Novo Resources Correlations
| NVO Stock | CAD 0.08 0.01 10.00% |
The current 90-days correlation between Novo Resources Corp and Lion One Metals is 0.26 (i.e., Modest diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Novo Resources moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Novo Resources Corp moves in either direction, the perfectly negatively correlated security will move in the opposite direction.
Novo Resources Correlation With Market
Good diversification
The correlation between Novo Resources Corp and DJI is -0.05 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Novo Resources Corp and DJI in the same portfolio, assuming nothing else is changed.
Novo |
The ability to find closely correlated positions to Novo Resources could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Novo Resources 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 Novo Resources - 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 Novo Resources Corp to buy it.
Moving together with Novo Stock
Moving against Novo Stock
| 0.69 | WCN | Waste Connections | PairCorr |
| 0.63 | CSU | Constellation Software | PairCorr |
| 0.58 | FFH | Fairfax Financial | PairCorr |
| 0.42 | FSV | FirstService Corp | PairCorr |
Related Correlations Analysis
| Click cells to compare fundamentals | Check Volatility | Backtest Portfolio |
Risk-Adjusted Indicators
There is a big difference between Novo Stock performing well and Novo Resources 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 Novo Resources' 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| LIO | 2.45 | (0.15) | 0.00 | (0.51) | 0.00 | 6.25 | 16.27 | |||
| NFG | 3.16 | (0.62) | 0.00 | (0.20) | 0.00 | 6.44 | 20.35 | |||
| ESK | 4.24 | 0.05 | 0.00 | 0.02 | 0.00 | 10.00 | 43.99 | |||
| LAB | 3.11 | (0.14) | 0.00 | (1.25) | 0.00 | 12.50 | 30.95 | |||
| GOT | 2.20 | (0.20) | 0.00 | (0.07) | 0.00 | 6.35 | 13.69 |
Be your own money manager
Our tools can tell you how much better you can do entering a position in Novo Resources 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 Global Correlations Now
Global CorrelationsFind global opportunities by holding instruments from different markets |
| All Next | Launch Module |
Novo Resources Corporate Management
Elected by the shareholders, the Novo Resources' board of directors comprises two types of representatives: Novo Resources inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Novo. The board's role is to monitor Novo Resources' management team and ensure that shareholders' interests are well served. Novo Resources' inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Novo Resources' outside directors are responsible for providing unbiased perspectives on the board's policies.
| Alwin Roij | Exploration Geologist | Profile | |
| Leonidas Karabelas | VP Communications | Profile | |
| Ronan SaboWalsh | CFO Sec | Profile | |
| Karen Luca | General Exploration | Profile | |
| Lisa Smith | General Secretary | Profile |