Hammond Power Correlations

HMDPF Stock

USD 124.60 2.40 1.89%

The current 90-days correlation between Hammond Power Solutions and Austal Limited is 0.04 (i.e., Significant diversification). The correlation of Hammond Power 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.

Hammond Power Correlation With Market

Weak diversification

The correlation between Hammond Power Solutions and DJI is 0.31 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hammond Power Solutions and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Hammond Pink Sheet

0.68	CYCC	CYCC Old Symbol Change	Pair Corr
0.79	AXP	American Express	Pair Corr
0.67	DD	Dupont De Nemours	Pair Corr
0.86	IBM	International Business	Pair Corr
0.62	KO	Coca Cola	Pair Corr
0.61	AA	Alcoa Corp	Pair Corr
0.84	CAT	Caterpillar Sell-off Trend	Pair Corr
0.66	CSCO	Cisco Systems	Pair Corr

Moving against Hammond Pink Sheet

0.75	TRNR	Interactive Strength	Pair Corr
0.69	VZ	Verizon Communications Sell-off Trend	Pair Corr
0.67	WNC	Wabash National	Pair Corr
0.51	BA	Boeing	Pair Corr
0.39	VLCN	VLCN Old Symbol Change	Pair Corr
0.36	HPQ	HP Inc	Pair Corr
0.35	CVX	Chevron Corp	Pair Corr
0.35	DIS	Walt Disney	Pair Corr

Related Correlations Analysis

	LGYRF	GYUAF	AUTLF	ECTXF	HHULY	WKRCF	PFFVF	SYRVF	CMGMY	FGROY
LGYRF		0.3	-0.48	0.0	-0.2	-0.57	0.38	0.0	-0.03	0.25	LGYRF
GYUAF	0.3		-0.58	0.0	-0.44	-0.36	0.1	0.0	-0.25	-0.07	GYUAF
AUTLF	-0.48	-0.58		0.0	0.78	0.69	0.2	0.0	0.6	0.36	AUTLF
ECTXF	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	ECTXF
HHULY	-0.2	-0.44	0.78	0.0		0.71	0.32	0.0	0.83	0.72	HHULY
WKRCF	-0.57	-0.36	0.69	0.0	0.71		-0.07	0.0	0.61	0.39	WKRCF
PFFVF	0.38	0.1	0.2	0.0	0.32	-0.07		0.0	0.34	0.34	PFFVF
SYRVF	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	SYRVF
CMGMY	-0.03	-0.25	0.6	0.0	0.83	0.61	0.34	0.0		0.82	CMGMY
FGROY	0.25	-0.07	0.36	0.0	0.72	0.39	0.34	0.0	0.82		FGROY
	LGYRF	GYUAF	AUTLF	ECTXF	HHULY	WKRCF	PFFVF	SYRVF	CMGMY	FGROY

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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

CMGMY	+ 0.83	HHULY
FGROY	+ 0.82	CMGMY
HHULY	+ 0.78	AUTLF
FGROY	+ 0.72	HHULY
WKRCF	+ 0.71	HHULY
WKRCF	+ 0.69	AUTLF

High negative correlations

AUTLF	- 0.58	GYUAF
WKRCF	- 0.57	LGYRF
AUTLF	- 0.48	LGYRF
HHULY	- 0.44	GYUAF
WKRCF	- 0.36	GYUAF
CMGMY	- 0.25	GYUAF

Risk-Adjusted Indicators

There is a big difference between Hammond Pink Sheet performing well and Hammond Power 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 Hammond Power'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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
LGYRF	0.83	0.40	1.73	0.00	0.00	27.53
GYUAF	0.61	0.08	0.39	0.00	0.00	19.21
AUTLF	2.91	(0.34)	(0.15)	6.90	(6.87)	16.93
ECTXF	0.00	0.00	0.00	0.00	0.00	0.00
HHULY	1.16	(0.11)	0.16	4.12	(4.33)	20.85
WKRCF	0.83	(0.42)	1.34	0.00	(0.67)	12.48
PFFVF	0.26	0.01	0.21	0.01	(0.33)	8.80
SYRVF	0.00	0.00	0.00	0.00	0.00	0.00
CMGMY	2.88	(0.36)	(0.36)	5.98	(5.63)	17.32
FGROY	0.90	(0.13)	(0.03)	1.15	(1.35)	23.02

Be your own money manager

Our tools can tell you how much better you can do entering a position in Hammond Power 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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Hammond Power Corporate Management

Bob Yusyp	Chief Officer	Profile
Michael Frayne	Director Marketing	Profile
Richard Vollering	CFO Sec	Profile
David Kinsella	Chief Officer	Profile
Catherine McKeown	Chief Officer	Profile
Dale Sidey	Chief Officer	Profile

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