Tenaris SA Correlations

TNRSF Stock

USD 19.01 0.00 0.00%

The current 90-days correlation between Tenaris SA and MRC Global is 0.13 (i.e., Average diversification). The correlation of Tenaris SA 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.

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

Moving together with Tenaris Pink Sheet

0.63	BKR	Baker Hughes Earnings Call Tomorrow	Pair Corr
0.85	TS	Tenaris SA ADR	Pair Corr
0.76	FTI	TechnipFMC PLC Earnings Call This Week	Pair Corr
0.61	NSFDF	NXT Energy Solutions	Pair Corr
0.85	PTHL	Pheton Holdings	Pair Corr
0.7	UTMD	Utah Medical Products Earnings Call This Week	Pair Corr
0.88	PIPR	Piper Sandler Companies Earnings Call This Week	Pair Corr
0.8	CGXYY	China Galaxy Securities	Pair Corr
0.72	FPAFF	First Pacific	Pair Corr
0.66	GITS	Global Interactive Symbol Change	Pair Corr
0.86	AX	Axos Financial Earnings Call This Week	Pair Corr
0.76	GOOGL	Alphabet Class A Earnings Call This Week	Pair Corr

Moving against Tenaris Pink Sheet

0.6	GLABF	Gemina Laboratories	Pair Corr
0.59	DMI	Diamcor Mining	Pair Corr
0.41	FI	Fiserv, Earnings Call Tomorrow	Pair Corr
0.45	372546AW1	GEORGE WASH UNIV	Pair Corr

Related Correlations Analysis

	GEOS	MRC	OIS	NGS	EFXT	CLB	VTOL	CHX	NR	FET
GEOS		0.57	0.7	0.51	0.69	0.3	0.7	0.43	0.0	0.79	GEOS
MRC	0.57		0.86	0.8	0.81	-0.01	0.74	0.4	0.0	0.7	MRC
OIS	0.7	0.86		0.84	0.93	0.31	0.88	0.52	0.0	0.88	OIS
NGS	0.51	0.8	0.84		0.86	0.03	0.65	0.43	0.0	0.69	NGS
EFXT	0.69	0.81	0.93	0.86		0.25	0.9	0.48	0.0	0.9	EFXT
CLB	0.3	-0.01	0.31	0.03	0.25		0.45	0.22	0.0	0.48	CLB
VTOL	0.7	0.74	0.88	0.65	0.9	0.45		0.59	0.0	0.95	VTOL
CHX	0.43	0.4	0.52	0.43	0.48	0.22	0.59		0.0	0.58	CHX
NR	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	NR
FET	0.79	0.7	0.88	0.69	0.9	0.48	0.95	0.58	0.0		FET
	GEOS	MRC	OIS	NGS	EFXT	CLB	VTOL	CHX	NR	FET

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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

FET	+ 0.95	VTOL
EFXT	+ 0.93	OIS
VTOL	+ 0.9	EFXT
FET	+ 0.9	EFXT
VTOL	+ 0.88	OIS
FET	+ 0.88	OIS

High negative correlations

CLB	- 0.01	MRC
FET	- 0.0	NR
NR	- 0.0	CHX
NR	- 0.0	VTOL
NR	- 0.0	CLB
NR	- 0.0	EFXT

Risk-Adjusted Indicators

There is a big difference between Tenaris Pink Sheet performing well and Tenaris SA 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 Tenaris SA'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
GEOS	5.09	1.15	0.24	1.30	4.00	(6.69)	7.56	(8.70)	70.40
MRC	1.95	0.40	0.17	0.58	1.84	(2.31)	5.96	(2.70)	19.71
OIS	2.74	0.64	0.23	0.86	2.15	(3.44)	5.99	(4.30)	28.48
NGS	2.14	0.33	0.11	0.50	2.29	(2.22)	3.99	(3.75)	24.06
EFXT	1.44	0.22	0.11	0.45	1.42	(1.56)	3.47	(2.51)	8.45
CLB	2.72	(0.14)	0.00	(0.09)	0.00	0.00	4.59	(4.38)	14.06
VTOL	1.51	0.32	0.12	1.00	1.63	(1.69)	3.34	(2.95)	8.56
CHX	1.61	0.10	(0.04)	(0.12)	2.02	(1.88)	3.92	(2.85)	10.39
NR	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
FET	2.51	0.51	0.15	0.94	2.87	(2.70)	5.41	(4.41)	13.70

Be your own money manager

Our tools can tell you how much better you can do entering a position in Tenaris SA 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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