Hitek Global Correlations
| HKIT Stock | 5.00 3.69 281.68% |
The correlation of Hitek Global 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 perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Hitek Global moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Hitek Global Ordinary moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Good diversification
The correlation between Hitek Global Ordinary and NYA is -0.11 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hitek Global Ordinary and NYA in the same portfolio, assuming nothing else is changed.
Hitek |
The ability to find closely correlated positions to Hitek Global could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Hitek Global 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 Hitek Global - 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 Hitek Global Ordinary to buy it.
Moving together with Hitek Stock
| 0.8 | U | Unity Software | PairCorr |
| 0.67 | DT | Dynatrace Holdings LLC Sell-off Trend | PairCorr |
| 0.63 | DV | DoubleVerify Holdings | PairCorr |
| 0.82 | EB | Eventbrite Class A | PairCorr |
| 0.69 | QH | QuhuoLtd | PairCorr |
| 0.67 | VS | Versus Systems | PairCorr |
| 0.72 | WK | Workiva | PairCorr |
| 0.74 | DMAN | Innovativ Media Group | PairCorr |
| 0.71 | DOMO | Domo Inc Earnings Call Tomorrow | PairCorr |
| 0.7 | VCSA | Vacasa Inc Upward Rally | PairCorr |
Moving against Hitek Stock
Related Correlations Analysis
| Click cells to compare fundamentals | Check Volatility | Backtest Portfolio |
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
| High negative correlations
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Risk-Adjusted Indicators
There is a big difference between Hitek Stock performing well and Hitek Global 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 Hitek Global'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| ENFN | 1.47 | (0.04) | (0.02) | 0.03 | 2.09 | 2.31 | 15.08 | |||
| ETWO | 1.89 | 0.27 | 0.10 | 0.42 | 1.93 | 5.37 | 15.91 | |||
| ENV | 1.53 | 0.32 | 0.21 | 0.33 | 1.27 | 3.81 | 11.86 | |||
| MNTV | 0.90 | 0.49 | 2.26 | 12.44 | 0.00 | 0.43 | 20.63 | |||
| CWAN | 1.45 | (0.10) | 0.00 | (0.04) | 0.00 | 2.82 | 13.04 | |||
| EXFY | 4.04 | 0.06 | 0.04 | 0.09 | 4.44 | 9.09 | 28.84 | |||
| MODN | 0.98 | 0.18 | 0.12 | 0.32 | 0.93 | 2.22 | 10.58 | |||
| IDXAF | 11.94 | 6.31 | 0.00 | (1.15) | 0.00 | 0.00 | 406.67 | |||
| ISDR | 2.25 | (0.59) | 0.00 | 6.44 | 0.00 | 3.90 | 23.85 | |||
| EGAN | 1.60 | 0.07 | 0.01 | 0.18 | 2.67 | 3.60 | 19.06 |
Be your own money manager
Our tools can tell you how much better you can do entering a position in Hitek Global 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.Did you try this?
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Already Invested in Hitek Global Ordinary?
The danger of trading Hitek Global Ordinary is mainly related to its market volatility and Company specific events. As an investor, you must understand the concept of risk-adjusted return before you start trading. The most common way to measure the risk of Hitek Global is by using the Sharpe ratio. The ratio expresses how much excess return you acquire for the extra volatility you endure for holding a more risker asset than Hitek Global. The Sharpe ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile Hitek Global Ordinary is, you must compare it to a benchmark. Traditionally, the risk-free rate of return is the rate of return on the shortest-dated U.S. Treasury, such as a 3-year bond.
When determining whether Hitek Global Ordinary is a good investment, qualitative aspects like company management, corporate governance, and ethical practices play a significant role. A comparison with peer companies also provides context and helps to understand if Hitek Stock is undervalued or overvalued. This multi-faceted approach, blending both quantitative and qualitative analysis, forms a solid foundation for making an informed investment decision about Hitek Global Ordinary Stock. Highlighted below are key reports to facilitate an investment decision about Hitek Global Ordinary Stock: Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Hitek Global Ordinary. Also, note that the market value of any company could be tightly coupled with the direction of predictive economic indicators such as signals in gross domestic product. You can also try the Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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When running Hitek Global's price analysis, check to measure Hitek Global's market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy Hitek Global is operating at the current time. Most of Hitek Global's value examination focuses on studying past and present price action to predict the probability of Hitek Global's future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move Hitek Global's price. Additionally, you may evaluate how the addition of Hitek Global to your portfolios can decrease your overall portfolio volatility.
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Is Hitek Global's industry expected to grow? Or is there an opportunity to expand the business' product line in the future? Factors like these will boost the valuation of Hitek Global. If investors know Hitek will grow in the future, the company's valuation will be higher. The financial industry is built on trying to define current growth potential and future valuation accurately. All the valuation information about Hitek Global listed above have to be considered, but the key to understanding future value is determining which factors weigh more heavily than others.
Quarterly Earnings Growth (0.58) | Earnings Share 0.08 | Revenue Per Share 0.344 | Quarterly Revenue Growth (0.55) | Return On Assets 0.0022 |
The market value of Hitek Global Ordinary is measured differently than its book value, which is the value of Hitek that is recorded on the company's balance sheet. Investors also form their own opinion of Hitek Global's value that differs from its market value or its book value, called intrinsic value, which is Hitek Global's true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because Hitek Global's market value can be influenced by many factors that don't directly affect Hitek Global's underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between Hitek Global's value and its price as these two are different measures arrived at by different means. Investors typically determine if Hitek Global is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Hitek Global's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.