Nova Lithium Correlations

NVLIF Stock

0.29 0.02 7.41%

The current 90-days correlation between Nova Lithium Corp and Western Digital is 0.23 (i.e., Modest diversification). The correlation of Nova Lithium 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.

Nova Lithium Correlation With Market

Good diversification

The correlation between Nova Lithium Corp and DJI is -0.12 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nova Lithium Corp and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Nova Pink Sheet

0.65

GLUC

Glucose Health

Pair Corr

Moving against Nova Pink Sheet

0.78	LGCY	Legacy Education	Pair Corr
0.74	AAPL	Apple Inc	Pair Corr
0.71	AMZN	Amazon Inc Aggressive Push	Pair Corr
0.69	17298CHT8	US17298CHT80	Pair Corr
0.6	EXEEW	Expand Energy Symbol Change	Pair Corr
0.58	META	Meta Platforms	Pair Corr
0.57	GOOG	Alphabet Class C Earnings Call Next Week	Pair Corr
0.5	MSFT	Microsoft Earnings Call Next Week	Pair Corr
0.48	SLF	Sun Life Financial	Pair Corr
0.47	OPFI	OppFi Inc	Pair Corr
0.43	BMYMP	Bristol Myers Squibb	Pair Corr
0.31	ROCL	Roth CH Acquisition	Pair Corr
0.8	WMT	Walmart	Pair Corr
0.69	DIS	Walt Disney	Pair Corr
0.64	AXP	American Express Earnings Call This Week	Pair Corr
0.64	BA	Boeing Fiscal Year End 29th of January 2025	Pair Corr
0.62	CSCO	Cisco Systems Aggressive Push	Pair Corr
0.5	T	ATT Inc Earnings Call This Week	Pair Corr
0.45	JPM	JPMorgan Chase	Pair Corr
0.42	BAC	Bank of America Sell-off Trend	Pair Corr

Related Correlations Analysis

	WDC	EME	SBGI	RCKY	GFF	VMC	KO
WDC		0.28	0.69	0.11	0.26	0.5	0.32	WDC
EME	0.28		0.06	-0.64	0.72	0.79	-0.51	EME
SBGI	0.69	0.06		0.06	0.37	0.32	0.23	SBGI
RCKY	0.11	-0.64	0.06		-0.43	-0.58	0.81	RCKY
GFF	0.26	0.72	0.37	-0.43		0.57	-0.45	GFF
VMC	0.5	0.79	0.32	-0.58	0.57		-0.32	VMC
KO	0.32	-0.51	0.23	0.81	-0.45	-0.32		KO
	WDC	EME	SBGI	RCKY	GFF	VMC	KO

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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

KO	+ 0.81	RCKY
VMC	+ 0.79	EME
GFF	+ 0.72	EME
SBGI	+ 0.69	WDC
VMC	+ 0.57	GFF
VMC	+ 0.5	WDC

High negative correlations

RCKY	- 0.64	EME
VMC	- 0.58	RCKY
KO	- 0.51	EME
KO	- 0.45	GFF
GFF	- 0.43	RCKY
KO	- 0.32	VMC

Risk-Adjusted Indicators

There is a big difference between Nova Pink Sheet performing well and Nova Lithium 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 Lithium'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
WDC	1.80	(0.03)	0.00	(0.05)	0.00	0.00	4.52	(3.20)	11.34
EME	1.39	0.17	0.08	0.26	1.79	(1.42)	3.31	(2.67)	11.47
SBGI	1.79	(0.21)	0.00	(3.43)	0.00	0.00	4.00	(5.05)	10.70
RCKY	2.11	(0.21)	0.00	(0.81)	0.00	0.00	3.97	(3.68)	28.72
GFF	1.73	0.18	0.09	0.24	1.81	(1.99)	2.88	(3.57)	22.89
VMC	1.10	0.12	0.09	0.26	1.06	(1.31)	2.02	(1.96)	9.37
KO	0.70	(0.17)	0.00	(1.05)	0.00	0.00	1.22	(1.66)	3.44

Be your own money manager

Our tools can tell you how much better you can do entering a position in Nova Lithium 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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