UNIDOC HEALTH Correlations

L7T Stock

0.34 0.01 2.86%

The current 90-days correlation between UNIDOC HEALTH P and Teladoc is 0.02 (i.e., Significant diversification). The correlation of UNIDOC HEALTH 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 correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

UNIDOC HEALTH Correlation With Market

Very good diversification

The correlation between UNIDOC HEALTH P and NYA is -0.27 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding UNIDOC HEALTH P and NYA in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to UNIDOC HEALTH could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace UNIDOC HEALTH 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 UNIDOC HEALTH - 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 UNIDOC HEALTH P to buy it.

Moving together with UNIDOC Stock

0.88	GSR	Gossan Resources	Pair Corr
0.63	AMI	amalphi ag	Pair Corr
0.76	C9F	Chipotle Mexican Grill	Pair Corr
0.79	KGHA	KGHM Polska Miedz	Pair Corr
0.69	RHM	Rheinmetall AG	Pair Corr

Moving against UNIDOC Stock

0.66	VEE	Veeva Systems Earnings Call Today	Pair Corr
0.66	1KJ	10X GENOMICS DL	Pair Corr
0.61	4LL	Teladoc	Pair Corr
0.56	9EH	Evolent Health	Pair Corr
0.34	1XZ	Ping An Healthcare	Pair Corr
0.6	E908	Lyxor 1	Pair Corr

Related Correlations Analysis

	4LL	9EH	COP	8SP	6NM	2DG	TM9	2GB	NOH1	RS6
4LL		0.93	0.22	0.75	-0.77	0.27	-0.68	-0.82	-0.91	0.73	4LL
9EH	0.93		0.14	0.68	-0.83	0.21	-0.62	-0.8	-0.94	0.72	9EH
COP	0.22	0.14		0.16	-0.22	0.4	0.05	-0.31	-0.22	0.44	COP
8SP	0.75	0.68	0.16		-0.36	0.36	-0.52	-0.71	-0.63	0.71	8SP
6NM	-0.77	-0.83	-0.22	-0.36		-0.02	0.45	0.76	0.84	-0.66	6NM
2DG	0.27	0.21	0.4	0.36	-0.02		0.04	-0.21	-0.37	0.3	2DG
TM9	-0.68	-0.62	0.05	-0.52	0.45	0.04		0.52	0.57	-0.36	TM9
2GB	-0.82	-0.8	-0.31	-0.71	0.76	-0.21	0.52		0.75	-0.93	2GB
NOH1	-0.91	-0.94	-0.22	-0.63	0.84	-0.37	0.57	0.75		-0.67	NOH1
RS6	0.73	0.72	0.44	0.71	-0.66	0.3	-0.36	-0.93	-0.67		RS6
	4LL	9EH	COP	8SP	6NM	2DG	TM9	2GB	NOH1	RS6

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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

9EH	+ 0.93	4LL
NOH1	+ 0.84	6NM
2GB	+ 0.76	6NM
8SP	+ 0.75	4LL
NOH1	+ 0.75	2GB
RS6	+ 0.73	4LL

High negative correlations

NOH1	- 0.94	9EH
RS6	- 0.93	2GB
NOH1	- 0.91	4LL
6NM	- 0.83	9EH
2GB	- 0.82	4LL
2GB	- 0.8	9EH

Risk-Adjusted Indicators

There is a big difference between UNIDOC Stock performing well and UNIDOC HEALTH 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 UNIDOC HEALTH'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
4LL	1.62	(0.51)	0.00	(1.50)	0.00	0.00	2.97	(4.54)	10.17
9EH	1.71	(0.48)	0.00	(9.17)	0.00	0.00	2.59	(3.55)	17.71
COP	1.34	(0.15)	0.00	(0.48)	0.00	0.00	2.83	(2.91)	15.57
8SP	0.88	(0.07)	0.00	1.34	0.00	0.00	1.65	(1.61)	5.23
6NM	1.06	0.17	0.12	(0.51)	0.98	(1.53)	2.78	(1.96)	7.33
2DG	4.51	0.40	0.05	0.37	5.47	(6.87)	13.04	(7.55)	47.58
TM9	2.40	0.15	0.03	(0.14)	4.36	(2.64)	7.02	(5.75)	35.83
2GB	1.52	0.21	0.12	0.50	1.47	(1.88)	3.87	(2.69)	9.77
NOH1	2.74	1.30	0.68	9.25	0.98	(3.62)	5.42	(3.17)	62.94
RS6	1.05	(0.13)	0.00	0.32	0.00	0.00	2.01	(2.58)	12.72

Be your own money manager

Our tools can tell you how much better you can do entering a position in UNIDOC HEALTH 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.

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