Northern Ocean Correlations

NTNOF Stock

USD 0.60 0.00 0.00%

The current 90-days correlation between Northern Ocean and Archer Limited is 0.33 (i.e., Weak diversification). The correlation of Northern Ocean 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.

Northern Ocean Correlation With Market

Significant diversification

The correlation between Northern Ocean and DJI is 0.02 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Northern Ocean and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Northern Pink Sheet

0.79	AAPL	Apple Inc	Pair Corr
0.84	GOOG	Alphabet Class C	Pair Corr
0.63	BMYMP	Bristol Myers Squibb	Pair Corr
0.62	BAC	Bank of America	Pair Corr
0.68	AKAM	Akamai Technologies	Pair Corr
0.8	REGN	Regeneron Pharmaceuticals	Pair Corr
0.73	STAG	STAG Industrial	Pair Corr
0.62	68233JBP8	US68233JBP84	Pair Corr
0.69	EGP	EastGroup Properties	Pair Corr
0.77	CX	Cemex SAB de	Pair Corr
0.77	RLMD	Relmada Therapeutics	Pair Corr
0.81	APGE	Apogee Therapeutics,	Pair Corr
0.88	CHACR	Crane Harbor Acquisition	Pair Corr
0.72	GM	General Motors	Pair Corr

Moving against Northern Pink Sheet

0.84	META	Meta Platforms	Pair Corr
0.68	NTNX	Nutanix	Pair Corr
0.67	MSFT	Microsoft	Pair Corr
0.41	26442TAG2	US26442TAG22	Pair Corr
0.53	SWRM	Appswarm	Pair Corr
0.48	WOLF	Wolfspeed,	Pair Corr

Related Correlations Analysis

	ARHVF	VTDRF	TUWOY	LNDNF	CFWFF	PDER	PIFYF	CRNZF	PTOAF	GASXF
ARHVF		-0.3	0.87	-0.82	-0.39	-0.34	-0.8	0.64	-0.67	0.37	ARHVF
VTDRF	-0.3		-0.33	0.35	0.84	0.33	0.2	-0.47	0.27	0.18	VTDRF
TUWOY	0.87	-0.33		-0.82	-0.38	-0.39	-0.8	0.64	-0.66	0.43	TUWOY
LNDNF	-0.82	0.35	-0.82		0.31	0.49	0.85	-0.79	0.71	-0.59	LNDNF
CFWFF	-0.39	0.84	-0.38	0.31		0.27	0.09	-0.57	0.09	0.06	CFWFF
PDER	-0.34	0.33	-0.39	0.49	0.27		0.46	-0.57	0.37	-0.3	PDER
PIFYF	-0.8	0.2	-0.8	0.85	0.09	0.46		-0.57	0.85	-0.42	PIFYF
CRNZF	0.64	-0.47	0.64	-0.79	-0.57	-0.57	-0.57		-0.41	0.49	CRNZF
PTOAF	-0.67	0.27	-0.66	0.71	0.09	0.37	0.85	-0.41		-0.32	PTOAF
GASXF	0.37	0.18	0.43	-0.59	0.06	-0.3	-0.42	0.49	-0.32		GASXF
	ARHVF	VTDRF	TUWOY	LNDNF	CFWFF	PDER	PIFYF	CRNZF	PTOAF	GASXF

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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

TUWOY	+ 0.87	ARHVF
PIFYF	+ 0.85	LNDNF
PTOAF	+ 0.85	PIFYF
CFWFF	+ 0.84	VTDRF
PTOAF	+ 0.71	LNDNF
CRNZF	+ 0.64	ARHVF

High negative correlations

LNDNF	- 0.82	TUWOY
LNDNF	- 0.82	ARHVF
PIFYF	- 0.8	TUWOY
PIFYF	- 0.8	ARHVF
CRNZF	- 0.79	LNDNF
PTOAF	- 0.67	ARHVF

Risk-Adjusted Indicators

There is a big difference between Northern Pink Sheet performing well and Northern Ocean 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 Northern Ocean'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
ARHVF	0.92	(0.15)	0.00	0.42	0.00	0.00	3.00	(3.42)	16.31
VTDRF	2.13	1.06	0.00	5.06	0.00	0.00	0.00	0.00	71.43
TUWOY	6.50	(0.33)	0.00	0.24	0.00	0.00	16.67	(14.29)	53.33
LNDNF	0.99	0.33	0.00	(1.08)	0.00	0.00	0.00	0.00	20.77
CFWFF	1.40	0.32	0.11	1.33	1.27	(3.43)	5.46	(2.47)	15.65
PDER	1.59	0.04	0.01	0.13	2.29	(1.89)	5.46	(4.60)	13.00
PIFYF	2.12	0.42	0.10	(7.27)	2.14	(3.22)	4.84	(3.85)	18.57
CRNZF	0.28	(0.15)	0.00	(3.78)	0.00	0.00	0.00	0.00	9.26
PTOAF	2.96	0.24	0.06	0.26	3.28	(3.95)	6.56	(4.69)	18.81
GASXF	2.48	0.22	0.04	(6.42)	3.00	(4.13)	7.46	(5.06)	21.32

Be your own money manager

Our tools can tell you how much better you can do entering a position in Northern Ocean 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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