Sonova Holding Correlations

SONVY Stock

USD 67.09 0.85 1.25%

The current 90-days correlation between Sonova Holding AG and Smith Nephew plc is -0.13 (i.e., Good diversification). The correlation of Sonova Holding 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Sonova Holding Correlation With Market

Average diversification

The correlation between Sonova Holding AG and DJI is 0.18 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Sonova Holding AG and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Sonova Pink Sheet

0.5	SYK	Stryker	Pair Corr
0.5	ZBH	Zimmer Biomet Holdings	Pair Corr
0.43	DXCM	DexCom Inc	Pair Corr
0.67	PG	Procter Gamble	Pair Corr
0.43	DIS	Walt Disney	Pair Corr

Related Correlations Analysis

	GNNDY	GGNDF	BBLG	EAR	SNNUF	MDT	WILYY	CNMD	ICAD
GNNDY		0.9	0.33	0.53	0.75	0.23	0.92	0.32	-0.5	GNNDY
GGNDF	0.9		0.38	0.7	0.8	0.48	0.81	0.13	-0.31	GGNDF
BBLG	0.33	0.38		0.42	0.36	0.32	0.16	-0.24	-0.08	BBLG
EAR	0.53	0.7	0.42		0.58	0.61	0.53	-0.17	0.03	EAR
SNNUF	0.75	0.8	0.36	0.58		0.47	0.77	-0.12	-0.51	SNNUF
MDT	0.23	0.48	0.32	0.61	0.47		0.25	-0.45	0.13	MDT
WILYY	0.92	0.81	0.16	0.53	0.77	0.25		0.22	-0.55	WILYY
CNMD	0.32	0.13	-0.24	-0.17	-0.12	-0.45	0.22		-0.01	CNMD
ICAD	-0.5	-0.31	-0.08	0.03	-0.51	0.13	-0.55	-0.01		ICAD
	GNNDY	GGNDF	BBLG	EAR	SNNUF	MDT	WILYY	CNMD	ICAD

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

WILYY	+ 0.92	GNNDY
GGNDF	+ 0.9	GNNDY
WILYY	+ 0.81	GGNDF
SNNUF	+ 0.8	GGNDF
WILYY	+ 0.77	SNNUF
SNNUF	+ 0.75	GNNDY

High negative correlations

ICAD	- 0.55	WILYY
ICAD	- 0.51	SNNUF
ICAD	- 0.5	GNNDY
CNMD	- 0.45	MDT
ICAD	- 0.31	GGNDF
CNMD	- 0.24	BBLG

Risk-Adjusted Indicators

There is a big difference between Sonova Pink Sheet performing well and Sonova Holding 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 Sonova Holding'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
GNNDY	1.30	(0.24)	0.00	3.86	0.00	0.00	2.73	(3.23)	8.52
GGNDF	0.89	(0.54)	0.00	(0.71)	0.00	0.00	0.00	0.00	15.33
BBLG	9.08	0.86	0.09	0.67	8.76	(14.60)	18.13	(17.14)	163.17
EAR	2.57	(0.55)	0.00	(0.30)	0.00	0.00	4.05	(5.29)	14.77
SNNUF	1.21	(0.11)	0.00	0.19	0.00	0.00	1.88	(4.23)	20.71
MDT	0.78	(0.08)	0.00	(0.11)	0.00	0.00	1.73	(1.80)	5.69
WILYY	0.32	(0.08)	0.00	(9.52)	0.00	0.00	0.00	(1.42)	7.99
CNMD	1.88	(0.04)	(0.02)	0.06	2.40	(1.89)	4.46	(3.84)	10.92
ICAD	3.97	0.05	0.03	0.13	4.89	(5.50)	9.49	(5.96)	46.15

Be your own money manager

Our tools can tell you how much better you can do entering a position in Sonova Holding 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?

Run Pair Correlation Now

Pair Correlation

Compare performance and examine fundamental relationship between any two equity instruments

All Next

Launch Module

Sonova Holding Corporate Executives

Elected by the shareholders, the Sonova Holding's board of directors comprises two types of representatives: Sonova Holding inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Sonova. The board's role is to monitor Sonova Holding's management team and ensure that shareholders' interests are well served. Sonova Holding's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Sonova Holding's outside directors are responsible for providing unbiased perspectives on the board's policies.

Arnd Kaldowski

COO, Member of the Management Board

Profile

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC