New HopeLtd Correlations
| NHPEF Stock | USD 3.33 0.17 4.86% |
The correlation of New HopeLtd 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.
New HopeLtd Correlation With Market
Poor diversification
The correlation between New Hope and DJI is 0.66 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding New Hope and DJI in the same portfolio, assuming nothing else is changed.
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The ability to find closely correlated positions to New HopeLtd could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace New HopeLtd 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 New HopeLtd - 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 New Hope to buy it.
Moving together with New Pink Sheet
| 0.66 | CUAEF | China Shenhua Energy | PairCorr |
| 0.85 | CSUAY | China Shenhua Energy | PairCorr |
| 0.68 | YZCHF | Yanzhou Coal Mining | PairCorr |
| 0.86 | YZCAY | Yanzhou Coal Mining | PairCorr |
| 0.93 | CCOZY | China Coal Energy | PairCorr |
| 0.73 | ADOOY | Adaro Energy Tbk | PairCorr |
| 0.89 | YACAF | Yancoal Australia | PairCorr |
| 0.85 | WHITF | Whitehaven Coal | PairCorr |
| 0.84 | SMECF | SMC Corp | PairCorr |
| 0.78 | FSRPF | Frasers Property | PairCorr |
| 0.9 | MARUY | Marubeni Corp ADR | PairCorr |
| 0.65 | PSA-PS | Public Storage | PairCorr |
| 0.9 | FOVSY | Ford Otomotiv Sanayi | PairCorr |
| 0.65 | CLBK | Columbia Financial | PairCorr |
| 0.84 | MSADF | MSAD Insurance Group | PairCorr |
| 0.94 | IPAR | Inter Parfums | PairCorr |
| 0.88 | CW | Curtiss Wright | PairCorr |
| 0.73 | CP | Canadian Pacific Railway | PairCorr |
| 0.88 | AGNCZ | AGNC Investment Corp | PairCorr |
| 0.65 | YGTFF | Gold Terra Resource | PairCorr |
| 0.84 | GAM | General American Inv | PairCorr |
| 0.82 | ORINY | Orion Oyj ADR | PairCorr |
| 0.83 | AFGE | American Financial | PairCorr |
| 0.86 | CIG | Companhia Energetica | PairCorr |
| 0.86 | GOLD | Gold Inc Symbol Change | PairCorr |
| 0.7 | CTRE | CareTrust REIT | PairCorr |
| 0.61 | MGLUY | Magazine Luiza SA | PairCorr |
| 0.78 | PUTRY | PTT PCL ADR | PairCorr |
| 0.74 | NEWTH | NewtekOne 8625 percent | PairCorr |
| 0.79 | DTE | DTE Energy | PairCorr |
| 0.92 | VALE | Vale SA ADR Aggressive Push | PairCorr |
| 0.62 | CVPBF | CP ALL Public | PairCorr |
Moving against New Pink Sheet
Related Correlations Analysis
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
| High negative correlations
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Risk-Adjusted Indicators
There is a big difference between New Pink Sheet performing well and New HopeLtd 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 New HopeLtd'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| EXXAF | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| PBATF | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| TBNGY | 0.77 | 0.15 | 0.00 | 1.24 | 0.00 | 3.40 | 8.85 | |||
| ATHOF | 1.90 | 0.16 | 0.06 | 0.27 | 2.27 | 4.45 | 12.10 | |||
| UNEGF | 2.73 | 1.24 | 0.00 | 2.76 | 0.00 | 2.86 | 81.54 | |||
| RUBSF | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| NUVSF | 0.96 | 0.25 | 0.11 | 2.45 | 0.98 | 2.33 | 7.21 | |||
| WHITF | 2.11 | 0.44 | 0.07 | (0.37) | 2.66 | 4.66 | 13.20 | |||
| TOIPY | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| ITAYY | 0.52 | 0.06 | (0.01) | 0.46 | 0.74 | 1.53 | 11.24 |
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