Electrovaya Common Correlations
| ELVA Stock | 2.93 0.08 2.66% |
The correlation of Electrovaya Common 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 Electrovaya Common moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Electrovaya Common Shares 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 Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Electrovaya Common Shares. Also, note that the market value of any company could be tightly coupled with the direction of predictive economic indicators such as signals in main economic indicators. Electrovaya |
The ability to find closely correlated positions to Electrovaya Common could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Electrovaya Common 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 Electrovaya Common - 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 Electrovaya Common Shares to buy it.
Moving against Electrovaya Stock
| - | 0.57 | AYI | Acuity Brands | Report 9th of January 2024 | PairCorr | |
| - | 0.5 | WIRE | Encore Wire | Fiscal Quarter End 31st of December 2023 | PairCorr |
Related Correlations Analysis
BE | KE | ENVX | EOSE | EPOW | WIRE | FCEL | FLUX | AYI | ||
BE | 0.32 | 0.83 | 0.24 | 0.03 | -0.11 | 0.61 | 0.47 | 0.01 | BE | |
KE | 0.32 | 0.52 | 0.9 | 0.79 | -0.49 | 0.53 | 0.59 | -0.41 | KE | |
ENVX | 0.83 | 0.52 | 0.52 | 0.27 | -0.24 | 0.62 | 0.67 | -0.19 | ENVX | |
EOSE | 0.24 | 0.9 | 0.52 | 0.9 | -0.71 | 0.42 | 0.61 | -0.64 | EOSE | |
EPOW | 0.03 | 0.79 | 0.27 | 0.9 | -0.65 | 0.25 | 0.48 | -0.56 | EPOW | |
WIRE | -0.11 | -0.49 | -0.24 | -0.71 | -0.65 | -0.11 | -0.28 | 0.82 | WIRE | |
FCEL | 0.61 | 0.53 | 0.62 | 0.42 | 0.25 | -0.11 | 0.34 | 0.15 | FCEL | |
FLUX | 0.47 | 0.59 | 0.67 | 0.61 | 0.48 | -0.28 | 0.34 | -0.29 | FLUX | |
AYI | 0.01 | -0.41 | -0.19 | -0.64 | -0.56 | 0.82 | 0.15 | -0.29 | AYI | |
BE | KE | ENVX | EOSE | EPOW | WIRE | FCEL | FLUX | AYI |
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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 |
Risk-Adjusted Indicators
There is a big difference between Electrovaya Stock performing well and Electrovaya Common 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 Electrovaya Common'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 | Information Ratio | Expected Shortfall | Potential Upside | Value @Risk | Maximum Drawdown | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| BE | 3.27 | (0.13) | 0.00 | (0.01) | 0.00 | (0.01) | 0.00 | 8.37 | (5.62) | 21.09 | |
| KE | 1.57 | (0.26) | 0.00 | (0.15) | 0.00 | (0.11) | 0.00 | 2.43 | (3.27) | 15.79 | |
| ENVX | 3.48 | (0.28) | 0.00 | (0.04) | 0.00 | (0.04) | 0.00 | 7.88 | (8.80) | 23.60 | |
| EOSE | 4.43 | (1.15) | 0.00 | (0.40) | 0.00 | (0.18) | 0.00 | 8.82 | (10.75) | 35.83 | |
| EPOW | 3.97 | (0.86) | 0.00 | (1.42) | 0.00 | (0.15) | 0.00 | 5.41 | (9.40) | 42.27 | |
| WIRE | 1.60 | 0.19 | 0.10 | 0.14 | 1.85 | 0.1 | (1.71) | 3.43 | (3.67) | 11.49 | |
| FCEL | 4.15 | (0.16) | 0.00 | (0.01) | 0.00 | (0.01) | 0.00 | 10.24 | (7.91) | 26.01 | |
| FLUX | 3.10 | (0.28) | 0.00 | (0.17) | 0.00 | (0.06) | 0.00 | 8.04 | (5.23) | 31.11 | |
| AYI | 1.15 | 0.23 | 0.14 | 0.23 | 1.26 | 0.14 | (1.23) | 3.70 | (1.84) | 13.11 |
Be your own money manager
Our tools can tell you how much better you can do entering a position in Electrovaya Common 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 Electrovaya Common Shares?
The danger of trading Electrovaya Common Shares 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 Electrovaya Common 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 Electrovaya Common. The Shape ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile Electrovaya Common Shares 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 Electrovaya Common Shares offers a strong return on investment in its stock, a comprehensive analysis is essential. The process typically begins with a thorough review of Electrovaya Common's financial statements, including income statements, balance sheets, and cash flow statements, to assess its financial health. Key financial ratios are used to gauge profitability, efficiency, and growth potential of Electrovaya Common Shares Stock. Outlined below are crucial reports that will aid in making a well-informed decision on Electrovaya Common Shares Stock: Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Electrovaya Common Shares. Also, note that the market value of any company could be tightly coupled with the direction of predictive economic indicators such as signals in main economic indicators. You can also try the FinTech Suite module to use AI to screen and filter profitable investment opportunities.
Complementary Tools for Electrovaya Stock analysis
When running Electrovaya Common's price analysis, check to measure Electrovaya Common'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 Electrovaya Common is operating at the current time. Most of Electrovaya Common's value examination focuses on studying past and present price action to predict the probability of Electrovaya Common's future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move Electrovaya Common's price. Additionally, you may evaluate how the addition of Electrovaya Common to your portfolios can decrease your overall portfolio volatility.
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Is Electrovaya Common'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 Electrovaya Common. If investors know Electrovaya 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 Electrovaya Common listed above have to be considered, but the key to understanding future value is determining which factors weigh more heavily than others.
Earnings Share (0.04) | Revenue Per Share 1.22 | Quarterly Revenue Growth 1.446 | Return On Assets 0.003 |
The market value of Electrovaya Common Shares is measured differently than its book value, which is the value of Electrovaya that is recorded on the company's balance sheet. Investors also form their own opinion of Electrovaya Common's value that differs from its market value or its book value, called intrinsic value, which is Electrovaya Common'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 Electrovaya Common's market value can be influenced by many factors that don't directly affect Electrovaya Common'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 Electrovaya Common's value and its price as these two are different measures arrived at by different means. Investors typically determine if Electrovaya Common is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Electrovaya Common'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.