Allena Pharmaceuticals Correlations

ALNA
 Stock
  

USD 0.026  0.0007  2.77%   

The correlation of Allena Pharmaceuticals is a statistical measure of how it moves in relation to other equities. 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 Allena Pharmaceuticals moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Allena Pharmaceuticals 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.
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The ability to find closely correlated positions to Allena Pharmaceuticals could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Allena Pharmaceuticals 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 Allena Pharmaceuticals - 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 Allena Pharmaceuticals to buy it.

Moving together with Allena Pharmaceuticals

+0.75NVONovo Nordisk ASPairCorr
+0.73NONOFNOVO NORDISK ASPairCorr
+0.66MRNAModernaPairCorr
+0.66BNTXBiontech Se ADRPairCorr
+0.66OSTKOOVERSTOCK COM INCPairCorr
+0.76PFEPfizer IncPairCorr

Moving against Allena Pharmaceuticals

-0.64REGNRegeneron PharmaceuticalsPairCorr

Related Correlations

ITOEF
WTER
KOF
CCHGY
EMBVF
NNFSF
ITOEF
-0.16-0.83-0.16-0.56-0.96
ITOEF
WTER
-0.160.450.510.420.15
WTER
KOF
-0.830.450.340.660.79
KOF
CCHGY
-0.160.510.340.30.17
CCHGY
EMBVF
-0.560.420.660.30.56
EMBVF
NNFSF
-0.960.150.790.170.56
NNFSF
ITOEF
WTER
KOF
CCHGY
EMBVF
NNFSF
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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   
NNFSFKOF
EMBVFKOF
NNFSFEMBVF
CCHGYWTER
KOFWTER
EMBVFWTER
  
High negative correlations   
NNFSFITOEF
KOFITOEF
EMBVFITOEF
CCHGYITOEF
WTERITOEF

Allena Pharmaceuticals Competition Risk-Adjusted Indicators

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

Allena Pharmaceuticals 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 Allena Pharmaceuticals stock to make a market-neutral strategy. Peer analysis of Allena Pharmaceuticals could also be used in its relative valuation, which is a method of valuing Allena Pharmaceuticals by comparing valuation metrics with similar companies.
Ito EnAlkaline WaterCoca Cola FemsaCOCA COLA HBCArca ContineintalNongfu SpringAmn Healthcare ServicesTwist Bioscience CorpFreedom Holding CorpGx Nasdaq-100 CoveredFranklin Mutual EuropeanNatural Hlth TrdUSA Value FactorBetapro Canadian GoldAramark Holdings Corp
 Risk & Return  Correlation

Allena Pharmaceuticals Corporate Directors

Allena Pharmaceuticals corporate directors refer to members of an Allena Pharmaceuticals board of directors. The board of directors generally takes responsibility for the Allena Pharmaceuticals' affairs and long-term direction of the entity. A corporate director does not make decisions for the corporation on his own. As a member of the board of directors, she or he must function as a part of a group that makes decisions on behalf of the business only by the board of directors' meetings. To pass a resolution, a majority of Allena Pharmaceuticals' board members must vote for the resolution. The Allena Pharmaceuticals board of directors' duties also include the election, removal, and supervision of officers, including the adoption, amendment, and repeal of bylaws.

Invested in Allena Pharmaceuticals?

The danger of trading Allena Pharmaceuticals 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 Allena Pharmaceuticals 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 Allena Pharmaceuticals. The Shape ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile Allena Pharmaceuticals 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.
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Other Tools for Allena Stock

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