Nel ASA Correlations

NLLSY Stock

USD 6.96 0.26 3.88%

The correlation of Nel ASA 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.

Nel ASA Correlation With Market

Excellent diversification

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

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

Moving against Nel Pink Sheet

0.76	SIEGY	Siemens AG ADR Earnings Call This Week	Pair Corr
0.75	SMAWF	Siemens AG Class Earnings Call This Week	Pair Corr
0.61	AMZN	Amazon Inc Downward Rally	Pair Corr
0.59	GE	GE Aerospace	Pair Corr
0.48	EMR	Emerson Electric	Pair Corr
0.46	CMI	Cummins	Pair Corr
0.44	PH	Parker Hannifin	Pair Corr
0.36	SBGSF	Schneider Electric	Pair Corr
0.34	SBGSY	Schneider Electric	Pair Corr
0.31	ACN	Accenture plc	Pair Corr
0.58	DD	Dupont De Nemours Earnings Call Today	Pair Corr
0.58	HD	Home Depot	Pair Corr
0.57	AA	Alcoa Corp	Pair Corr
0.51	CVX	Chevron Corp	Pair Corr
0.44	INTC	Intel Aggressive Push	Pair Corr
0.43	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr

Related Correlations Analysis

	HBGRF	ADERY	SEIGY	YMFCF	DURYY	WJXFF	SSMFF	SEIGF	XPPLF	CHRRF
HBGRF		0.87	0.1	0.0	0.5	0.77	-0.33	0.0	0.01	-0.2	HBGRF
ADERY	0.87		0.16	0.0	0.51	0.77	-0.42	0.0	-0.07	-0.18	ADERY
SEIGY	0.1	0.16		0.0	-0.1	0.42	-0.82	0.0	-0.29	-0.54	SEIGY
YMFCF	0.0	0.0	0.0		0.0	0.0	0.0	-1.0	0.0	0.0	YMFCF
DURYY	0.5	0.51	-0.1	0.0		0.34	0.0	0.0	0.05	0.03	DURYY
WJXFF	0.77	0.77	0.42	0.0	0.34		-0.62	0.0	0.04	-0.2	WJXFF
SSMFF	-0.33	-0.42	-0.82	0.0	0.0	-0.62		0.0	0.22	0.59	SSMFF
SEIGF	0.0	0.0	0.0	-1.0	0.0	0.0	0.0		0.0	0.0	SEIGF
XPPLF	0.01	-0.07	-0.29	0.0	0.05	0.04	0.22	0.0		0.51	XPPLF
CHRRF	-0.2	-0.18	-0.54	0.0	0.03	-0.2	0.59	0.0	0.51		CHRRF
	HBGRF	ADERY	SEIGY	YMFCF	DURYY	WJXFF	SSMFF	SEIGF	XPPLF	CHRRF

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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

ADERY	+ 0.87	HBGRF
WJXFF	+ 0.77	HBGRF
WJXFF	+ 0.77	ADERY
CHRRF	+ 0.59	SSMFF
DURYY	+ 0.51	ADERY
CHRRF	+ 0.51	XPPLF

High negative correlations

SEIGF	- 1.0	YMFCF
SSMFF	- 0.82	SEIGY
SSMFF	- 0.62	WJXFF
CHRRF	- 0.54	SEIGY
SSMFF	- 0.42	ADERY
SSMFF	- 0.33	HBGRF

Risk-Adjusted Indicators

There is a big difference between Nel Pink Sheet performing well and Nel ASA 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 Nel ASA'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
HBGRF	0.69	0.37	0.00	(1.23)	0.00	0.00	0.00	0.00	18.92
ADERY	0.60	0.31	0.00	(4.38)	0.00	0.00	0.00	0.00	12.03
SEIGY	0.33	0.10	0.00	0.45	0.00	0.00	0.00	0.00	13.54
YMFCF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
DURYY	1.51	0.21	0.00	0.27	0.00	0.00	1.28	0.00	43.73
WJXFF	0.99	0.29	0.08	1.92	0.91	(1.92)	2.88	(2.21)	12.15
SSMFF	0.61	(0.29)	0.00	(3.14)	0.00	0.00	0.00	0.00	12.50
SEIGF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
XPPLF	1.65	0.55	0.00	(0.43)	0.00	0.00	0.00	(4.17)	54.98
CHRRF	0.83	(0.13)	0.00	(0.15)	0.00	0.00	2.93	(3.25)	9.97

Be your own money manager

Our tools can tell you how much better you can do entering a position in Nel ASA 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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Nel ASA Corporate Management

Jorn Rosenlund	Manager of Nel Hydrogen Fueling	Profile
Esa Laukkanen	Chief Officer	Profile
Filip Smeets	Chief Electrolyser	Profile
Hans Hide	Chief Electrolyser	Profile
Stein Erdal	Sr Counsel	Profile
Robert Borin	VP Division	Profile
Hakon Volldal	Chief Officer	Profile

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