NGK Spark Correlations

NGKSF Stock

USD 43.67 0.00 0.00%

The correlation of NGK Spark 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.

NGK Spark Correlation With Market

Poor diversification

The correlation between NGK Spark Plug and DJI is 0.79 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding NGK Spark Plug and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with NGK Pink Sheet

0.7	DNZOY	Denso Corp ADR	Pair Corr
0.71	CTTAY	Continental AG PK	Pair Corr
0.69	CTTAF	Continental Aktiengesellscha	Pair Corr
0.77	MGA	Magna International	Pair Corr
0.72	BCH	Banco De Chile	Pair Corr
0.69	BAC-PL	Bank of America	Pair Corr
0.82	MRK	Merck Company Sell-off Trend	Pair Corr
0.63	WMT	Walmart Common Stock Earnings Call This Week	Pair Corr
0.92	AA	Alcoa Corp	Pair Corr
0.67	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr
0.63	JNJ	Johnson Johnson	Pair Corr
0.71	DD	Dupont De Nemours	Pair Corr

Moving against NGK Pink Sheet

0.73	FNMFO	Federal National Mortgage	Pair Corr
0.64	BRDCF	Bridgestone Earnings Call This Week	Pair Corr
0.42	PTAIF	PT Astra International	Pair Corr
0.83	HPQ	HP Inc	Pair Corr
0.39	MMM	3M Company	Pair Corr
0.36	IBM	International Business	Pair Corr

Related Correlations Analysis

	IDEXY	BYDDY	MPNGY	BYDDF	MPNGF	MBGAF	MBGYY	FRCOY
IDEXY		-0.22	-0.1	-0.24	-0.03	0.66	0.64	0.53	IDEXY
BYDDY	-0.22		0.2	1.0	0.12	-0.06	-0.06	0.01	BYDDY
MPNGY	-0.1	0.2		0.22	0.78	0.24	0.25	-0.51	MPNGY
BYDDF	-0.24	1.0	0.22		0.14	-0.09	-0.09	0.0	BYDDF
MPNGF	-0.03	0.12	0.78	0.14		0.19	0.18	-0.42	MPNGF
MBGAF	0.66	-0.06	0.24	-0.09	0.19		0.99	0.06	MBGAF
MBGYY	0.64	-0.06	0.25	-0.09	0.18	0.99		0.04	MBGYY
FRCOY	0.53	0.01	-0.51	0.0	-0.42	0.06	0.04		FRCOY
	IDEXY	BYDDY	MPNGY	BYDDF	MPNGF	MBGAF	MBGYY	FRCOY

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

BYDDF	+ 1.0	BYDDY
MBGYY	+ 0.99	MBGAF
MPNGF	+ 0.78	MPNGY
MBGAF	+ 0.66	IDEXY
MBGYY	+ 0.64	IDEXY
FRCOY	+ 0.53	IDEXY

High negative correlations

FRCOY	- 0.51	MPNGY
FRCOY	- 0.42	MPNGF
BYDDF	- 0.24	IDEXY
BYDDY	- 0.22	IDEXY
MPNGY	- 0.1	IDEXY
MBGYY	- 0.09	BYDDF

Risk-Adjusted Indicators

There is a big difference between NGK Pink Sheet performing well and NGK Spark 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 NGK Spark'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
IDEXY	1.22	0.33	0.19	(3.13)	0.97	(1.44)	2.50	(1.94)	12.49
BYDDY	1.61	(0.04)	(0.02)	0.02	2.06	(1.74)	4.17	(3.35)	12.37
MPNGY	1.41	(0.27)	0.00	(0.55)	0.00	0.00	2.68	(2.86)	9.65
BYDDF	1.57	(0.06)	(0.04)	0.00	1.94	(1.73)	4.25	(2.87)	11.99
MPNGF	2.27	(0.04)	0.00	0.23	0.00	0.00	4.67	(5.63)	14.86
MBGAF	1.11	(0.05)	(0.05)	0.00	1.47	(1.12)	3.01	(2.81)	7.68
MBGYY	1.11	(0.07)	(0.05)	(0.01)	1.45	(1.15)	2.79	(2.45)	7.87
FRCOY	1.60	0.27	0.13	0.42	1.67	(1.74)	3.49	(2.37)	11.21

Be your own money manager

Our tools can tell you how much better you can do entering a position in NGK Spark 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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