SCOTT TECHNOLOGY Correlations

RZH Stock

EUR 1.41 0.07 4.73%

The current 90-days correlation between SCOTT TECHNOLOGY and Cairo Communication SpA is 0.2 (i.e., Modest diversification). The correlation of SCOTT TECHNOLOGY 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.

SCOTT TECHNOLOGY Correlation With Market

Weak diversification

The correlation between SCOTT TECHNOLOGY and DJI is 0.32 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding SCOTT TECHNOLOGY and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with SCOTT Stock

0.88	APC	Apple Inc	Pair Corr
0.87	APC	Apple Inc	Pair Corr
0.87	APC	Apple Inc	Pair Corr
0.87	APC	Apple Inc	Pair Corr
0.63	LLD2	Lloyds Banking Group	Pair Corr
0.74	SUMB	SUMITOMO P SP	Pair Corr
0.91	SID	State Bank	Pair Corr

Moving against SCOTT Stock

0.85	TKDA	Takeda Pharmaceutical	Pair Corr
0.55	OIXA	Orix Corp Ads Earnings Call This Week	Pair Corr
0.33	E908	Lyxor 1	Pair Corr

Related Correlations Analysis

	SIT4	CI1A	MSPA	SMA	NEN	LGLG	OIA	ERT
SIT4		0.16	0.25	0.24	-0.15	0.27	0.05	0.01	SIT4
CI1A	0.16		-0.03	0.35	0.35	0.45	0.52	0.5	CI1A
MSPA	0.25	-0.03		-0.49	-0.45	-0.48	-0.48	-0.48	MSPA
SMA	0.24	0.35	-0.49		0.42	0.84	0.47	0.44	SMA
NEN	-0.15	0.35	-0.45	0.42		0.53	0.35	0.37	NEN
LGLG	0.27	0.45	-0.48	0.84	0.53		0.58	0.58	LGLG
OIA	0.05	0.52	-0.48	0.47	0.35	0.58		0.95	OIA
ERT	0.01	0.5	-0.48	0.44	0.37	0.58	0.95		ERT
	SIT4	CI1A	MSPA	SMA	NEN	LGLG	OIA	ERT

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

ERT	+ 0.95	OIA
LGLG	+ 0.84	SMA
OIA	+ 0.58	LGLG
ERT	+ 0.58	LGLG
LGLG	+ 0.53	NEN
OIA	+ 0.52	CI1A

High negative correlations

SMA	- 0.49	MSPA
ERT	- 0.48	MSPA
OIA	- 0.48	MSPA
LGLG	- 0.48	MSPA
NEN	- 0.45	MSPA
NEN	- 0.15	SIT4

Risk-Adjusted Indicators

There is a big difference between SCOTT Stock performing well and SCOTT TECHNOLOGY 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 SCOTT TECHNOLOGY'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
SIT4	1.75	0.27	0.08	(1.67)	1.76	(2.07)	3.87	(3.18)	8.54
CI1A	2.03	0.20	0.03	(0.65)	2.37	(2.87)	4.00	(5.42)	18.59
MSPA	0.90	(0.02)	(0.04)	(0.08)	1.45	(1.41)	1.82	(1.82)	11.40
SMA	0.68	0.08	0.00	1.33	0.74	(1.97)	2.00	(1.96)	3.96
NEN	2.14	0.04	0.00	0.17	2.45	(2.62)	6.70	(4.62)	15.94
LGLG	1.89	0.43	0.14	2.26	1.55	(3.17)	5.56	(3.54)	12.54
OIA	0.02	0.00	0.00	0.63	0.00	0.00	0.00	0.00	0.76
ERT	1.17	0.36	0.20	(15.30)	0.79	(1.41)	2.49	(2.21)	21.61

Be your own money manager

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