TOBA Investments Correlations

Summary

TOIBO Stock

102.95 0.05 0.05%

The current 90-days correlation between TOBA Investments Bonds and Novo Nordisk AS is -0.22 (i.e., Very good diversification). The correlation of TOBA Investments 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.

TOBA Investments Correlation With Market

Good diversification

The correlation between TOBA Investments Bonds 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 TOBA Investments Bonds and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against TOBA Stock

0.48	NOVO-B	Novo Nordisk AS	Pair Corr
0.43	CARL-B	Carlsberg AS	Pair Corr
0.41	NDA-DK	Nordea Bank Abp	Pair Corr
0.39	DSV	DSV Panalpina AS	Pair Corr
0.31	GMAB	Genmab AS	Pair Corr

Related Correlations Analysis

	NOVO-B	NDA-DK	DSV	MAERSK-B	MAERSK-A	ORSTED	VWS	GMAB	COLO-B	CARL-B
NOVO-B		0.46	0.64	0.34	0.37	0.04	0.44	0.72	-0.32	0.52	NOVO-B
NDA-DK	0.46		0.91	0.81	0.84	-0.09	0.67	0.45	-0.59	0.79	NDA-DK
DSV	0.64	0.91		0.86	0.89	0.09	0.8	0.57	-0.73	0.71	DSV
MAERSK-B	0.34	0.81	0.86		0.92	0.12	0.81	0.44	-0.64	0.57	MAERSK-B
MAERSK-A	0.37	0.84	0.89	0.92		0.14	0.79	0.48	-0.66	0.62	MAERSK-A
ORSTED	0.04	-0.09	0.09	0.12	0.14		0.3	0.13	-0.43	-0.32	ORSTED
VWS	0.44	0.67	0.8	0.81	0.79	0.3		0.31	-0.77	0.43	VWS
GMAB	0.72	0.45	0.57	0.44	0.48	0.13	0.31		-0.14	0.49	GMAB
COLO-B	-0.32	-0.59	-0.73	-0.64	-0.66	-0.43	-0.77	-0.14		-0.24	COLO-B
CARL-B	0.52	0.79	0.71	0.57	0.62	-0.32	0.43	0.49	-0.24		CARL-B
	NOVO-B	NDA-DK	DSV	MAERSK-B	MAERSK-A	ORSTED	VWS	GMAB	COLO-B	CARL-B

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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

MAERSK-A	+ 0.92	MAERSK-B
DSV	+ 0.91	NDA-DK
MAERSK-A	+ 0.89	DSV
MAERSK-B	+ 0.86	DSV
MAERSK-A	+ 0.84	NDA-DK
MAERSK-B	+ 0.81	NDA-DK

High negative correlations

COLO-B	- 0.77	VWS
COLO-B	- 0.73	DSV
COLO-B	- 0.66	MAERSK-A
COLO-B	- 0.64	MAERSK-B
COLO-B	- 0.59	NDA-DK
COLO-B	- 0.43	ORSTED

Risk-Adjusted Indicators

There is a big difference between TOBA Stock performing well and TOBA Investments 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 TOBA Investments' 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
NOVO-B	2.12	0.01	(0.04)	0.26	2.63	(2.16)	3.98	(3.93)	11.29
NDA-DK	0.97	0.23	0.08	32.84	0.99	(1.13)	2.08	(1.48)	6.73
DSV	1.41	0.50	0.23	(1.06)	0.85	(1.64)	4.11	(1.97)	12.00
MAERSK-B	1.87	0.50	0.17	(1.07)	1.44	(2.21)	4.14	(2.99)	14.43
MAERSK-A	1.91	0.58	0.24	(2.22)	1.27	(2.47)	4.55	(2.74)	13.16
ORSTED	1.94	0.33	0.04	(0.29)	2.22	(2.12)	3.42	(3.72)	20.16
VWS	2.75	0.54	0.13	(4.97)	2.59	(3.18)	8.99	(4.27)	17.21
GMAB	1.40	0.22	0.04	(2.31)	1.68	(1.53)	3.34	(2.55)	9.46
COLO-B	0.99	(0.17)	0.00	1.01	0.00	0.00	1.56	(2.53)	7.56
CARL-B	0.82	0.09	(0.03)	0.94	1.01	(0.84)	1.91	(2.22)	6.61

TOBA Investments Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with TOBA Investments stock to make a market-neutral strategy. Peer analysis of TOBA Investments could also be used in its relative valuation, which is a method of valuing TOBA Investments by comparing valuation metrics with similar companies.

Novo Nordisk AS Nordea Bank Abp DSV Panalpina AS AP Mller AP Mller Orsted AS Vestas Wind Systems Genmab AS Coloplast AS Carlsberg AS American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup

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