New Source Correlations

The correlation of New Source 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.

New Source Correlation With Market

Pay attention - limited upside

The correlation between New Source Energy and DJI is -0.76 (i.e., Pay attention - limited upside) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding New Source Energy and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to New Source 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 Source 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 Source - 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 Source Energy to buy it.

Moving against New Pink Sheet

0.73	PNC	PNC Financial Services	Pair Corr
0.72	MEEEF	Metal Energy Corp	Pair Corr
0.65	ITRG	Integra Resources Corp	Pair Corr
0.63	WLK	Westlake Chemical Buyout Trend	Pair Corr
0.61	KRKNF	Kraken Robotics Tech Boost	Pair Corr
0.6	VKQ	Invesco Municipal Trust	Pair Corr
0.59	INGR	Ingredion Incorporated	Pair Corr
0.57	ANLDF	Anfield Resources	Pair Corr
0.55	SLI	Standard Lithium Earnings Call Today	Pair Corr
0.53	CING	Cingulate	Pair Corr
0.49	TVFCF	Télévision Française	Pair Corr
0.46	TWMIF	Tidewater Midstream and	Pair Corr
0.42	SOJE	Southern Company	Pair Corr
0.42	WEJTY	Webjet Limited	Pair Corr
0.41	DAWN	Day One Biopharmaceu	Pair Corr
0.38	AOIFF	Africa Oil Corp	Pair Corr
0.36	EC	Ecopetrol SA ADR Earnings Call This Week	Pair Corr
0.36	EYPT	Eyepoint Pharmaceuticals Sell-off Trend	Pair Corr
0.35	ESTA	Establishment Labs Earnings Call This Week	Pair Corr
0.34	PTAIY	Astra International Tbk Earnings Call Tomorrow	Pair Corr
0.32	BKCYF	Bank Of Cyprus Holdings P Normal Trading	Pair Corr
0.77	VWAGY	Volkswagen AG 110	Pair Corr
0.65	ADEA	ADEIA P	Pair Corr
0.65	CCL	Carnival	Pair Corr
0.61	STRS	Stratus Properties	Pair Corr
0.61	SBKO	Summit Bank Group	Pair Corr
0.59	MFGCF	Mayfair Gold Corp Downward Rally	Pair Corr
0.58	SBYSF	Sibanye Stillwater	Pair Corr
0.57	MTZ	MasTec Inc Earnings Call Tomorrow	Pair Corr
0.56	VOD	Vodafone Group PLC	Pair Corr
0.55	RHHVF	Roche Holding AG	Pair Corr

Related Correlations Analysis

	SGER	PGNE	NORX	HDYNQ	HYBE	BFDE	ECCE	LNDT	POLR	ARET
SGER		0.0	-0.86	-0.61	0.0	0.41	0.62	0.0	0.17	0.0	SGER
PGNE	0.0		0.0	0.0	1.0	0.0	0.0	1.0	0.0	1.0	PGNE
NORX	-0.86	0.0		0.71	0.0	-0.48	-0.53	0.0	-0.09	0.0	NORX
HDYNQ	-0.61	0.0	0.71		0.0	-0.68	-0.38	0.0	-0.1	0.0	HDYNQ
HYBE	0.0	1.0	0.0	0.0		0.0	0.0	1.0	0.0	1.0	HYBE
BFDE	0.41	0.0	-0.48	-0.68	0.0		0.26	0.0	0.23	0.0	BFDE
ECCE	0.62	0.0	-0.53	-0.38	0.0	0.26		0.0	0.43	0.0	ECCE
LNDT	0.0	1.0	0.0	0.0	1.0	0.0	0.0		0.0	1.0	LNDT
POLR	0.17	0.0	-0.09	-0.1	0.0	0.23	0.43	0.0		0.0	POLR
ARET	0.0	1.0	0.0	0.0	1.0	0.0	0.0	1.0	0.0		ARET
	SGER	PGNE	NORX	HDYNQ	HYBE	BFDE	ECCE	LNDT	POLR	ARET

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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

HYBE	+ 1.0	PGNE
LNDT	+ 1.0	PGNE
ARET	+ 1.0	PGNE
LNDT	+ 1.0	HYBE
ARET	+ 1.0	HYBE
ARET	+ 1.0	LNDT

High negative correlations

NORX	- 0.86	SGER
BFDE	- 0.68	HDYNQ
HDYNQ	- 0.61	SGER
ECCE	- 0.53	NORX
BFDE	- 0.48	NORX
ECCE	- 0.38	HDYNQ

Risk-Adjusted Indicators

There is a big difference between New Pink Sheet performing well and New Source 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 Source'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	Treynor Ratio	Maximum Drawdown
SGER	0.99	0.54	(0.93)	33.33
PGNE	0.00	0.00	0.00	0.00
NORX	0.00	0.00	0.00	0.00
HDYNQ	0.00	0.00	0.00	0.00
HYBE	0.00	0.00	0.00	0.00
BFDE	1.51	0.20	0.48	83.33
ECCE	2.98	1.62	(1.21)	100.00
LNDT	0.00	0.00	0.00	0.00
POLR	0.00	0.00	0.00	0.00
ARET	0.00	0.00	0.00	0.00

Be your own money manager

Our tools can tell you how much better you can do entering a position in New Source 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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