NEWPATH RESOURCES Correlations

0MZ Stock

EUR 0.07 0.04 116.67%

The current 90-days correlation between NEWPATH RESOURCES INC and Tsingtao Brewery is 0.12 (i.e., Average diversification). The correlation of NEWPATH RESOURCES 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.

NEWPATH RESOURCES Correlation With Market

Very good diversification

The correlation between NEWPATH RESOURCES INC and DJI is -0.44 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding NEWPATH RESOURCES INC and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against NEWPATH Stock

0.56	DP4B	AP Mller Earnings Call Today	Pair Corr
0.5	FPMB	FREEPORT MCMORAN	Pair Corr
0.44	XSI	Sanyo Chemical Industries	Pair Corr
0.43	4HF	Hoist Finance AB Earnings Call Tomorrow	Pair Corr
0.41	QBE	QBE Insurance Group	Pair Corr
0.39	SEH	SHIN ETSU CHEMICAL	Pair Corr
0.39	SSU	Samsung Electronics	Pair Corr
0.37	SCL	Schlumberger Limited	Pair Corr
0.35	4I1	Philip Morris Intern Earnings Call Tomorrow	Pair Corr
0.35	MUM	Mensch und Maschine	Pair Corr
0.35	GJ9	SLC Agricola SA Split	Pair Corr
0.33	XMF	STOMO MITSUI FINL	Pair Corr
0.33	GCB	PTT Global Chemical	Pair Corr
0.53	DBPE	Xtrackers LevDAX	Pair Corr
0.5	6HS	Horseshoe Metals	Pair Corr
0.46	NEF	NESTE OIL Earnings Call Today	Pair Corr
0.45	HHX	HAMMONIA Schiffsholding	Pair Corr
0.39	H3M	Hochschild Mining plc	Pair Corr
0.39	WDC	WESTERN DIGITAL	Pair Corr
0.38	E908	Lyxor 1	Pair Corr
0.37	4OQ1	AGNC Investment Corp	Pair Corr
0.37	UEO	Westlake Chemical	Pair Corr
0.35	GZF	Engie SA	Pair Corr
0.34	943	FREY EO 250	Pair Corr

Related Correlations Analysis

	FH0	T6W	CI7	SL4	NY7	H3M	8P7	TSI
FH0		-0.47	-0.5	-0.02	0.39	0.58	-0.51	-0.58	FH0
T6W	-0.47		0.66	0.22	-0.6	-0.83	0.55	0.74	T6W
CI7	-0.5	0.66		0.15	-0.55	-0.8	0.53	0.79	CI7
SL4	-0.02	0.22	0.15		0.1	-0.09	0.27	-0.03	SL4
NY7	0.39	-0.6	-0.55	0.1		0.7	-0.47	-0.63	NY7
H3M	0.58	-0.83	-0.8	-0.09	0.7		-0.76	-0.9	H3M
8P7	-0.51	0.55	0.53	0.27	-0.47	-0.76		0.59	8P7
TSI	-0.58	0.74	0.79	-0.03	-0.63	-0.9	0.59		TSI
	FH0	T6W	CI7	SL4	NY7	H3M	8P7	TSI

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

TSI	+ 0.79	CI7
TSI	+ 0.74	T6W
H3M	+ 0.7	NY7
CI7	+ 0.66	T6W
TSI	+ 0.59	8P7
H3M	+ 0.58	FH0

High negative correlations

TSI	- 0.9	H3M
H3M	- 0.83	T6W
H3M	- 0.8	CI7
8P7	- 0.76	H3M
TSI	- 0.63	NY7
NY7	- 0.6	T6W

Risk-Adjusted Indicators

There is a big difference between NEWPATH Stock performing well and NEWPATH RESOURCES 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 NEWPATH RESOURCES'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
FH0	3.22	0.18	0.01	(0.04)	4.02	(3.51)	7.51	(7.65)	16.52
T6W	0.48	(0.11)	0.00	(1.14)	0.00	0.00	0.00	(3.23)	6.78
CI7	2.66	(0.28)	0.00	0.52	0.00	0.00	6.35	(6.67)	24.78
SL4	2.93	(0.20)	0.00	9.53	0.00	0.00	5.36	(5.61)	29.72
NY7	1.34	0.11	0.04	(3.74)	1.56	(1.51)	2.57	(3.05)	9.46
H3M	1.75	0.70	0.28	(3.87)	0.98	(2.88)	5.72	(2.34)	11.99
8P7	2.39	(0.26)	0.00	0.23	0.00	0.00	5.26	(5.11)	15.02
TSI	0.66	(0.15)	0.00	(1.26)	0.00	0.00	1.47	(1.76)	6.16

Be your own money manager

Our tools can tell you how much better you can do entering a position in NEWPATH RESOURCES 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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