Nova Lifestyle Correlations

Stocks . USA . 
Stock . Nova Lifestyle I
NVFY Stock  USD 0.61  0.01  1.67%   
The current 90-days correlation between Nova Lifestyle I and Applied UV Preferred is 0.08 (i.e., Significant diversification). The correlation of Nova Lifestyle 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.

Nova Lifestyle Correlation With Market

Modest diversification

The correlation between Nova Lifestyle I and DJI is 0.23 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nova Lifestyle I 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 Nova Lifestyle I. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in census.

Moving together with Nova Stock

  0.86HBB Hamilton Beach BrandsPairCorr
  0.61LEG Leggett PlattPairCorr
  0.75MHK Mohawk IndustriesPairCorr
  0.65LCUT Lifetime BrandsPairCorr
  0.63PRPL Purple InnovationPairCorr
  0.65ATER AterianPairCorr
  0.78COOK TraegerPairCorr
  0.77CRWS Crown CraftsPairCorr
  0.86DIBS 1StdibsComPairCorr

Moving against Nova Stock

  0.81FLXS Flexsteel IndustriesPairCorr
  0.76WHR WhirlpoolPairCorr
  0.75NCL Northann CorpPairCorr
  0.49HOFT Hooker FurniturePairCorr
  0.38FGI FGI IndustriesPairCorr
  0.77AS Amer Sports,PairCorr
  0.75LOVE LovesacPairCorr
  0.51BSET Bassett Furniture Fiscal Year End 23rd of January 2025 PairCorr
  0.46AMWD American Woodmark Earnings Call This WeekPairCorr
  0.35F Ford Motor Aggressive PushPairCorr
  0.34H Hyatt HotelsPairCorr
  0.88LB LandBridge Company Upward RallyPairCorr
  0.87GM General Motors Aggressive PushPairCorr
  0.83BH Biglari HoldingsPairCorr
  0.68GT Goodyear Tire RubberPairCorr

Related Correlations Analysis

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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   
EFOI
+ 0.68
AUVIP
ATER
+ 0.63
AUVIP
EFOI
+ 0.25
ATER
  
High negative correlations   
AMWD
- 0.55
AUVIP
AMWD
- 0.46
ATER
AMWD
- 0.31
EFOI

Risk-Adjusted Indicators

There is a big difference between Nova Stock performing well and Nova Lifestyle 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 Nova Lifestyle'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.

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