SCANDMEDICAL SOLDK-040 Correlations

K41 Stock

0.60 0.02 3.45%

The current 90-days correlation between SCANDMEDICAL SOLDK 040 and Abbott Laboratories is 0.08 (i.e., Significant diversification). The correlation of SCANDMEDICAL SOLDK-040 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.

SCANDMEDICAL SOLDK-040 Correlation With Market

Average diversification

The correlation between SCANDMEDICAL SOLDK 040 and DJI is 0.11 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SCANDMEDICAL SOLDK 040 and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to SCANDMEDICAL SOLDK-040 could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace SCANDMEDICAL SOLDK-040 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 SCANDMEDICAL SOLDK-040 - 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 SCANDMEDICAL SOLDK 040 to buy it.

Moving together with SCANDMEDICAL Stock

0.67	SYK	Stryker	Pair Corr
0.89	GOV	Insulet	Pair Corr
0.66	BYRA	BANK RAKYAT IND Earnings Call This Week	Pair Corr
0.73	DBPE	Xtrackers LevDAX	Pair Corr
0.69	E908	Lyxor 1	Pair Corr

Moving against SCANDMEDICAL Stock

0.72	DBPD	Xtrackers ShortDAX	Pair Corr
0.37	ZIM	Zimmer Biomet Holdings	Pair Corr

Related Correlations Analysis

	ABL	EWL	94P	2DG	IUI1	6HW	CZX	RS6	3RKU
ABL		0.31	-0.32	0.23	0.55	-0.25	0.1	-0.23	-0.3	ABL
EWL	0.31		0.27	0.58	0.82	0.43	0.54	0.4	-0.03	EWL
94P	-0.32	0.27		0.29	0.11	0.68	0.7	0.81	0.66	94P
2DG	0.23	0.58	0.29		0.62	0.2	0.72	0.54	0.28	2DG
IUI1	0.55	0.82	0.11	0.62		0.28	0.52	0.22	-0.2	IUI1
6HW	-0.25	0.43	0.68	0.2	0.28		0.5	0.59	0.31	6HW
CZX	0.1	0.54	0.7	0.72	0.52	0.5		0.81	0.58	CZX
RS6	-0.23	0.4	0.81	0.54	0.22	0.59	0.81		0.75	RS6
3RKU	-0.3	-0.03	0.66	0.28	-0.2	0.31	0.58	0.75		3RKU
	ABL	EWL	94P	2DG	IUI1	6HW	CZX	RS6	3RKU

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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

IUI1	+ 0.82	EWL
RS6	+ 0.81	94P
RS6	+ 0.81	CZX
3RKU	+ 0.75	RS6
CZX	+ 0.72	2DG
CZX	+ 0.7	94P

High negative correlations

94P	- 0.32	ABL
3RKU	- 0.3	ABL
6HW	- 0.25	ABL
RS6	- 0.23	ABL
3RKU	- 0.2	IUI1
3RKU	- 0.03	EWL

Risk-Adjusted Indicators

There is a big difference between SCANDMEDICAL Stock performing well and SCANDMEDICAL SOLDK-040 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 SCANDMEDICAL SOLDK-040'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
ABL	1.04	(0.12)	0.00	(0.75)	0.00	0.00	2.39	(2.18)	11.50
EWL	1.05	0.10	(0.02)	(5.81)	1.16	(1.22)	2.36	(1.86)	9.11
94P	1.26	0.14	0.02	0.55	1.45	(1.62)	3.01	(2.63)	10.45
2DG	3.52	0.36	0.08	0.51	3.07	(6.61)	9.68	(5.71)	20.87
IUI1	1.24	0.01	(0.05)	0.16	1.67	(1.33)	2.92	(2.21)	9.48
6HW	0.64	0.14	0.01	3.49	0.60	(1.27)	2.46	(1.79)	5.60
CZX	0.58	0.17	0.04	(7.17)	0.30	(0.97)	1.69	(0.58)	4.92
RS6	1.12	0.23	0.08	3.17	1.03	(1.26)	2.81	(1.99)	7.01
3RKU	1.73	0.55	0.19	(16.29)	1.62	(2.23)	4.11	(3.40)	11.00

Be your own money manager

Our tools can tell you how much better you can do entering a position in SCANDMEDICAL SOLDK-040 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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