Hexagon AB Correlations

HXGBY Stock

USD 10.57 0.10 0.96%

The current 90-days correlation between Hexagon AB ADR and Fortive Corp is 0.34 (i.e., Weak diversification). The correlation of Hexagon AB 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.

Hexagon AB Correlation With Market

Weak diversification

The correlation between Hexagon AB ADR and DJI is 0.31 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hexagon AB ADR and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Hexagon Pink Sheet

0.78	GRMN	Garmin	Pair Corr
0.77	HXGBF	Hexagon AB Earnings Call This Week	Pair Corr
0.87	KEYS	Keysight Technologies	Pair Corr
0.84	TDY	Teledyne Technologies Earnings Call This Week	Pair Corr
0.86	TRMB	Trimble	Pair Corr
0.64	FTV	Fortive Corp	Pair Corr
0.87	COHR	Coherent	Pair Corr
0.74	TLK	Telkom Indonesia Tbk	Pair Corr
0.85	BKNG	Booking Holdings	Pair Corr
0.78	GOOGL	Alphabet Class A Earnings Call This Week	Pair Corr
0.7	TR	Tootsie Roll Industries Earnings Call This Week	Pair Corr
0.87	TWLO	Twilio Inc Tech Boost	Pair Corr
0.77	FENG	Phoenix New Media	Pair Corr

Moving against Hexagon Pink Sheet

0.38	PUBC	PureBase Corp	Pair Corr
0.32	07274NBG7	BAYNGR 5 15	Pair Corr

Related Correlations Analysis

	NOVT	FTV	VPG	ITRI	ESE	VNT	TDY	MKSI	ST	CGNX
NOVT		0.78	0.85	0.69	0.83	0.88	0.69	0.85	0.84	0.87	NOVT
FTV	0.78		0.64	0.34	0.61	0.66	0.32	0.54	0.55	0.61	FTV
VPG	0.85	0.64		0.82	0.91	0.92	0.8	0.89	0.9	0.92	VPG
ITRI	0.69	0.34	0.82		0.89	0.83	0.85	0.94	0.94	0.84	ITRI
ESE	0.83	0.61	0.91	0.89		0.98	0.88	0.96	0.97	0.95	ESE
VNT	0.88	0.66	0.92	0.83	0.98		0.88	0.95	0.95	0.98	VNT
TDY	0.69	0.32	0.8	0.85	0.88	0.88		0.89	0.88	0.9	TDY
MKSI	0.85	0.54	0.89	0.94	0.96	0.95	0.89		0.99	0.95	MKSI
ST	0.84	0.55	0.9	0.94	0.97	0.95	0.88	0.99		0.95	ST
CGNX	0.87	0.61	0.92	0.84	0.95	0.98	0.9	0.95	0.95		CGNX
	NOVT	FTV	VPG	ITRI	ESE	VNT	TDY	MKSI	ST	CGNX

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Risk-Adjusted Indicators

There is a big difference between Hexagon Pink Sheet performing well and Hexagon AB 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 Hexagon AB'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
NOVT	1.56	(0.08)	(0.01)	0.08	1.78	(1.69)	2.88	(3.40)	11.36
FTV	1.15	(0.11)	(0.07)	0.03	1.42	(1.26)	2.68	(2.21)	7.92
VPG	2.68	0.27	0.14	0.26	2.53	(2.96)	6.31	(4.53)	24.61
ITRI	0.98	0.35	0.28	0.63	0.64	(1.19)	2.59	(1.72)	6.46
ESE	1.35	0.29	0.22	0.41	1.01	(1.71)	3.25	(1.99)	10.04
VNT	1.13	0.21	0.19	0.31	0.90	(1.34)	2.16	(2.16)	7.79
TDY	0.79	0.19	0.16	0.42	0.58	(0.96)	1.90	(1.51)	4.44
MKSI	2.50	0.37	0.22	0.28	2.10	(2.99)	6.25	(4.67)	18.27
ST	2.00	0.50	0.29	0.42	1.41	(2.29)	4.01	(2.98)	18.61
CGNX	1.61	0.34	0.24	0.39	1.23	(1.87)	4.02	(2.10)	11.44

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

Paolo Guglielmini	Chief Officer	Profile
Robert BSc	CFO VP	Profile
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