National Bank Correlations

NB9 Stock

EUR 44.80 1.20 2.75%

The current 90-days correlation between National Bank Holdings and Superior Plus Corp is 0.23 (i.e., Modest diversification). The correlation of National Bank 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.

National Bank Correlation With Market

Good diversification

The correlation between National Bank Holdings and DJI is -0.1 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding National Bank Holdings and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with National Stock

0.89	UB5	US Bancorp	Pair Corr
0.94	PNP	PNC Financial	Pair Corr
0.91	FFH	Fifth Third Bancorp	Pair Corr
0.91	MTZ	MT Bank Corp	Pair Corr
0.95	HU3	Huntington Bancshares	Pair Corr
0.94	RN7	Regions Financial	Pair Corr
0.95	1C5	Citizens Financial	Pair Corr
0.91	KEY	KeyCorp	Pair Corr
0.64	1JU	FATFISH GROUP LTD	Pair Corr
0.68	UN3	United Natural Foods	Pair Corr
0.63	EK7	AGRICUL BK CHINA	Pair Corr

Moving against National Stock

0.81	LYV	Lundin Energy AB	Pair Corr
0.67	D7GA	NEL ASA ADR30	Pair Corr
0.38	OS3	Otello ASA	Pair Corr

Related Correlations Analysis

	8SP	6NM	39O1	2DG	TLX	TM9	INVN	IUI1	6HW
8SP		0.66	0.32	0.73	0.24	0.26	-0.75	-0.85	0.61	8SP
6NM	0.66		0.45	0.22	0.22	0.23	-0.31	-0.43	0.16	6NM
39O1	0.32	0.45		0.17	-0.22	0.46	-0.05	-0.26	-0.13	39O1
2DG	0.73	0.22	0.17		0.11	0.18	-0.81	-0.88	0.8	2DG
TLX	0.24	0.22	-0.22	0.11		-0.01	-0.09	-0.06	0.35	TLX
TM9	0.26	0.23	0.46	0.18	-0.01		-0.05	-0.26	0.0	TM9
INVN	-0.75	-0.31	-0.05	-0.81	-0.09	-0.05		0.86	-0.77	INVN
IUI1	-0.85	-0.43	-0.26	-0.88	-0.06	-0.26	0.86		-0.67	IUI1
6HW	0.61	0.16	-0.13	0.8	0.35	0.0	-0.77	-0.67		6HW
	8SP	6NM	39O1	2DG	TLX	TM9	INVN	IUI1	6HW

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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

IUI1	+ 0.86	INVN
6HW	+ 0.8	2DG
2DG	+ 0.73	8SP
6NM	+ 0.66	8SP
6HW	+ 0.61	8SP
TM9	+ 0.46	39O1

High negative correlations

IUI1	- 0.88	2DG
IUI1	- 0.85	8SP
INVN	- 0.81	2DG
6HW	- 0.77	INVN
INVN	- 0.75	8SP
6HW	- 0.67	IUI1

Risk-Adjusted Indicators

There is a big difference between National Stock performing well and National Bank 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 National Bank'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
8SP	2.10	(0.08)	0.00	0.28	0.00	0.00	3.38	(4.74)	20.22
6NM	1.23	0.12	(0.02)	(0.27)	1.76	(1.32)	2.79	(2.69)	9.64
39O1	3.77	0.19	0.04	0.34	3.51	(5.27)	8.41	(5.38)	34.42
2DG	3.89	(1.59)	0.00	(2.90)	0.00	0.00	6.45	(8.57)	52.42
TLX	0.97	0.00	(0.06)	0.00	1.13	(1.12)	2.67	(1.64)	7.58
TM9	2.78	(0.03)	(0.02)	0.04	4.26	(3.08)	5.56	(6.43)	36.50
INVN	2.16	0.26	0.04	(1.02)	2.54	(2.55)	5.61	(4.98)	14.01
IUI1	1.27	0.25	0.13	0.88	1.09	(1.49)	3.28	(1.96)	10.01
6HW	0.42	(0.11)	0.00	1.46	0.00	0.00	1.21	(1.80)	5.39

Be your own money manager

Our tools can tell you how much better you can do entering a position in National Bank 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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