ReFuels NV Correlations

REFL Stock

17.60 0.00 0.00%

The correlation of ReFuels NV 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 ReFuels NV moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if ReFuels NV 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 ReFuels NV and NYA is 0.12 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ReFuels NV and NYA in the same portfolio, assuming nothing else is changed.

Check out Your Equity Center to better understand how to build diversified portfolios. Also, note that the market value of any company could be tightly coupled with the direction of predictive economic indicators such as signals in board of governors.

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

Moving together with ReFuels Stock

0.7	EQNR	Equinor ASA	Pair Corr
0.73	AKRBP	Aker BP ASA	Pair Corr
0.71	NHY	Norsk Hydro ASA	Pair Corr
0.74	VAR	Var Energi ASA	Pair Corr

Moving against ReFuels Stock

0.43

MOWI

Mowi ASA

Pair Corr

Related Correlations Analysis

	EQNR	DNB	AKRBP	TEL	NHY	YAR	MOWI	VAR
EQNR		0.67	0.9	0.84	0.94	-0.5	-0.5	0.92	EQNR
DNB	0.67		0.55	0.57	0.5	-0.55	0.14	0.72	DNB
AKRBP	0.9	0.55		0.62	0.89	-0.27	-0.58	0.89	AKRBP
TEL	0.84	0.57	0.62		0.84	-0.57	-0.37	0.71	TEL
NHY	0.94	0.5	0.89	0.84		-0.42	-0.68	0.83	NHY
YAR	-0.5	-0.55	-0.27	-0.57	-0.42		-0.07	-0.5	YAR
MOWI	-0.5	0.14	-0.58	-0.37	-0.68	-0.07		-0.35	MOWI
VAR	0.92	0.72	0.89	0.71	0.83	-0.5	-0.35		VAR
	EQNR	DNB	AKRBP	TEL	NHY	YAR	MOWI	VAR

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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

NHY	+ 0.94	EQNR
VAR	+ 0.92	EQNR
AKRBP	+ 0.9	EQNR
NHY	+ 0.89	AKRBP
VAR	+ 0.89	AKRBP
TEL	+ 0.84	EQNR

High negative correlations

MOWI	- 0.68	NHY
MOWI	- 0.58	AKRBP
YAR	- 0.57	TEL
YAR	- 0.55	DNB
VAR	- 0.5	YAR
MOWI	- 0.5	EQNR

Risk-Adjusted Indicators

There is a big difference between ReFuels Stock performing well and ReFuels NV 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 ReFuels NV'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
EQNR	1.08	0.19	0.09	1.55	1.19	(1.17)	2.64	(1.30)	7.69
DNB	0.74	0.11	0.06	0.39	0.92	(0.78)	1.49	(1.79)	4.23
AKRBP	1.10	0.08	0.00	(0.46)	1.18	(1.30)	2.57	(2.25)	7.23
TEL	0.83	0.20	0.17	1.32	0.57	(1.02)	1.94	(1.37)	4.53
NHY	1.47	0.29	0.12	(0.46)	1.29	(1.85)	4.11	(2.49)	9.36
YAR	1.20	(0.07)	0.00	0.25	0.00	0.00	1.85	(2.23)	9.98
MOWI	0.81	0.07	0.02	0.42	0.95	(0.81)	1.75	(1.57)	6.04
VAR	1.37	0.37	0.16	(1.27)	1.40	(1.43)	2.90	(2.76)	7.09

ReFuels NV Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with ReFuels NV stock to make a market-neutral strategy. Peer analysis of ReFuels NV could also be used in its relative valuation, which is a method of valuing ReFuels NV by comparing valuation metrics with similar companies.

Equinor ASA DnB ASA Aker BP ASA Telenor ASA Norsk Hydro ASA Yara International ASA Mowi ASA Var Energi ASA American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup SentinelOne CVS Health Corp

Risk & Return

Correlation

Already Invested in ReFuels NV?

The danger of trading ReFuels NV 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 ReFuels NV 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 ReFuels NV. The Sharpe ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile ReFuels NV 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.

You can also try the Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.

Complementary Tools for ReFuels Stock analysis

When running ReFuels NV's price analysis, check to measure ReFuels NV'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 ReFuels NV is operating at the current time. Most of ReFuels NV's value examination focuses on studying past and present price action to predict the probability of ReFuels NV's future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move ReFuels NV's price. Additionally, you may evaluate how the addition of ReFuels NV to your portfolios can decrease your overall portfolio volatility.

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