SCANDION ONC Correlations

8VY Stock

EUR 0.01 0.0002 3.45%

The current 90-days correlation between SCANDION ONC DK and BYD ELECTRONIC is -0.08 (i.e., Good diversification). The correlation of SCANDION ONC 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.

SCANDION ONC Correlation With Market

Good diversification

The correlation between SCANDION ONC DK 0735 and DJI is -0.1 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SCANDION ONC DK 0735 and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to SCANDION ONC could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace SCANDION ONC 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 SCANDION ONC - 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 SCANDION ONC DK 0735 to buy it.

Moving together with SCANDION Stock

0.77	NOVA	Novo Nordisk AS	Pair Corr
0.75	CSJA	CSL LTD SPONADR	Pair Corr
0.79	CSJ	CSL Limited	Pair Corr
0.87	MBG	Mercedes Benz Group	Pair Corr
0.88	0QF	Moderna	Pair Corr
0.88	TG4	Oxurion NV	Pair Corr

Moving against SCANDION Stock

0.57	VX1	Vertex Pharmaceuticals	Pair Corr
0.33	1FW1	WUXI BIOLOGICS UNSPADR2	Pair Corr

Related Correlations Analysis

	4BY	ARW	BZU	WB2	SGM	PNT	LPK	NWC
4BY		0.24	0.19	0.66	-0.27	0.6	0.4	-0.07	4BY
ARW	0.24		-0.1	-0.22	0.59	-0.32	0.54	0.22	ARW
BZU	0.19	-0.1		0.24	-0.15	0.31	0.16	0.51	BZU
WB2	0.66	-0.22	0.24		-0.58	0.98	0.26	-0.2	WB2
SGM	-0.27	0.59	-0.15	-0.58		-0.65	-0.04	0.12	SGM
PNT	0.6	-0.32	0.31	0.98	-0.65		0.2	-0.17	PNT
LPK	0.4	0.54	0.16	0.26	-0.04	0.2		0.44	LPK
NWC	-0.07	0.22	0.51	-0.2	0.12	-0.17	0.44		NWC
	4BY	ARW	BZU	WB2	SGM	PNT	LPK	NWC

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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

PNT	+ 0.98	WB2
WB2	+ 0.66	4BY
PNT	+ 0.6	4BY
SGM	+ 0.59	ARW
LPK	+ 0.54	ARW
NWC	+ 0.51	BZU

High negative correlations

PNT	- 0.65	SGM
SGM	- 0.58	WB2
PNT	- 0.32	ARW
SGM	- 0.27	4BY
WB2	- 0.22	ARW
NWC	- 0.2	WB2

Risk-Adjusted Indicators

There is a big difference between SCANDION Stock performing well and SCANDION ONC 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 SCANDION ONC'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
4BY	3.37	0.50	0.09	3.60	3.76	(4.36)	8.93	(4.83)	27.75
ARW	1.30	(0.25)	0.00	(0.08)	0.00	0.00	2.59	(2.68)	14.99
BZU	0.92	0.01	(0.02)	0.17	1.23	(3.42)	3.45	(3.33)	6.90
WB2	1.01	0.21	0.26	0.33	0.51	(1.38)	2.57	(1.14)	9.23
SGM	1.69	(0.33)	0.00	(0.29)	0.00	0.00	3.29	(3.72)	10.07
PNT	1.00	0.33	0.28	0.63	0.55	(1.24)	2.77	(1.38)	6.04
LPK	1.21	(0.01)	(0.07)	0.10	1.22	(1.95)	2.63	(2.14)	11.92
NWC	2.24	0.01	(0.02)	0.15	3.15	(2.38)	4.30	(4.95)	15.96

Be your own money manager

Our tools can tell you how much better you can do entering a position in SCANDION ONC 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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