PCI Biotech Correlations

PCIB Stock

NOK 0.25 0.02 7.41%

The current 90-days correlation between PCI Biotech Holding and Goodtech is 0.11 (i.e., Average diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as PCI Biotech moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if PCI Biotech Holding moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

PCI Biotech Correlation With Market

Good diversification

The correlation between PCI Biotech Holding and DJI is -0.13 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding PCI Biotech Holding and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against PCI Stock

0.77	AKER	Aker ASA	Pair Corr
0.72	TIETO	TietoEVRY Oyj	Pair Corr
0.68	OET	Okeanis Eco Tankers	Pair Corr
0.43	PHO	Photocure	Pair Corr
0.36	KCC	Klaveness Combination	Pair Corr
0.33	NAPA	Napatech AS	Pair Corr
0.32	STB	Storebrand ASA	Pair Corr

Related Correlations Analysis

	GOD	EIOF	DDRIL	AUSS	GSF	VTURA	NORAM
GOD		-0.21	-0.56	-0.6	0.01	-0.32	0.42	GOD
EIOF	-0.21		-0.17	0.53	-0.21	0.78	-0.58	EIOF
DDRIL	-0.56	-0.17		0.25	0.1	-0.14	-0.05	DDRIL
AUSS	-0.6	0.53	0.25		-0.03	0.72	-0.8	AUSS
GSF	0.01	-0.21	0.1	-0.03		-0.35	0.5	GSF
VTURA	-0.32	0.78	-0.14	0.72	-0.35		-0.8	VTURA
NORAM	0.42	-0.58	-0.05	-0.8	0.5	-0.8		NORAM
	GOD	EIOF	DDRIL	AUSS	GSF	VTURA	NORAM

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

VTURA	+ 0.78	EIOF
VTURA	+ 0.72	AUSS
AUSS	+ 0.53	EIOF
NORAM	+ 0.5	GSF
NORAM	+ 0.42	GOD
AUSS	+ 0.25	DDRIL

High negative correlations

NORAM	- 0.8	VTURA
NORAM	- 0.8	AUSS
AUSS	- 0.6	GOD
NORAM	- 0.58	EIOF
DDRIL	- 0.56	GOD
VTURA	- 0.35	GSF

Risk-Adjusted Indicators

There is a big difference between PCI Stock performing well and PCI Biotech 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 PCI Biotech'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
GOD	1.13	0.02	(0.05)	0.41	1.32	(1.32)	2.14	(2.17)	12.11
EIOF	1.31	(0.13)	0.00	(0.10)	0.00	0.00	3.10	(2.38)	10.06
DDRIL	2.43	0.26	0.03	(0.77)	3.35	(2.75)	4.26	(4.08)	24.61
AUSS	0.85	(0.10)	0.00	0.94	0.00	0.00	1.95	(1.53)	6.32
GSF	1.32	0.07	(0.03)	(0.19)	1.49	(1.46)	3.38	(2.45)	9.40
VTURA	1.62	(0.28)	0.00	0.94	0.00	0.00	3.81	(4.09)	12.63
NORAM	1.13	0.28	0.17	1.46	0.86	(1.50)	2.83	(1.99)	9.15

Be your own money manager

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