Elixir Energy Correlations

ELXPF Stock

USD 0.04 0.00 0.00%

The current 90-days correlation between Elixir Energy Limited and Chariot Oil Gas is -0.01 (i.e., Good diversification). The correlation of Elixir Energy 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.

Elixir Energy Correlation With Market

Very weak diversification

The correlation between Elixir Energy Limited and DJI is 0.57 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Elixir Energy Limited and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Elixir Pink Sheet

0.69	COP	ConocoPhillips Earnings Call This Week	Pair Corr
0.78	CNQ	Canadian Natural Res	Pair Corr
0.76	HES	Hess	Pair Corr
0.77	OXY	Occidental Petroleum	Pair Corr
0.63	WMT	Walmart Common Stock Aggressive Push	Pair Corr
0.62	SAR	Saratoga Investment Corp	Pair Corr
0.63	TCX	Tucows Inc	Pair Corr
0.67	LOVFF	Cannara Biotech	Pair Corr
0.88	CW	Curtiss Wright	Pair Corr
0.67	MNMD	Mind Medicine Symbol Change	Pair Corr
0.87	ASML	ASML Holding NV	Pair Corr
0.68	BWA	BorgWarner Earnings Call This Week	Pair Corr
0.79	NHYDY	Norsk Hydro ASA	Pair Corr
0.74	AXIN	Axiom Intelligence	Pair Corr

Moving against Elixir Pink Sheet

0.5	ENSV	Enservco	Pair Corr
0.34	HNHPF	Hon Hai Precision	Pair Corr

Related Correlations Analysis

	PRPRF	PTVRF	OIGLF	RSRV	ADXRF	SNVFF	LRDC	AMEN	IGESF	UNTC
PRPRF		0.0	-0.06	0.38	0.32	-0.45	0.31	-0.18	0.37	0.05	PRPRF
PTVRF	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	PTVRF
OIGLF	-0.06	0.0		-0.15	0.16	-0.09	-0.36	0.09	0.16	-0.46	OIGLF
RSRV	0.38	0.0	-0.15		0.29	-0.61	0.55	0.26	0.61	0.18	RSRV
ADXRF	0.32	0.0	0.16	0.29		-0.43	-0.19	-0.16	0.22	0.22	ADXRF
SNVFF	-0.45	0.0	-0.09	-0.61	-0.43		-0.51	0.06	-0.76	-0.15	SNVFF
LRDC	0.31	0.0	-0.36	0.55	-0.19	-0.51		0.11	0.59	0.08	LRDC
AMEN	-0.18	0.0	0.09	0.26	-0.16	0.06	0.11		0.28	-0.24	AMEN
IGESF	0.37	0.0	0.16	0.61	0.22	-0.76	0.59	0.28		-0.24	IGESF
UNTC	0.05	0.0	-0.46	0.18	0.22	-0.15	0.08	-0.24	-0.24		UNTC
	PRPRF	PTVRF	OIGLF	RSRV	ADXRF	SNVFF	LRDC	AMEN	IGESF	UNTC

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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

IGESF	+ 0.61	RSRV
IGESF	+ 0.59	LRDC
LRDC	+ 0.55	RSRV
RSRV	+ 0.38	PRPRF
IGESF	+ 0.37	PRPRF
ADXRF	+ 0.32	PRPRF

High negative correlations

IGESF	- 0.76	SNVFF
SNVFF	- 0.61	RSRV
LRDC	- 0.51	SNVFF
UNTC	- 0.46	OIGLF
SNVFF	- 0.45	PRPRF
SNVFF	- 0.43	ADXRF

Risk-Adjusted Indicators

There is a big difference between Elixir Pink Sheet performing well and Elixir Energy 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 Elixir Energy'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
PRPRF	684.26	378.14	6.12	4.03	32.87	(1,455)	2,950	(96.67)	3,678
PTVRF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
OIGLF	10.45	1.42	0.03	(0.34)	12.30	(87.50)	50.00	(33.33)	233.33
RSRV	1.54	0.13	0.03	0.18	1.84	(3.35)	5.62	(4.84)	13.56
ADXRF	7.41	1.94	0.00	(0.90)	0.00	0.00	50.00	(13.33)	117.14
SNVFF	2.10	(1.14)	0.00	(0.78)	0.00	0.00	0.00	0.00	70.35
LRDC	4.00	1.72	0.39	1.92	3.01	(5.43)	9.68	(6.67)	27.76
AMEN	0.97	(0.01)	0.00	0.09	0.00	0.00	2.00	(3.42)	9.85
IGESF	0.82	0.29	0.00	3.31	0.00	0.00	0.00	0.00	34.42
UNTC	0.76	0.10	0.04	0.96	1.12	(0.78)	2.09	(1.68)	5.62

Be your own money manager

Our tools can tell you how much better you can do entering a position in Elixir Energy 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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