Solid State Correlations

SOLI Stock

160.00 2.50 1.54%

The current 90-days correlation between Solid State Plc and Melia Hotels is -0.11 (i.e., Good diversification). The correlation of Solid State 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. If the correlation is 0, the equities are not correlated; they are entirely random.

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

Moving together with Solid Stock

0.69	BANK	Fiinu PLC	Pair Corr
0.62	BTC	Vinanz Limited	Pair Corr
0.65	VAST	Vast Resources PLC	Pair Corr

Moving against Solid Stock

0.79	SGRO	Segro Plc	Pair Corr
0.77	0LJL	Universal Health Services	Pair Corr
0.68	DIG	Dunedin Income Growth	Pair Corr
0.55	VOD	Vodafone Group PLC	Pair Corr
0.54	NBPE	NB Private Equity	Pair Corr
0.83	0R29	Intuitive Surgical	Pair Corr
0.67	EJFI	EJF Investments	Pair Corr
0.63	BIOG	Biotech Growth	Pair Corr
0.58	SAFE	Safestore Holdings Plc	Pair Corr
0.43	MVI	Marwyn Value Investors	Pair Corr
0.39	0LEE	Teradata Corp	Pair Corr
0.38	0HCR	Alliance Data Systems	Pair Corr
0.33	0W19	Datagroup SE	Pair Corr

Related Correlations Analysis

	0MKO	SWT	EUZ	0LO9	CMET	0J66	0RD7	WPM
0MKO		-0.26	0.0	0.22	-0.65	0.26	0.13	0.45	0MKO
SWT	-0.26		0.0	0.16	0.59	-0.28	0.11	-0.25	SWT
EUZ	0.0	0.0		0.0	0.0	0.0	0.0	0.0	EUZ
0LO9	0.22	0.16	0.0		-0.26	-0.69	-0.59	-0.05	0LO9
CMET	-0.65	0.59	0.0	-0.26		0.03	0.33	-0.29	CMET
0J66	0.26	-0.28	0.0	-0.69	0.03		0.6	0.53	0J66
0RD7	0.13	0.11	0.0	-0.59	0.33	0.6		0.22	0RD7
WPM	0.45	-0.25	0.0	-0.05	-0.29	0.53	0.22		WPM
	0MKO	SWT	EUZ	0LO9	CMET	0J66	0RD7	WPM

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

0RD7	+ 0.6	0J66
CMET	+ 0.59	SWT
WPM	+ 0.53	0J66
WPM	+ 0.45	0MKO
0RD7	+ 0.33	CMET
0J66	+ 0.26	0MKO

High negative correlations

0J66	- 0.69	0LO9
CMET	- 0.65	0MKO
0RD7	- 0.59	0LO9
WPM	- 0.29	CMET
0J66	- 0.28	SWT
CMET	- 0.26	0LO9

Risk-Adjusted Indicators

There is a big difference between Solid Stock performing well and Solid State 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 Solid State'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
0MKO	0.97	0.01	(0.01)	0.08	1.32	(0.97)	1.66	(2.58)	5.02
SWT	1.60	0.17	0.02	0.22	2.32	(9.05)	5.26	(4.76)	26.50
EUZ	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
0LO9	2.01	(0.02)	(0.02)	0.01	2.57	(2.16)	3.45	(4.37)	13.38
CMET	2.78	0.33	0.06	(2.57)	2.96	(5.17)	9.62	(4.60)	24.52
0J66	1.13	0.09	0.03	0.52	1.12	(1.35)	2.82	(1.86)	7.39
0RD7	1.42	0.10	0.04	0.17	2.45	(1.39)	3.38	(2.73)	15.88
WPM	2.10	0.17	0.03	0.47	3.48	(2.07)	4.51	(5.33)	14.86

Be your own money manager

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