Niagara Mohawk Correlations

NMPWP Stock

USD 60.00 4.00 7.14%

The current 90-days correlation between Niagara Mohawk Power and Meta Platforms is 0.03 (i.e., Significant diversification). The correlation of Niagara Mohawk 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.

Niagara Mohawk Correlation With Market

Very weak diversification

The correlation between Niagara Mohawk Power and DJI is 0.49 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Niagara Mohawk Power and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Niagara Pink Sheet

0.45	PBCRY	Bank Central Asia	Pair Corr
0.39	MSFT	Microsoft Sell-off Trend	Pair Corr
0.35	PTAIF	PT Astra International	Pair Corr
0.31	AMZN	Amazon Inc	Pair Corr
0.31	JSHG	Joshua Gold Resources	Pair Corr
0.49	AFIIQ	Armstrong Flooring	Pair Corr

Related Correlations Analysis

	NVDA	AAPL	GOOG	MSFT	AMZN	BMYMP	TSM	META
NVDA		-0.25	-0.05	0.13	0.29	-0.06	0.3	0.13	NVDA
AAPL	-0.25		-0.33	0.2	-0.25	-0.09	-0.49	0.06	AAPL
GOOG	-0.05	-0.33		-0.5	0.25	0.52	0.61	0.59	GOOG
MSFT	0.13	0.2	-0.5		0.5	-0.71	-0.78	-0.41	MSFT
AMZN	0.29	-0.25	0.25	0.5		-0.37	-0.18	0.06	AMZN
BMYMP	-0.06	-0.09	0.52	-0.71	-0.37		0.74	0.48	BMYMP
TSM	0.3	-0.49	0.61	-0.78	-0.18	0.74		0.44	TSM
META	0.13	0.06	0.59	-0.41	0.06	0.48	0.44		META
	NVDA	AAPL	GOOG	MSFT	AMZN	BMYMP	TSM	META

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

TSM	+ 0.74	BMYMP
TSM	+ 0.61	GOOG
META	+ 0.59	GOOG
BMYMP	+ 0.52	GOOG
AMZN	+ 0.5	MSFT
META	+ 0.48	BMYMP

High negative correlations

TSM	- 0.78	MSFT
BMYMP	- 0.71	MSFT
MSFT	- 0.5	GOOG
TSM	- 0.49	AAPL
META	- 0.41	MSFT
BMYMP	- 0.37	AMZN

Risk-Adjusted Indicators

There is a big difference between Niagara Pink Sheet performing well and Niagara Mohawk 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 Niagara Mohawk'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
NVDA	1.68	(0.17)	0.00	(0.14)	0.00	0.00	2.95	(3.41)	9.51
AAPL	0.90	(0.12)	0.00	(0.12)	0.00	0.00	2.16	(1.84)	9.06
GOOG	1.26	0.06	0.02	0.19	1.38	(1.43)	2.82	(2.48)	9.42
MSFT	1.32	(0.36)	0.00	(0.92)	0.00	0.00	1.90	(2.74)	13.28
AMZN	1.33	(0.37)	0.00	(0.46)	0.00	0.00	2.53	(3.40)	8.93
BMYMP	1.09	0.30	0.06	3.68	1.40	(1.69)	4.04	(1.27)	13.48
TSM	1.65	0.27	0.15	0.29	1.74	(1.85)	3.48	(2.98)	9.62
META	1.51	0.00	(0.02)	0.06	1.53	(1.82)	3.43	(2.82)	13.69

Be your own money manager

Our tools can tell you how much better you can do entering a position in Niagara Mohawk 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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