NOW Correlations

Stocks Germany . 
Stock . NOW Inc
11N Stock   16.20  1.60  10.96%   
The current 90-days correlation between NOW Inc and BioNTech SE is 0.08 (i.e., Significant diversification). The correlation of NOW 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.

NOW Correlation With Market

Significant diversification

The correlation between NOW Inc and DJI is 0.06 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding NOW Inc and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to NOW could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace NOW 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 NOW - 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 NOW Inc to buy it.

Moving against NOW Stock

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Related Correlations Analysis

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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   
A2X
+ 0.82
VEFW
I1M
+ 0.79
A2X
I1M
+ 0.78
VEFW
ESY
+ 0.73
CNB0
VEFW
+ 0.67
22UA
ESY
+ 0.66
A2X
  
High negative correlations   
ESY
- 0.8
WN6
WN6
- 0.67
CNB0
WN6
- 0.41
A2X
WN6
- 0.25
22UA
I1M
- 0.21
WN6
WN6
- 0.2
VEFW

Risk-Adjusted Indicators

There is a big difference between NOW Stock performing well and NOW 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 NOW'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.

NOW 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 NOW stock to make a market-neutral strategy. Peer analysis of NOW could also be used in its relative valuation, which is a method of valuing NOW by comparing valuation metrics with similar companies.
 Risk & Return  Correlation
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