New Energy Correlations
| NRGYF Stock | 0.31 0.00 0.00% |
The current 90-days correlation between New Energy Metals and Legacy Education is -0.08 (i.e., Good diversification). The correlation of New Energy 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 Energy Correlation With Market
Average diversification
The correlation between New Energy Metals and DJI is 0.12 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding New Energy Metals and DJI in the same portfolio, assuming nothing else is changed.
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The ability to find closely correlated positions to New Energy 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 Energy 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 Energy - 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 Energy Metals to buy it.
Moving together with New OTC Stock
| 0.83 | NVDA | NVIDIA | PairCorr |
| 0.75 | AMZN | Amazon Inc Aggressive Push | PairCorr |
| 0.77 | BMYMP | Bristol Myers Squibb | PairCorr |
| 0.75 | GOOG | Alphabet Class C Sell-off Trend | PairCorr |
| 0.81 | PLTR | Palantir Technologies Aggressive Push | PairCorr |
| 0.63 | HPQ | HP Inc | PairCorr |
| 0.75 | T | ATT Inc Fiscal Year End 22nd of January 2025 | PairCorr |
| 0.86 | TRV | The Travelers Companies Fiscal Year End 17th of January 2025 | PairCorr |
| 0.62 | INTC | Intel Fiscal Year End 23rd of January 2025 | PairCorr |
| 0.78 | AA | Alcoa Corp Fiscal Year End 15th of January 2025 | PairCorr |
| 0.73 | AXP | American Express Fiscal Year End 24th of January 2025 | PairCorr |
| 0.77 | WMT | Walmart Aggressive Push | PairCorr |
| 0.77 | CVX | Chevron Corp Sell-off Trend | PairCorr |
| 0.72 | DIS | Walt Disney Sell-off Trend | PairCorr |
Moving against New OTC Stock
| 0.91 | KO | Coca Cola Aggressive Push | PairCorr |
| 0.74 | PFE | Pfizer Inc Aggressive Push | PairCorr |
| 0.53 | BA | Boeing Fiscal Year End 29th of January 2025 | PairCorr |
| 0.51 | MMM | 3M Company Fiscal Year End 28th of January 2025 | PairCorr |
Related Correlations Analysis
| Click cells to compare fundamentals | Check Volatility | Backtest Portfolio |
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 OTC Stock performing well and New Energy OTC Stock 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 Energy'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| LGCY | 3.51 | 1.63 | 0.36 | 4.85 | 3.02 | 10.85 | 22.33 | |||
| AAPL | 0.92 | 0.01 | (0.04) | 0.15 | 1.20 | 1.84 | 6.62 | |||
| NVDA | 2.17 | 0.03 | 0.02 | 0.15 | 3.08 | 4.07 | 12.87 | |||
| MSFT | 0.90 | (0.04) | (0.05) | 0.07 | 1.50 | 2.09 | 8.19 | |||
| AMZN | 1.44 | 0.16 | 0.10 | 0.26 | 1.50 | 3.18 | 10.38 | |||
| BMYMP | 1.49 | 0.45 | 0.00 | (8.87) | 0.00 | 3.84 | 21.01 | |||
| GOOG | 1.18 | (0.03) | (0.04) | 0.08 | 1.84 | 2.21 | 8.60 | |||
| META | 1.07 | 0.07 | 0.02 | 0.23 | 1.41 | 2.62 | 8.02 |
New Energy Related Equities
One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with New Energy otc stock to make a market-neutral strategy. Peer analysis of New Energy could also be used in its relative valuation, which is a method of valuing New Energy by comparing valuation metrics with similar companies.
| Risk & Return | Correlation |