Covalon Technologies Correlations
| COV Stock | CAD 1.01 0.22 17.89% |
The correlation of Covalon Technologies 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 Covalon Technologies moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Covalon Technologies 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.
Significant diversification
The correlation between Covalon Technologies and NYA is 0.04 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Covalon Technologies and NYA in the same portfolio, assuming nothing else is changed.
Covalon |
The ability to find closely correlated positions to Covalon Technologies could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Covalon Technologies 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 Covalon Technologies - 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 Covalon Technologies to buy it.
Moving against Covalon Stock
| 0.6 | RY-PZ | Royal Bank | PairCorr |
| 0.5 | TD-PFI | Toronto Dominion Bank | PairCorr |
| 0.5 | TD-PFE | Toronto Dominion Bank | PairCorr |
| 0.49 | BFM | Bedford Metals Corp | PairCorr |
| 0.48 | TD-PFL | Toronto Dominion Bank | PairCorr |
| 0.48 | TD-PFD | Toronto Dominion Bank | PairCorr |
| 0.45 | TD-PFM | Toronto Dominion Bank | PairCorr |
Related Correlations Analysis
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Be your own money manager
Our tools can tell you how much better you can do entering a position in Covalon Technologies 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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Covalon Technologies Corporate Directors
Covalon Technologies corporate directors refer to members of a Covalon Technologies board of directors. The board of directors generally takes responsibility for the Covalon Technologies' affairs and long-term direction of the entity. A corporate director does not make decisions for the corporation on his own. As a member of the board of directors, she or he must function as a part of a group that makes decisions on behalf of the business only by the board of directors' meetings. To pass a resolution, a majority of Covalon Technologies' board members must vote for the resolution. The Covalon Technologies board of directors' duties also include the election, removal, and supervision of officers, including the adoption, amendment, and repeal of bylaws.| John Hands | Senior Director - Global Marketing | Profile | |
| Ian Brindle | Independent Director | Profile | |
| Joseph Cordiano | Independent Director | Profile | |
| Ronald Smith | Director | Profile |
Already Invested in Covalon Technologies?
The danger of trading Covalon Technologies 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 Covalon Technologies 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 Covalon Technologies. The Sharpe ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile Covalon Technologies 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.
Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Covalon Technologies. Also, note that the market value of any company could be tightly coupled with the direction of predictive economic indicators such as signals in board of governors. You can also try the Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
Complementary Tools for Covalon Stock analysis
When running Covalon Technologies' price analysis, check to measure Covalon Technologies' 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 Covalon Technologies is operating at the current time. Most of Covalon Technologies' value examination focuses on studying past and present price action to predict the probability of Covalon Technologies' future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move Covalon Technologies' price. Additionally, you may evaluate how the addition of Covalon Technologies to your portfolios can decrease your overall portfolio volatility.
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