Novonix Correlations

NVNXF Stock

USD 0.47 0.01 2.08%

The current 90-days correlation between Novonix and FREYR Battery SA is 0.3 (i.e., Weak diversification). The correlation of Novonix 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.

Novonix Correlation With Market

Modest diversification

The correlation between Novonix and DJI is 0.24 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Novonix and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Novonix Pink Sheet

0.69	VRT	Vertiv Holdings Downward Rally	Pair Corr
0.71	NVT	nVent Electric PLC	Pair Corr
0.81	XOM	Exxon Mobil Corp Fiscal Year End 7th of February 2025	Pair Corr
0.61	CVX	Chevron Corp Fiscal Year End 7th of February 2025	Pair Corr
0.75	HPQ	HP Inc	Pair Corr
0.64	AXP	American Express Fiscal Year End 24th of January 2025	Pair Corr

Moving against Novonix Pink Sheet

0.69	NNAX	New Momentum	Pair Corr
0.6	AMIX	Autonomix Medical, Common	Pair Corr
0.52	AAGH	America Great Health	Pair Corr
0.61	MRK	Merck Company Fiscal Year End 6th of February 2025	Pair Corr
0.5	BA	Boeing Fiscal Year End 29th of January 2025	Pair Corr
0.47	PG	Procter Gamble	Pair Corr
0.44	KO	Coca Cola Aggressive Push	Pair Corr

Related Correlations Analysis

	FREY	NVT	HUBB	AEIS	VRT	ENR	NEOV	HAYW	ESP	NVX
FREY		0.52	0.38	0.6	0.62	0.73	0.9	0.55	0.25	0.25	FREY
NVT	0.52		0.94	0.83	0.92	0.65	0.49	0.76	0.78	0.72	NVT
HUBB	0.38	0.94		0.72	0.91	0.54	0.42	0.66	0.86	0.76	HUBB
AEIS	0.6	0.83	0.72		0.76	0.71	0.46	0.82	0.67	0.64	AEIS
VRT	0.62	0.92	0.91	0.76		0.78	0.69	0.76	0.82	0.72	VRT
ENR	0.73	0.65	0.54	0.71	0.78		0.68	0.7	0.54	0.54	ENR
NEOV	0.9	0.49	0.42	0.46	0.69	0.68		0.55	0.34	0.24	NEOV
HAYW	0.55	0.76	0.66	0.82	0.76	0.7	0.55		0.69	0.48	HAYW
ESP	0.25	0.78	0.86	0.67	0.82	0.54	0.34	0.69		0.82	ESP
NVX	0.25	0.72	0.76	0.64	0.72	0.54	0.24	0.48	0.82		NVX
	FREY	NVT	HUBB	AEIS	VRT	ENR	NEOV	HAYW	ESP	NVX

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Please upgrade your account to get full access to Macroaxis premium features

Risk-Adjusted Indicators

There is a big difference between Novonix Pink Sheet performing well and Novonix 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 Novonix'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
FREY	5.57	0.59	0.25	0.20	4.67	(6.99)	13.17	(8.70)	79.43
NVT	1.69	0.06	0.07	0.15	2.15	(1.89)	3.19	(2.34)	13.93
HUBB	1.28	0.10	0.12	0.18	1.35	(1.43)	3.09	(2.12)	10.41
AEIS	1.50	(0.11)	0.00	0.06	1.89	(1.57)	3.85	(2.92)	9.74
VRT	2.32	0.70	0.29	0.45	2.16	(2.64)	5.87	(3.65)	16.98
ENR	1.07	0.34	0.17	1.60	1.06	(1.28)	2.67	(1.29)	12.72
NEOV	4.44	1.18	0.23	1.27	4.55	(5.01)	11.11	(7.32)	21.90
HAYW	1.35	0.10	0.04	0.27	1.29	(1.62)	4.12	(2.23)	8.61
ESP	2.16	0.37	0.15	0.57	2.00	(2.48)	4.89	(3.29)	26.01
NVX	4.24	0.04	0.06	0.14	3.73	(5.96)	12.07	(6.31)	27.51

Be your own money manager

Our tools can tell you how much better you can do entering a position in Novonix 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.

Did you try this?

Run ETFs Now

ETFs

Find actively traded Exchange Traded Funds (ETF) from around the world

All Next

Launch Module

Novonix Corporate Management

Darcy Macdougald	Pres Solutions	Profile
BBus CA	Financial Sec	Profile
Nicholas Liveris	Chief Officer	Profile
Rashda Buttar	Chief Officer	Profile
J York	Sr Devel	Profile
Danny Deas	Pres Materials	Profile
John Burns	COO CEO	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