COVESTRO Related Correlations

Generate correlation matrix for COVESTRO and other related equities to check the degree to which COVESTRO AG O price movement is correlated to its related entities. Use comma (,) to separate each symbol. If not specified, the peers will be provided automatically based on Macroaxis sector classification standards for COVESTRO AG O. To filter out specific equities, please toggle its corresponding legend item. Check out Trending Equities.
Please note, there is a significant difference between COVESTRO's value and its price as these two are different measures arrived at by different means. Investors typically determine COVESTRO value by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, COVESTRO'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.

Correlations

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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   
1COV
CE2
EVK
CE2
SGL
CE2
2HRA
CE2
SY1
CE2
ELF1
CE2
Insignificant correlation   
1COV
CE2
EVK
CE2
SGL
CE2
C005
E905
C005
C007
E905
C007
High negative correlations   
C005
E905
C005
C007
E905
C007
C005
ELF1
E905
ELF1
C007
ELF1

COVESTRO Competition Risk-Adjusted Indicators

Nowadays, there is a big difference between COVESTRO stock performing well and COVESTRO 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 COVESTRO's multiple risk-adjusted performance indicators. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.