Novatech Enterprises Correlations

NTEI Stock

USD 0.06 0.00 0.00%

The current 90-days correlation between Novatech Enterprises and Millennium Prime is 0.01 (i.e., Significant diversification). The correlation of Novatech Enterprises 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.

Novatech Enterprises Correlation With Market

Significant diversification

The correlation between Novatech Enterprises and DJI is 0.05 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Novatech Enterprises and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Novatech Pink Sheet

0.71

ICCT

iCoreConnect Common stock

Pair Corr

Moving against Novatech Pink Sheet

0.63	KO	Coca Cola	Pair Corr
0.57	PEP	PepsiCo	Pair Corr
0.57	KDP	Keurig Dr Pepper	Pair Corr
0.56	COKE	Coca Cola Consolidated	Pair Corr
0.51	MNST	Monster Beverage Corp	Pair Corr
0.5	COCSF	Coca Cola FEMSA	Pair Corr
0.49	KOF	Coca Cola Femsa	Pair Corr
0.4	CICHF	China Construction Bank	Pair Corr
0.33	PBCRF	PT Bank Central	Pair Corr
0.61	CMA	Comerica Incorporated	Pair Corr
0.6	47215PAC0	JD INC 3875	Pair Corr
0.44	ASBFY	Associated British Foods	Pair Corr
0.4	LVS	Las Vegas Sands	Pair Corr
0.36	DBSDF	DBS Group Holdings	Pair Corr
0.32	MPWR	Monolithic Power Systems	Pair Corr
0.61	NVFY	NVFY Old Symbol Change	Pair Corr
0.52	CAH	Cardinal Health	Pair Corr
0.52	SIGL	Signal Advance	Pair Corr
0.49	RYOJ	rYojbaba Co,	Pair Corr
0.46	LIFFF	Li FT Power	Pair Corr
0.44	WULF	Terawulf	Pair Corr

Related Correlations Analysis

	ASII	MLMN	KGKG	DKAM	STZU	WTER	HFBG	EARI	AAGR	HERF
ASII		0.23	0.16	0.0	0.0	0.04	0.0	0.12	0.11	-0.06	ASII
MLMN	0.23		-0.1	0.0	0.0	-0.58	0.0	0.57	0.1	0.01	MLMN
KGKG	0.16	-0.1		0.0	0.0	0.1	0.0	0.04	0.33	-0.04	KGKG
DKAM	0.0	0.0	0.0		1.0	0.0	0.0	0.0	0.0	0.0	DKAM
STZU	0.0	0.0	0.0	1.0		0.0	0.0	0.0	0.0	0.0	STZU
WTER	0.04	-0.58	0.1	0.0	0.0		0.0	-0.62	-0.17	-0.04	WTER
HFBG	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	HFBG
EARI	0.12	0.57	0.04	0.0	0.0	-0.62	0.0		0.4	0.18	EARI
AAGR	0.11	0.1	0.33	0.0	0.0	-0.17	0.0	0.4		0.32	AAGR
HERF	-0.06	0.01	-0.04	0.0	0.0	-0.04	0.0	0.18	0.32		HERF
	ASII	MLMN	KGKG	DKAM	STZU	WTER	HFBG	EARI	AAGR	HERF

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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

STZU	+ 1.0	DKAM
EARI	+ 0.57	MLMN
AAGR	+ 0.4	EARI
AAGR	+ 0.33	KGKG
HERF	+ 0.32	AAGR
MLMN	+ 0.23	ASII

High negative correlations

EARI	- 0.62	WTER
WTER	- 0.58	MLMN
AAGR	- 0.17	WTER
KGKG	- 0.1	MLMN
HERF	- 0.06	ASII
HERF	- 0.04	WTER

Risk-Adjusted Indicators

There is a big difference between Novatech Pink Sheet performing well and Novatech Enterprises 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 Novatech Enterprises' 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
ASII	12.11	3.83	0.00	(0.33)	0.00	0.00	100.00	(50.00)	150.00
MLMN	11.04	3.63	0.20	0.85	6.30	(93.68)	13.33	(11.76)	354.92
KGKG	218.89	110.13	1.04	13.19	36.27	(1,000.00)	1,000.00	(100.00)	1,100
DKAM	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
STZU	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
WTER	5.93	(0.24)	0.00	0.17	0.00	0.00	15.38	(14.29)	53.85
HFBG	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EARI	27.05	7.02	0.17	0.89	19.45	(86.36)	100.00	(50.00)	150.00
AAGR	1,025	626.06	6.13	(1.19)	36.57	(3,318)	4,900	(94.95)	9,999
HERF	3.02	(1.15)	0.00	(1.54)	0.00	0.00	1.21	(7.22)	25.64

Be your own money manager

Our tools can tell you how much better you can do entering a position in Novatech Enterprises 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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