Bodycote PLC Correlations

BOY Stock   627.00  2.00  0.32%   
The current 90-days correlation between Bodycote PLC and Zegona Communications Plc is -0.05 (i.e., Good diversification). The correlation of Bodycote 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.

Bodycote PLC Correlation With Market

Good diversification

The correlation between Bodycote PLC 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 Bodycote PLC and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Bodycote 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 Bodycote 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 Bodycote 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 Bodycote PLC to buy it.

Moving together with Bodycote Stock

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  0.73CHRY Chrysalis InvestmentsPairCorr
  0.72GAW Games Workshop GroupPairCorr
  0.71BAR Eclectic Bar GroupPairCorr
  0.790N7I Cairo Communication SpAPairCorr
  0.80R1O Amazon IncPairCorr
  0.750R3C American ExpressPairCorr
  0.74GST GSTechnologiesPairCorr
  0.770GD 70GDPairCorr
  0.73MNKS Monks Investment TrustPairCorr
  0.860JSC Bath Body WorksPairCorr
  0.82APTA Aptamer Group PLCPairCorr
  0.83OSB OneSavings Bank PLCPairCorr
  0.910HTQ CarMax IncPairCorr

Moving against Bodycote Stock

  0.91WKOF Weiss Korea OpportunityPairCorr
  0.450QZK Coca ColaPairCorr
  0.44LABS Life Science REITPairCorr
  0.31CAPD Capital DrillingPairCorr

Related Correlations Analysis

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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   
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High negative correlations   
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Risk-Adjusted Indicators

There is a big difference between Bodycote Stock performing well and Bodycote 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 Bodycote 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.

Be your own money manager

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