Covalon Technologies Correlations

Stocks . Canada . 
Stock . Covalon Technologies
COV Stock  CAD 2.28  0.28  14.00%   
The correlation of Covalon Technologies is a statistical measure of how it moves in relation to other equities. 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.
Check out Trending Equities.
  
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 together with Covalon Technologies

+0.64CRONCronos GroupPairCorr
+0.61CWEBCharlottes Web HoldingsPairCorr

Moving against Covalon Technologies

-0.69WELLWELL Health TechnologiesPairCorr
-0.68VMDViemed HealthcarePairCorr
-0.44SZLSStageZero Life SciencesPairCorr

Related Correlations

PMN
MDNA
AEZS
CS
EIT-PA
COST
PMN
0.440.650.57-0.010.31
PMN
MDNA
0.440.530.530.260.83
MDNA
AEZS
0.650.530.4-0.270.32
AEZS
CS
0.570.530.40.340.5
CS
EIT-PA
-0.010.26-0.270.340.36
EIT-PA
COST
0.310.830.320.50.36
COST
PMN
MDNA
AEZS
CS
EIT-PA
COST
Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Correlation Matchups

The Correlation Coefficient is a useful tool to identify correlated or non-correlated securities, which is essential in developing a diversified portfolio. It tells us the relationship between two positions you have in your portfolio or considering acquiring. Over a given time period, the two securities movetogether 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   
COST
+ 0.83
MDNA
AEZS
+ 0.65
PMN
CS
+ 0.57
PMN
AEZS
+ 0.53
MDNA
CS
+ 0.53
MDNA
COST
+ 0.5
CS
  
High negative correlations   
EIT-PA
- 0.27
AEZS
EIT-PA
- 0.01
PMN

Risk-Adjusted Indicators

Nowadays, there is a big difference between Covalon Stock performing well and Covalon Technologies company doing well compared to the competition. There are way too many exceptions to the normal that investors can tell for sure what's good or bad unless they analyze Covalon Technologies' multiple risk-adjusted performance indicators. 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		Information
Ratio		Expected
Shortfall		Potential
Upside		Value
At Risk		Maximum
Drawdown
PMN 1.88 (0.01)  0.00  0.02  0.00 (0.0076)  0.00  4.73 (3.88)  15.18 
MDNA 3.79  0.85  0.23  1.29  2.98  0.16 (5.51)  11.11 (6.02)  30.13 
AEZS 2.26 (0.26)  0.00  4.16  0.00 (0.09)  0.00  4.35 (5.01)  16.11 
CS 2.67  0.36  0.09  0.38  3.66  0.10 (2.63)  5.39 (6.72)  15.27 
EIT-PA 0.19  0.03  0.05  0.59  0.14  0.06 (0.25)  0.46 (0.37)  1.99 
COST 0.98  0.14  0.11  0.43  1.00  0.09 (1.16)  2.24 (2.11)  9.46 

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?

Run Efficient Frontier Now

   

Efficient Frontier

Plot and analyze your portfolio and positions against risk-return landscape of the market.
All  Next Launch Module

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.
Elinor CaplanDirectorProfile
Murray MillerIndependent DirectorProfile
John HandsSenior Director - Global MarketingProfile
Gale PollockDirectorProfile

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 Shape 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. You can also try Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.

Complementary Tools for 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 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.
Global Markets Map
Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes
Portfolio Rebalancing
Analyze risk-adjusted returns against different time horizons to find asset-allocation targets
Risk-Return Analysis
View associations between returns expected from investment and the risk you assume
Portfolio Anywhere
Track or share privately all of your investments from the convenience of any device
Theme Ratings
Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance
Fundamental Analysis
View fundamental data based on most recent published financial statements
Probability Of Bankruptcy
Get analysis of equity chance of financial distress in the next 2 years
Piotroski F Score
Get Piotroski F Score based on binary analysis strategy of nine different fundamentals
Idea Optimizer
Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio
Balance Of Power
Check stock momentum by analyzing Balance Of Power indicator and other technical ratios
Portfolio File Import
Quickly import all of your third-party portfolios from your local drive in csv format
Equity Search
Search for actively traded equities including funds and ETFs from over 30 global markets
Altman
Z Score
Details
Intrinsic
Valuation
Details
Financial
Analysis
Details
Buy or Sell
Advice
Details
Technical
Analysis
Details
Please note, there is a significant difference between Covalon Technologies' value and its price as these two are different measures arrived at by different means. Investors typically determine Covalon Technologies value by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Covalon Technologies' 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.
Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions
 
Feedback Blog
Made with optimal in San Francisco
2023 Macroaxis LLC
COMMON DESTINATIONS
MAIN CATEGORIES
COMPANY