Afentra PLC Correlations

TB8A Stock

EUR 0.54 0.01 1.82%

The current 90-days correlation between Afentra PLC and Eidesvik Offshore ASA is 0.08 (i.e., Significant diversification). The correlation of Afentra PLC 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.

Afentra PLC Correlation With Market

Good diversification

The correlation between Afentra PLC and DJI is -0.16 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Afentra PLC and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Afentra Stock

0.78	PRE1	PRECISION DRILLING	Pair Corr
0.94	OD3	ODFJELL DRILLLTD	Pair Corr
0.91	6SD	SHELF DRILLING LTD	Pair Corr
0.87	4DS	Daldrup Shne Aktieng	Pair Corr
0.77	SSUN	Samsung Electronics	Pair Corr
0.83	SSU	Samsung Electronics	Pair Corr
0.87	KBIA	KB Financial Group	Pair Corr
0.88	2WGA	WOORI FIN GRP	Pair Corr
0.89	HY9H	SK hynix	Pair Corr
0.63	HEI	Heidelberg Materials	Pair Corr
0.9	F1YN	Lundin Gold	Pair Corr
0.77	AG8	AGILENT TECH	Pair Corr
0.65	KOM1	Komatsu	Pair Corr
0.63	SEBC	Skandinaviska Enskilda Earnings Call This Week	Pair Corr
0.66	JOT	ELEKTROBIT	Pair Corr
0.77	FA2	FORWARD AIR P	Pair Corr
0.7	1W3	WSP Global	Pair Corr
0.68	E908	Lyxor 1	Pair Corr

Moving against Afentra Stock

0.88	BRH	Berkshire Hathaway	Pair Corr
0.88	BRYN	Berkshire Hathaway	Pair Corr
0.88	BRYN	Berkshire Hathaway	Pair Corr
0.77	HPC	Helmerich Payne	Pair Corr
0.6	DBPD	Xtrackers ShortDAX	Pair Corr

Related Correlations Analysis

	PN1	GNU1	M8G	4VGA	E1V	4I3
PN1		0.32	-0.3	0.74	0.34	0.84	PN1
GNU1	0.32		0.48	0.5	0.63	0.35	GNU1
M8G	-0.3	0.48		-0.17	0.26	-0.07	M8G
4VGA	0.74	0.5	-0.17		0.75	0.61	4VGA
E1V	0.34	0.63	0.26	0.75		0.3	E1V
4I3	0.84	0.35	-0.07	0.61	0.3		4I3
	PN1	GNU1	M8G	4VGA	E1V	4I3

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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

4I3	+ 0.84	PN1
E1V	+ 0.75	4VGA
4VGA	+ 0.74	PN1
E1V	+ 0.63	GNU1
4I3	+ 0.61	4VGA
4VGA	+ 0.5	GNU1

High negative correlations

M8G	- 0.3	PN1
4VGA	- 0.17	M8G
4I3	- 0.07	M8G

Risk-Adjusted Indicators

There is a big difference between Afentra Stock performing well and Afentra PLC 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 Afentra PLC'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
PN1	2.52	0.26	0.10	0.48	2.27	(3.22)	6.14	(3.92)	27.03
GNU1	1.70	0.05	(0.02)	0.32	2.18	(2.01)	4.17	(3.19)	11.89
M8G	3.50	0.70	0.05	(0.49)	4.63	(3.51)	6.64	(8.15)	28.04
4VGA	1.73	0.16	0.05	0.46	1.73	(2.39)	3.70	(3.45)	16.02
E1V	1.94	0.16	(0.02)	3.07	2.20	(2.47)	3.92	(3.77)	11.51
4I3	1.58	0.16	(0.01)	0.83	1.43	(2.24)	2.83	(2.70)	10.37

Be your own money manager

Our tools can tell you how much better you can do entering a position in Afentra PLC 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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