Novavax Correlations

NVAX Stock

USD 8.69 0.32 3.55%

The current 90-days correlation between Novavax and Moderna is 0.68 (i.e., Poor diversification). The correlation of Novavax 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.

Novavax Correlation With Market

Average diversification

The correlation between Novavax and DJI is 0.17 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Novavax and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Novavax. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in nation.

For more information on how to buy Novavax Stock please use our How to Invest in Novavax guide.

Moving together with Novavax Stock

0.64	PFE	Pfizer Inc Earnings Call This Week	Pair Corr
0.69	ACHC	Acadia Healthcare	Pair Corr

Moving against Novavax Stock

0.48	LFCR	Lifecore Biomedical	Pair Corr
0.41	SEM	Select Medical Holdings	Pair Corr
0.32	MD	Mednax Inc	Pair Corr
0.45	688217	Shanghai Rightongene	Pair Corr
0.44	906548CR1	US906548CR12	Pair Corr
0.32	BRK-B	Berkshire Hathaway	Pair Corr

Related Correlations Analysis

	MRNA	INO	BNTX	VXRT	AZN
MRNA		0.69	0.04	0.35	0.6	MRNA
INO	0.69		-0.41	-0.04	0.22	INO
BNTX	0.04	-0.41		0.21	0.38	BNTX
VXRT	0.35	-0.04	0.21		0.46	VXRT
AZN	0.6	0.22	0.38	0.46		AZN
	MRNA	INO	BNTX	VXRT	AZN

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

INO	+ 0.69	MRNA
AZN	+ 0.6	MRNA
AZN	+ 0.46	VXRT
AZN	+ 0.38	BNTX
VXRT	+ 0.35	MRNA
AZN	+ 0.22	INO

High negative correlations

BNTX	- 0.41	INO
VXRT	- 0.04	INO

Risk-Adjusted Indicators

There is a big difference between Novavax Stock performing well and Novavax 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 Novavax'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
MRNA	3.62	(0.39)	0.00	(0.46)	0.00	0.00	7.48	(9.07)	28.46
INO	3.98	(1.37)	0.00	(0.67)	0.00	0.00	5.77	(8.84)	42.79
BNTX	2.40	0.18	0.05	0.56	2.86	(2.61)	5.55	(4.92)	14.16
VXRT	4.09	(0.15)	0.00	(0.76)	0.00	0.00	11.11	(7.95)	28.53
AZN	1.12	(0.06)	0.00	0.23	0.00	0.00	1.87	(3.18)	8.50

Novavax Corporate Management

Mark Casey	Chief VP	Profile
JD Esq	Senior Officer	Profile
Robert MD	Senior Officer	Profile
Ian Watkins	Executive Officer	Profile

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC