Baselode Energy Correlations
| FIND Stock | CAD 0.36 0.01 2.86% |
The correlation of Baselode Energy 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 Baselode Energy moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Baselode Energy Corp 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.
Average diversification
The correlation between Baselode Energy Corp and NYA is 0.16 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Baselode Energy Corp and NYA in the same portfolio, assuming nothing else is changed.
Baselode |
The ability to find closely correlated positions to Baselode Energy could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Baselode Energy 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 Baselode Energy - 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 Baselode Energy Corp to buy it.
Moving together with Baselode Stock
Moving against Baselode Stock
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Related Correlations Analysis
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Risk-Adjusted Indicators
There is a big difference between Baselode Stock performing well and Baselode Energy 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 Baselode Energy'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| META | 1.71 | 0.42 | 0.28 | 0.36 | 1.24 | 3.27 | 24.74 | |||
| MSFT | 0.94 | (0.01) | 0.00 | 0.05 | 1.03 | 2.11 | 5.31 | |||
| UBER | 1.60 | 0.07 | 0.08 | 0.10 | 1.53 | 2.83 | 18.39 | |||
| F | 1.59 | 0.00 | 0.03 | 0.06 | 1.86 | 4.07 | 9.61 | |||
| T | 0.92 | (0.01) | (0.04) | 0.03 | 1.15 | 2.18 | 5.92 | |||
| A | 1.20 | (0.06) | (0.02) | 0.02 | 1.44 | 2.26 | 6.31 | |||
| CRM | 1.24 | (0.06) | (0.02) | 0.02 | 1.98 | 2.83 | 10.84 | |||
| JPM | 0.78 | 0.05 | 0.04 | 0.10 | 1.31 | 1.72 | 8.65 | |||
| MRK | 0.64 | 0.04 | 0.04 | 0.10 | 0.66 | 1.18 | 6.92 | |||
| XOM | 0.80 | 0.27 | 0.29 | 0.64 | 0.48 | 1.96 | 4.66 |
Be your own money manager
Our tools can tell you how much better you can do entering a position in Baselode Energy 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 Baselode Energy Corp?
The danger of trading Baselode Energy Corp 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 Baselode Energy 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 Baselode Energy. The Sharpe ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile Baselode Energy Corp 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 Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Baselode Energy Corp. Also, note that the market value of any company could be tightly coupled with the direction of predictive economic indicators such as signals in unemployment. You can also try the Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
Complementary Tools for Baselode Stock analysis
When running Baselode Energy's price analysis, check to measure Baselode Energy'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 Baselode Energy is operating at the current time. Most of Baselode Energy's value examination focuses on studying past and present price action to predict the probability of Baselode Energy's future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move Baselode Energy's price. Additionally, you may evaluate how the addition of Baselode Energy to your portfolios can decrease your overall portfolio volatility.
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