Novus Acquisition Correlations

NDEV Stock

USD 0.02 0 17.89%

The correlation of Novus Acquisition 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.

Novus Acquisition Correlation With Market

Very good diversification

The correlation between Novus Acquisition and and DJI is -0.32 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Novus Acquisition and and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Novus Pink Sheet

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0.52	PILBF	Pilbara Minerals Earnings Call This Week	Pair Corr
0.48	CRGGF	China Resources Gas	Pair Corr
0.47	FSUMF	Fortescue Metals	Pair Corr
0.42	HRZN	Horizon Technology	Pair Corr
0.41	AAL	American Airlines	Pair Corr
0.37	PSNL	Personalis Earnings Call This Week	Pair Corr
0.34	EXR	Extra Space Storage	Pair Corr
0.31	CVLG	Covenant Logistics	Pair Corr
0.56	SGML	Sigma Lithium Resources	Pair Corr
0.4	CMI	Cummins	Pair Corr
0.38	MDVT	Middlebury National Normal Trading	Pair Corr
0.35	HIMX	Himax Technologies	Pair Corr

Related Correlations Analysis

	AGSS	IBKKF	LGCP	MVCO	NGRC	LZGI	AVVH	ADIA	QCAAF	LFLS
AGSS		0.0	0.17	-0.23	0.18	0.15	-0.06	0.17	0.03	-0.31	AGSS
IBKKF	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	IBKKF
LGCP	0.17	0.0		-0.58	-0.36	-0.46	0.23	-0.49	-0.24	-0.09	LGCP
MVCO	-0.23	0.0	-0.58		-0.15	0.1	0.27	-0.23	-0.41	0.44	MVCO
NGRC	0.18	0.0	-0.36	-0.15		0.15	-0.38	0.8	0.32	0.08	NGRC
LZGI	0.15	0.0	-0.46	0.1	0.15		-0.22	0.26	0.18	-0.17	LZGI
AVVH	-0.06	0.0	0.23	0.27	-0.38	-0.22		-0.49	-0.4	0.23	AVVH
ADIA	0.17	0.0	-0.49	-0.23	0.8	0.26	-0.49		0.64	-0.26	ADIA
QCAAF	0.03	0.0	-0.24	-0.41	0.32	0.18	-0.4	0.64		-0.53	QCAAF
LFLS	-0.31	0.0	-0.09	0.44	0.08	-0.17	0.23	-0.26	-0.53		LFLS
	AGSS	IBKKF	LGCP	MVCO	NGRC	LZGI	AVVH	ADIA	QCAAF	LFLS

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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

ADIA	+ 0.8	NGRC
QCAAF	+ 0.64	ADIA
LFLS	+ 0.44	MVCO
QCAAF	+ 0.32	NGRC
AVVH	+ 0.27	MVCO
ADIA	+ 0.26	LZGI

High negative correlations

MVCO	- 0.58	LGCP
LFLS	- 0.53	QCAAF
ADIA	- 0.49	AVVH
ADIA	- 0.49	LGCP
LZGI	- 0.46	LGCP
QCAAF	- 0.41	MVCO

Risk-Adjusted Indicators

There is a big difference between Novus Pink Sheet performing well and Novus Acquisition 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 Novus Acquisition'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
AGSS	7.68	0.63	0.04	0.26	9.98	(16.64)	33.95	(26.78)	88.60
IBKKF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
LGCP	2.58	(1.30)	0.00	4.38	0.00	0.00	0.00	0.00	86.49
MVCO	8.63	0.76	0.07	0.64	8.16	(13.79)	15.38	(15.38)	81.25
NGRC	9.26	1.79	0.08	0.36	9.47	(45.80)	33.33	(25.00)	156.02
LZGI	3.01	0.64	0.00	0.40	0.00	0.00	0.00	0.00	100.00
AVVH	8.39	0.66	0.04	(0.62)	9.23	(12.15)	23.53	(18.92)	51.30
ADIA	12.53	3.48	0.22	0.98	12.06	(17.44)	30.00	(22.73)	87.73
QCAAF	1.99	1.04	0.00	(1.56)	0.00	0.00	0.00	0.00	66.67
LFLS	1.21	0.26	0.00	(0.10)	0.00	0.00	0.00	0.00	68.57

Be your own money manager

Our tools can tell you how much better you can do entering a position in Novus Acquisition 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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