1847 Goedeker Correlations

GOED
 Stock
  

USD 0.71  0.02  2.74%   

The correlation of 1847 Goedeker 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 1847 Goedeker moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if 1847 Goedeker Inc 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.
Please check Risk vs Return Analysis.
  
The ability to find closely correlated positions to 1847 Goedeker could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace 1847 Goedeker 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 1847 Goedeker - 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 1847 Goedeker Inc to buy it.

Moving against 1847 Goedeker

-0.89GPCGenuine PartsPairCorr
-0.88ORLYOReilly AutomotivePairCorr
-0.84AZOAutozonePairCorr
-0.79TSCOTractor SupplyPairCorr
-0.67ANCTFAlimentat Cou MulvtgPairCorr
-0.66NCLTYNitori HoldingsPairCorr
-0.58NCLTFNitori HoldingsPairCorr
-0.84SAPSAP Ag ADRPairCorr
-0.82MRKMerck CompanyPairCorr

Related 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   
ORLYGPC
ORLYAZO
AZOGPC
AZOTSCO
ORLYTSCO
GPCTSCO
  

1847 Goedeker Competition Risk-Adjusted Indicators

Nowadays, there is a big difference between 1847 Goedeker Stock performing well and 1847 Goedeker 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 1847 Goedeker'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.

1847 Goedeker 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 1847 Goedeker stock to make a market-neutral strategy. Peer analysis of 1847 Goedeker could also be used in its relative valuation, which is a method of valuing 1847 Goedeker by comparing valuation metrics with similar companies.
Ulta BeautyDAIMLER AGBest BuyTractor SupplyGenuine PartsAutozoneOReilly AutomotiveAmn Healthcare ServicesTwist Bioscience CorpFreedom Holding CorpGx Nasdaq-100 CoveredFranklin Mutual EuropeanBhp BillitonNatural Hlth TrdUSA Value Factor
 Risk & Return  Correlation

Invested in 1847 Goedeker Inc?

The danger of trading 1847 Goedeker Inc 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 1847 Goedeker 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 1847 Goedeker. The Shape ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile 1847 Goedeker Commom 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.
Please check Risk vs Return Analysis. Note that the 1847 Goedeker Commom information on this page should be used as a complementary analysis to other 1847 Goedeker's statistical models used to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try Watchlist Optimization module to optimize watchlists to build efficient portfolio or rebalance existing positions based on mean-variance optimization algorithm.

Other Tools for 1847 Goedeker Stock

When running 1847 Goedeker Commom price analysis, check to measure 1847 Goedeker'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 1847 Goedeker is operating at the current time. Most of 1847 Goedeker's value examination focuses on studying past and present price action to predict the probability of 1847 Goedeker's future price movements. You can analyze the entity against its peers and financial market as a whole to determine factors that move 1847 Goedeker's price. Additionally, you may evaluate how the addition of 1847 Goedeker to your portfolios can decrease your overall portfolio volatility.
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