Innovative Designs Correlations

IVDN Stock

USD 0.29 0.04 16.00%

The current 90-days correlation between Innovative Designs and Mercedes Benz Group AG is 0.03 (i.e., Significant diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Innovative Designs moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Innovative Designs moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Innovative Designs Correlation With Market

Very weak diversification

The correlation between Innovative Designs and DJI is 0.58 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Innovative Designs and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Innovative Pink Sheet

0.8	FRCOF	Fast Retailing	Pair Corr
0.84	FRCOY	Fast Retailing Potential Growth	Pair Corr
0.63	AQNB	Algonquin Power Utilities	Pair Corr
0.73	PHXHF	PHX Energy Services Earnings Call Tomorrow	Pair Corr
0.82	KO	Coca Cola	Pair Corr
0.72	SOUHY	South32 ADR	Pair Corr
0.68	SOME	Somerset Trust Holding	Pair Corr
0.64	IDXG	Interpace Biosciences	Pair Corr
0.82	CVX	Chevron Corp	Pair Corr
0.75	MCCK	Mestek Inc	Pair Corr
0.81	O	Realty Income Earnings Call Tomorrow	Pair Corr
0.76	SBGSY	Schneider Electric Earnings Call This Week	Pair Corr
0.7	CGIFF	Chemtrade Logistics Earnings Call This Week	Pair Corr
0.7	MTGRF	Mount Gibson Iron	Pair Corr
0.73	HD	Home Depot Earnings Call Tomorrow	Pair Corr
0.82	PEP	PepsiCo	Pair Corr
0.68	WTTR	Select Energy Services	Pair Corr
0.65	AAP	Advance Auto Parts Earnings Call Tomorrow	Pair Corr

Moving against Innovative Pink Sheet

0.42	LULU	Lululemon Athletica	Pair Corr
0.34	NXGPY	Next PLC ADR	Pair Corr

Related Correlations Analysis

	MPNGY	MPNGF	FYGGY	CAOHF	WFAFY	MBGAF	MBGYY
MPNGY		0.91	-0.37	0.0	-0.78	0.21	0.22	MPNGY
MPNGF	0.91		-0.37	0.0	-0.73	0.15	0.14	MPNGF
FYGGY	-0.37	-0.37		0.0	0.43	-0.13	-0.14	FYGGY
CAOHF	0.0	0.0	0.0		0.0	0.0	0.0	CAOHF
WFAFY	-0.78	-0.73	0.43	0.0		0.05	0.04	WFAFY
MBGAF	0.21	0.15	-0.13	0.0	0.05		0.99	MBGAF
MBGYY	0.22	0.14	-0.14	0.0	0.04	0.99		MBGYY
	MPNGY	MPNGF	FYGGY	CAOHF	WFAFY	MBGAF	MBGYY

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

MBGYY	+ 0.99	MBGAF
MPNGF	+ 0.91	MPNGY
WFAFY	+ 0.43	FYGGY
MBGYY	+ 0.22	MPNGY
MBGAF	+ 0.21	MPNGY
MBGAF	+ 0.15	MPNGF

High negative correlations

WFAFY	- 0.78	MPNGY
WFAFY	- 0.73	MPNGF
FYGGY	- 0.37	MPNGF
FYGGY	- 0.37	MPNGY
MBGYY	- 0.14	FYGGY
MBGAF	- 0.13	FYGGY

Risk-Adjusted Indicators

There is a big difference between Innovative Pink Sheet performing well and Innovative Designs 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 Innovative Designs' 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
MPNGY	1.47	(0.35)	0.00	(0.31)	0.00	0.00	2.68	(2.94)	10.59
MPNGF	2.47	(0.37)	0.00	(0.35)	0.00	0.00	4.67	(5.78)	14.86
FYGGY	2.88	0.00	(0.01)	0.14	4.05	(6.80)	11.90	(8.06)	35.00
CAOHF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
WFAFY	1.11	0.14	0.06	0.33	1.62	(1.17)	2.17	(1.81)	10.40
MBGAF	1.13	(0.04)	(0.04)	0.02	1.47	(1.15)	3.01	(2.81)	7.68
MBGYY	1.15	(0.04)	(0.03)	0.02	1.47	(1.18)	2.79	(2.45)	7.87

Be your own money manager

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