Snam SpA Correlations

SNMRY Stock

USD 12.07 0.21 1.77%

The current 90-days correlation between Snam SpA ADR and UGI Corporation is -0.01 (i.e., Good diversification). The correlation of Snam SpA 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.

Snam SpA Correlation With Market

Good diversification

The correlation between Snam SpA ADR and DJI is -0.03 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Snam SpA ADR and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Snam Pink Sheet

0.82	GASNY	Naturgy Energy Group Earnings Call Today	Pair Corr
0.84	SNMRF	Snam SpA	Pair Corr
0.79	XNGSY	ENN Energy Holdings	Pair Corr
0.74	GKOS	Glaukos Corp Earnings Call This Week	Pair Corr
0.76	SF	Stifel Financial	Pair Corr
0.76	MFIN	Medallion Financial Corp Earnings Call This Week	Pair Corr
0.73	FUTU	Futu Holdings	Pair Corr
0.73	DHIL	Diamond Hill Investment	Pair Corr
0.64	FMS	Fresenius Medical Care	Pair Corr
0.67	UMAC	Unusual Machines,	Pair Corr
0.88	AVNW	Aviat Networks	Pair Corr
0.67	MTLK	Metalink	Pair Corr
0.85	NVDA	NVIDIA	Pair Corr
0.81	D	Dominion Energy	Pair Corr

Moving against Snam Pink Sheet

0.83	HDVTY	Henderson Investment	Pair Corr
0.68	ORGN	Origin Materials	Pair Corr
0.64	AMCCF	Amcor plc	Pair Corr
0.49	ATO	Atmos Energy	Pair Corr
0.32	GPOVF	Grupo Carso SAB	Pair Corr
0.75	Y7140WAG3	IDASAL 58 15	Pair Corr

Related Correlations Analysis

	UGI	XNGSY	GASNY	NWN	NI	TEZNY	RDEIY	SSEZY	FOJCY
UGI		0.77	0.64	-0.73	0.45	0.73	-0.19	0.86	0.83	UGI
XNGSY	0.77		0.63	-0.59	0.38	0.68	-0.2	0.74	0.81	XNGSY
GASNY	0.64	0.63		-0.27	0.59	0.77	0.13	0.85	0.79	GASNY
NWN	-0.73	-0.59	-0.27		0.07	-0.5	0.1	-0.52	-0.61	NWN
NI	0.45	0.38	0.59	0.07		0.59	0.09	0.65	0.54	NI
TEZNY	0.73	0.68	0.77	-0.5	0.59		0.21	0.85	0.83	TEZNY
RDEIY	-0.19	-0.2	0.13	0.1	0.09	0.21		-0.03	-0.11	RDEIY
SSEZY	0.86	0.74	0.85	-0.52	0.65	0.85	-0.03		0.91	SSEZY
FOJCY	0.83	0.81	0.79	-0.61	0.54	0.83	-0.11	0.91		FOJCY
	UGI	XNGSY	GASNY	NWN	NI	TEZNY	RDEIY	SSEZY	FOJCY

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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

FOJCY	+ 0.91	SSEZY
SSEZY	+ 0.86	UGI
SSEZY	+ 0.85	GASNY
SSEZY	+ 0.85	TEZNY
FOJCY	+ 0.83	UGI
FOJCY	+ 0.83	TEZNY

High negative correlations

NWN	- 0.73	UGI
FOJCY	- 0.61	NWN
NWN	- 0.59	XNGSY
SSEZY	- 0.52	NWN
TEZNY	- 0.5	NWN
NWN	- 0.27	GASNY

Risk-Adjusted Indicators

There is a big difference between Snam Pink Sheet performing well and Snam SpA 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 Snam SpA'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
UGI	0.79	0.26	0.03	(0.81)	0.95	(0.80)	2.02	(2.14)	7.74
XNGSY	1.30	0.12	0.00	0.57	1.38	(1.48)	2.49	(1.99)	8.57
GASNY	1.18	0.18	0.00	(21.50)	1.32	(1.44)	3.27	(2.67)	9.22
NWN	0.94	(0.05)	(0.12)	0.02	1.35	(0.93)	2.20	(1.94)	6.27
NI	0.93	0.05	(0.03)	0.29	1.13	(0.95)	2.15	(1.95)	6.03
TEZNY	0.98	0.15	(0.03)	(1.07)	1.26	(1.01)	1.91	(2.31)	6.48
RDEIY	1.17	(0.01)	0.00	0.23	0.00	0.00	1.68	(2.58)	7.04
SSEZY	1.15	0.27	0.12	1.05	1.03	(1.33)	2.65	(2.29)	5.48
FOJCY	1.87	0.42	0.08	(1.15)	1.90	(2.30)	4.35	(4.17)	15.40

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Our tools can tell you how much better you can do entering a position in Snam SpA 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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Snam SpA Corporate Management

Domenico Negrini	Head Responsibility	Profile
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Stefano Venier	CEO Director	Profile
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