Safety Shot Correlations
| SHOTW Stock | 0.42 0.04 8.70% |
The correlation of Safety Shot 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 perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Safety Shot moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Safety Shot moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Average diversification
The correlation between Safety Shot and NYA is 0.1 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Safety Shot and NYA in the same portfolio, assuming nothing else is changed.
Safety |
The ability to find closely correlated positions to Safety Shot could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Safety Shot 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 Safety Shot - 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 Safety Shot to buy it.
Moving together with Safety Stock
| 0.7 | ZVIA | Zevia Pbc Earnings Call This Week | PairCorr |
| 0.66 | JSDA | Jones Soda | PairCorr |
| 0.8 | REED | Reeds Inc | PairCorr |
| 0.73 | SHOT | Safety Shot Symbol Change | PairCorr |
| 0.67 | COKE | Coca Cola Consolidated | PairCorr |
Moving against Safety Stock
| 0.88 | BJ | BJs Wholesale Club Financial Report 28th of May 2024 | PairCorr |
| 0.86 | COCO | Vita Coco | PairCorr |
| 0.85 | CELH | Celsius Holdings Financial Report 14th of May 2024 | PairCorr |
| 0.84 | KR | Kroger Company Sell-off Trend | PairCorr |
| 0.8 | DG | Dollar General Financial Report 6th of June 2024 | PairCorr |
| 0.79 | CL | Colgate Palmolive Financial Report 26th of July 2024 | PairCorr |
| 0.78 | PRMW | Primo Water Corp Financial Report 2nd of May 2024 | PairCorr |
| 0.75 | CCHGY | Coca Cola HBC | PairCorr |
| 0.73 | GO | Grocery Outlet Holding Financial Report 14th of May 2024 | PairCorr |
| 0.65 | BG | Bunge Limited | PairCorr |
| 0.6 | EL | Estee Lauder Companies Earnings Call Today | PairCorr |
| 0.42 | CCEP | Coca Cola European | PairCorr |
Related Correlations Analysis
| Click cells to compare fundamentals | Check Volatility | Backtest Portfolio |
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
| High negative correlations
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Risk-Adjusted Indicators
There is a big difference between Safety Stock performing well and Safety Shot 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 Safety Shot'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| KDKN | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| TCHH | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| MLHC | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| AQUI | 0.60 | 0.29 | 0.00 | 5.08 | 0.00 | 0.00 | 20.00 | |||
| MSTSX | 0.47 | 0.01 | 0.00 | 0.06 | 0.61 | 1.03 | 3.20 | |||
| LBHIX | 0.20 | (0.03) | 0.00 | (0.06) | 0.00 | 0.49 | 1.21 | |||
| ABHYX | 0.16 | 0.00 | (0.12) | 0.05 | 0.20 | 0.45 | 1.61 | |||
| SCAXF | 4.41 | 2.60 | 0.00 | (0.30) | 0.00 | 0.00 | 0.00 | |||
| VIASP | 1.32 | 0.13 | 0.06 | 0.17 | 1.83 | 3.19 | 13.41 | |||
| RRTLX | 0.26 | 0.02 | (0.08) | 2.17 | 0.25 | 0.52 | 1.46 |
Be your own money manager
Our tools can tell you how much better you can do entering a position in Safety Shot 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.Did you try this?
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Already Invested in Safety Shot?
The danger of trading Safety Shot is mainly related to its market volatility and Company specific events. As an investor, you must understand the concept of risk-adjusted return before you start trading. The most common way to measure the risk of Safety Shot is by using the Sharpe ratio. The ratio expresses how much excess return you acquire for the extra volatility you endure for holding a more risker asset than Safety Shot. The Sharpe ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile Safety Shot is, you must compare it to a benchmark. Traditionally, the risk-free rate of return is the rate of return on the shortest-dated U.S. Treasury, such as a 3-year bond.
When determining whether Safety Shot is a strong investment it is important to analyze Safety Shot's competitive position within its industry, examining market share, product or service uniqueness, and competitive advantages. Beyond financials and market position, potential investors should also consider broader economic conditions, industry trends, and any regulatory or geopolitical factors that may impact Safety Shot's future performance. For an informed investment choice regarding Safety Stock, refer to the following important reports: Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Safety Shot. Also, note that the market value of any company could be tightly coupled with the direction of predictive economic indicators such as signals in estimate. For more information on how to buy Safety Stock please use our How to Invest in Safety Shot guide.You can also try the Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Complementary Tools for Safety Stock analysis
When running Safety Shot's price analysis, check to measure Safety Shot's market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy Safety Shot is operating at the current time. Most of Safety Shot's value examination focuses on studying past and present price action to predict the probability of Safety Shot's future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move Safety Shot's price. Additionally, you may evaluate how the addition of Safety Shot to your portfolios can decrease your overall portfolio volatility.
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Is Safety Shot's industry expected to grow? Or is there an opportunity to expand the business' product line in the future? Factors like these will boost the valuation of Safety Shot. If investors know Safety will grow in the future, the company's valuation will be higher. The financial industry is built on trying to define current growth potential and future valuation accurately. All the valuation information about Safety Shot listed above have to be considered, but the key to understanding future value is determining which factors weigh more heavily than others.
The market value of Safety Shot is measured differently than its book value, which is the value of Safety that is recorded on the company's balance sheet. Investors also form their own opinion of Safety Shot's value that differs from its market value or its book value, called intrinsic value, which is Safety Shot's true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because Safety Shot's market value can be influenced by many factors that don't directly affect Safety Shot's underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between Safety Shot's value and its price as these two are different measures arrived at by different means. Investors typically determine if Safety Shot is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Safety Shot's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.