STORA ENSO Correlations
| ENUA Stock | EUR 9.42 0.06 0.63% |
The current 90-days correlation between STORA ENSO OYJ and Stora Enso Oyj is 0.55 (i.e., Very weak diversification). The correlation of STORA ENSO 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.
STORA ENSO Correlation With Market
Average diversification
The correlation between STORA ENSO OYJ and DJI is 0.11 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding STORA ENSO OYJ and DJI in the same portfolio, assuming nothing else is changed.
STORA |
The ability to find closely correlated positions to STORA ENSO could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace STORA ENSO 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 STORA ENSO - 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 STORA ENSO OYJ to buy it.
Moving together with STORA Stock
| 0.93 | RPL | UPM Kymmene Oyj | PairCorr |
| 0.99 | ENUR | Stora Enso Oyj | PairCorr |
| 0.92 | HL9C | Holmen AB | PairCorr |
| 0.8 | AZ6 | EuropaCorp | PairCorr |
| 0.61 | GHDN | Brainstorm Cell Ther Split | PairCorr |
| 0.72 | QB3 | Quebecor | PairCorr |
Moving against STORA Stock
| 0.86 | 8II | PLAYTIKA HOLDING | PairCorr |
| 0.86 | BN9 | The Bank | PairCorr |
| 0.84 | NSE | Nomura Holdings | PairCorr |
| 0.83 | 7RY | Ryerson Holding | PairCorr |
| 0.81 | SPXB | Suzano SA | PairCorr |
| 0.8 | 3O8 | Omeros | PairCorr |
| 0.79 | 7PI | Poste Italiane SpA | PairCorr |
| 0.79 | SAP | SAP SE | PairCorr |
| 0.77 | SPXB | Suzano SA | PairCorr |
| 0.42 | BAC | Verizon Communications | PairCorr |
| 0.42 | E908 | Lyxor 1 | PairCorr |
Related Correlations Analysis
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