Nordic Technology Correlations

NTG Stock

2.70 0.00 0.00%

The current 90-days correlation between Nordic Technology and Next Biometrics Group is -0.04 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Nordic Technology moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Nordic Technology Group moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Nordic Technology Correlation With Market

Significant diversification

The correlation between Nordic Technology Group and DJI is 0.07 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nordic Technology Group and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Nordic Stock

0.71	NHY	Norsk Hydro ASA	Pair Corr
0.57	VAR	Var Energi ASA	Pair Corr
0.49	DNB	DnB ASA	Pair Corr
0.45	NORBT	Norbit ASA	Pair Corr

Related Correlations Analysis

	NTG	NEXT	ELK	IWS	VOW	NORTH	ACR	AZT	EQVA	XXL
NTG		0.57	-0.34	0.21	0.29	-0.56	0.35	0.45	0.78	0.39	NTG
NEXT	0.57		0.21	0.28	0.64	-0.89	0.82	0.79	0.72	0.86	NEXT
ELK	-0.34	0.21		0.23	0.46	-0.16	0.34	0.17	-0.29	0.25	ELK
IWS	0.21	0.28	0.23		0.53	-0.28	0.4	0.51	0.07	0.38	IWS
VOW	0.29	0.64	0.46	0.53		-0.49	0.7	0.69	0.28	0.65	VOW
NORTH	-0.56	-0.89	-0.16	-0.28	-0.49		-0.77	-0.78	-0.65	-0.84	NORTH
ACR	0.35	0.82	0.34	0.4	0.7	-0.77		0.87	0.5	0.9	ACR
AZT	0.45	0.79	0.17	0.51	0.69	-0.78	0.87		0.48	0.95	AZT
EQVA	0.78	0.72	-0.29	0.07	0.28	-0.65	0.5	0.48		0.53	EQVA
XXL	0.39	0.86	0.25	0.38	0.65	-0.84	0.9	0.95	0.53		XXL
	NTG	NEXT	ELK	IWS	VOW	NORTH	ACR	AZT	EQVA	XXL

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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

XXL	+ 0.95	AZT
XXL	+ 0.9	ACR
AZT	+ 0.87	ACR
XXL	+ 0.86	NEXT
ACR	+ 0.82	NEXT
AZT	+ 0.79	NEXT

High negative correlations

NORTH	- 0.89	NEXT
XXL	- 0.84	NORTH
AZT	- 0.78	NORTH
ACR	- 0.77	NORTH
EQVA	- 0.65	NORTH
NORTH	- 0.56	NTG

Risk-Adjusted Indicators

There is a big difference between Nordic Stock performing well and Nordic Technology 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 Nordic Technology'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	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
NTG	1.19	(0.15)	(0.32)	0.00	0.00	0.73	(3.85)	33.97
NEXT	1.38	(0.27)	1.99	0.00	0.00	3.08	(4.17)	10.30
ELK	1.66	(0.14)	(0.20)	0.00	0.00	3.38	(3.71)	12.04
IWS	1.26	(0.11)	(0.75)	0.00	0.00	3.00	(4.08)	15.36
VOW	5.29	(1.44)	(0.81)	0.00	0.00	7.78	(14.29)	66.61
NORTH	1.20	0.12	(3.15)	1.49	(1.49)	2.88	(3.57)	7.51
ACR	1.50	(0.50)	(7.67)	0.00	0.00	2.55	(4.57)	11.51
AZT	1.96	(0.50)	0.89	0.00	0.00	4.29	(4.71)	25.36
EQVA	2.86	(0.40)	(0.17)	0.00	0.00	5.58	(4.71)	26.86
XXL	4.73	(1.63)	0.34	0.00	0.00	5.00	(9.44)	71.13

Be your own money manager

Our tools can tell you how much better you can do entering a position in Nordic Technology 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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