HNK1	HNK2	AMNA	4H5	CBGB	TSI	CBGA	ABW	KIR

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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

HNK2	+ 0.93	HNK1
4H5	+ 0.9	HNK2
KIR	+ 0.89	ABW
4H5	+ 0.87	HNK1
4H5	+ 0.85	AMNA
CBGA	+ 0.81	4H5

High negative correlations

ABW	- 0.17	CBGB
KIR	- 0.02	CBGB

Risk-Adjusted Indicators

There is a big difference between Carlsberg Stock performing well and Carlsberg 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 Carlsberg'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
FOMC	1.45	0.01	(0.06)	0.02	1.80	(1.72)	3.24	(3.39)	8.47
HNK1	0.96	0.03	(0.07)	0.61	1.15	(1.01)	1.74	(2.00)	6.30
HNK2	1.14	0.01	(0.06)	0.17	1.37	(1.31)	2.63	(2.59)	7.43
AMNA	1.25	0.11	(0.05)	(0.11)	1.29	(1.78)	3.55	(1.92)	9.32
4H5	0.91	0.00	(0.06)	0.00	1.18	(1.00)	2.07	(2.19)	8.65
CBGB	1.06	0.12	(0.04)	(0.26)	1.24	(1.18)	2.51	(2.58)	8.03
TSI	1.44	(0.14)	0.00	1.14	0.00	0.00	2.87	(3.33)	8.34
CBGA	0.84	(0.02)	(0.09)	(0.03)	1.03	(1.26)	2.78	(2.26)	5.79
ABW	1.20	(0.15)	0.00	(1.52)	0.00	0.00	2.15	(2.60)	5.74
KIR	0.88	(0.14)	0.00	1.14	0.00	0.00	1.63	(2.30)	5.50

Be your own money manager

Our tools can tell you how much better you can do entering a position in Carlsberg 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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Carlsberg Corporate Management

Elected by the shareholders, the Carlsberg's board of directors comprises two types of representatives: Carlsberg inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Carlsberg. The board's role is to monitor Carlsberg's management team and ensure that shareholders' interests are well served. Carlsberg's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Carlsberg's outside directors are responsible for providing unbiased perspectives on the board's policies.

Heine Dalsgaard	CFO Board	Profile
Joris Huijsmans	Ex Officer	Profile
Peter Kondrup	VP Relations	Profile
Lars Lehmann	Ex Europe	Profile
Joao Abecasis	Ex Asia	Profile
Cees Hart	Pres CEO	Profile
Graham Fewkes	Ex Europe	Profile

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