PRECISION DRILLING Correlations

Stocks . Germany . 
Stock . PRECISION DRILLING P
PRE1 Stock  EUR 43.80  0.60  1.39%   
The current 90-days correlation between PRECISION DRILLING and CN MODERN DAIRY is 0.32 (i.e., Weak diversification). The correlation of PRECISION DRILLING 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.

PRECISION DRILLING Correlation With Market

Good diversification

The correlation between PRECISION DRILLING P and DJI is -0.17 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding PRECISION DRILLING P and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to PRECISION DRILLING could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace PRECISION DRILLING 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 PRECISION DRILLING - 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 PRECISION DRILLING P to buy it.

Moving together with PRECISION Stock

  0.72YIZH Sinopec Oilfield ServicePairCorr
  0.68PE1 Patterson UTI Energy Earnings Call This WeekPairCorr
  0.78NBI1 Nabors IndustriesPairCorr
  0.84OD3 ODFJELL DRILLLTDPairCorr
  0.826SD SHELF DRILLING LTDPairCorr
  0.8TB8A Afentra PLCPairCorr
  0.824DS Daldrup Shne AktiengPairCorr
  0.78SSUN Samsung ElectronicsPairCorr
  0.79SSU Samsung ElectronicsPairCorr
  0.68PKX POSCO HoldingsPairCorr
  0.75KBIA KB Financial Group Earnings Call This WeekPairCorr
  0.782WGA WOORI FIN GRP Earnings Call This WeekPairCorr
  0.76HY9H SK hynix Earnings Call This WeekPairCorr
  0.73F1YN Lundin GoldPairCorr
  0.72AG8 AGILENT TECHPairCorr
  0.7JOT ELEKTROBITPairCorr
  0.77FA2 FORWARD AIR PPairCorr

Moving against PRECISION Stock

  0.82BRH Berkshire HathawayPairCorr
  0.8BRYN Berkshire HathawayPairCorr
  0.8BRYN Berkshire HathawayPairCorr
  0.49HPC Helmerich PaynePairCorr
  0.41DBPD Xtrackers ShortDAXPairCorr
  0.34ALV Allianz SEPairCorr

Related Correlations Analysis

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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   
WN6
+ 0.99
WN6
AZU
+ 0.81
A9U
WN6
+ 0.73
A9U
WN6
+ 0.72
A9U
54M
+ 0.69
WN6
54M
+ 0.67
WN6
  
High negative correlations   
20V
- 0.16
A9U
AZU
- 0.0
20V

Risk-Adjusted Indicators

There is a big difference between PRECISION Stock performing well and PRECISION DRILLING 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 PRECISION DRILLING'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.

Be your own money manager

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