NOVAREX CoLtd Correlations

194700 Stock

KRW 8,450 30.00 0.36%

The current 90-days correlation between NOVAREX CoLtd and Raphas Co is 0.31 (i.e., Weak diversification). The correlation of NOVAREX CoLtd 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.

NOVAREX CoLtd Correlation With Market

Very good diversification

The correlation between NOVAREX CoLtd and DJI is -0.21 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding NOVAREX CoLtd and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with NOVAREX Stock

0.68	214260	Raphas	Pair Corr
0.62	293780	AptaBio Therapeutics	Pair Corr
0.61	058470	LEENO Industrial	Pair Corr
0.67	077360	Duksan Hi Metal	Pair Corr
0.67	002320	Hanjin Transportation	Pair Corr
0.81	093190	Bixolon	Pair Corr

Related Correlations Analysis

	214260	011390	011390	006805	500015	036200	314140	263920	00680K	103140
214260		0.02	-0.06	0.44	-0.13	0.5	0.36	-0.19	0.51	0.63	214260
011390	0.02		0.51	0.04	0.3	0.13	0.08	0.32	-0.17	0.02	011390
011390	-0.06	0.51		-0.16	0.5	0.4	-0.2	0.24	-0.13	0.05	011390
006805	0.44	0.04	-0.16		-0.39	0.23	-0.04	-0.37	0.77	0.41	006805
500015	-0.13	0.3	0.5	-0.39		0.56	0.11	0.74	-0.22	0.29	500015
036200	0.5	0.13	0.4	0.23	0.56		0.13	0.31	0.5	0.82	036200
314140	0.36	0.08	-0.2	-0.04	0.11	0.13		0.39	0.06	0.25	314140
263920	-0.19	0.32	0.24	-0.37	0.74	0.31	0.39		-0.29	0.12	263920
00680K	0.51	-0.17	-0.13	0.77	-0.22	0.5	0.06	-0.29		0.68	00680K
103140	0.63	0.02	0.05	0.41	0.29	0.82	0.25	0.12	0.68		103140
	214260	011390	011390	006805	500015	036200	314140	263920	00680K	103140

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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

103140	+ 0.82	036200
00680K	+ 0.77	006805
263920	+ 0.74	500015
103140	+ 0.68	00680K
103140	+ 0.63	214260
036200	+ 0.56	500015

High negative correlations

500015	- 0.39	006805
263920	- 0.37	006805
00680K	- 0.29	263920
00680K	- 0.22	500015
314140	- 0.2	011390
263920	- 0.19	214260

Risk-Adjusted Indicators

There is a big difference between NOVAREX Stock performing well and NOVAREX CoLtd 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 NOVAREX CoLtd'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
214260	2.88	0.07	0.06	(0.18)	2.99	(3.51)	6.52	(4.48)	15.62
011390	2.59	0.51	0.16	1.19	2.92	(2.76)	9.08	(6.33)	25.16
011390	3.14	0.57	0.14	1.21	3.66	(3.38)	9.08	(6.33)	43.62
006805	0.91	0.01	0.06	(0.14)	1.42	(0.84)	2.53	(2.37)	6.47
500015	1.23	0.01	0.06	(0.09)	1.48	(1.34)	2.01	(2.75)	8.25
036200	2.24	0.24	0.11	(0.58)	2.81	(2.27)	4.36	(4.56)	14.93
314140	1.77	0.03	0.05	(0.26)	2.15	(2.22)	3.94	(4.75)	12.08
263920	0.85	(0.06)	0.00	0.19	0.00	0.00	2.52	(2.12)	7.39
00680K	0.73	0.03	0.09	(0.27)	1.01	(0.78)	1.50	(1.72)	4.84
103140	2.30	0.21	0.08	0.53	2.96	(2.25)	5.50	(3.68)	12.17

Be your own money manager

Our tools can tell you how much better you can do entering a position in NOVAREX CoLtd 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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