Novra Technologies Correlations

NVRVF Stock

USD 0.05 0.01 18.43%

The correlation of Novra Technologies 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.

Novra Technologies Correlation With Market

Good diversification

The correlation between Novra Technologies and DJI is -0.09 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Novra Technologies and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Novra OTC Stock

0.42	CSCO	Cisco Systems	Pair Corr
0.4	ERIC-B	Telefonaktiebolaget	Pair Corr
0.4	AMZN	Amazon Inc	Pair Corr
0.38	LITE	Lumentum Holdings Tech Boost	Pair Corr
0.34	CIEN	Ciena Corp Tech Boost	Pair Corr
0.33	CRDO	Credo Technology	Pair Corr
0.53	TGI	Triumph Group	Pair Corr
0.48	AAPL	Apple Inc	Pair Corr
0.45	NAUT	Nautilus Biotechnology	Pair Corr
0.43	DGWR	Critic Clothing	Pair Corr
0.39	GDYN	Grid Dynamics Holdings	Pair Corr
0.36	BORR	Borr Drilling	Pair Corr
0.51	FTI	TechnipFMC PLC Sell-off Trend	Pair Corr
0.42	FEMY	Femasys	Pair Corr
0.37	DNGFF	Dongfang ElectricLimited	Pair Corr
0.35	TGS	Transportadora de Gas	Pair Corr

Related Correlations Analysis

	JUMT	DGNG	WLAN	NFTFF	TRSO	VISM	UTRX	ISEYF	WRCDF	XELA
JUMT		0.0	0.0	-1.0	0.0	0.0	0.0	0.0	0.0	0.0	JUMT
DGNG	0.0		0.01	0.0	-0.3	-0.31	-0.53	0.49	0.07	-0.23	DGNG
WLAN	0.0	0.01		0.0	-0.11	-0.22	-0.04	0.36	-0.16	0.25	WLAN
NFTFF	-1.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	NFTFF
TRSO	0.0	-0.3	-0.11	0.0		0.22	0.49	-0.14	-0.04	-0.04	TRSO
VISM	0.0	-0.31	-0.22	0.0	0.22		0.71	-0.4	-0.06	0.3	VISM
UTRX	0.0	-0.53	-0.04	0.0	0.49	0.71		-0.41	-0.03	0.46	UTRX
ISEYF	0.0	0.49	0.36	0.0	-0.14	-0.4	-0.41		-0.03	-0.09	ISEYF
WRCDF	0.0	0.07	-0.16	0.0	-0.04	-0.06	-0.03	-0.03		-0.16	WRCDF
XELA	0.0	-0.23	0.25	0.0	-0.04	0.3	0.46	-0.09	-0.16		XELA
	JUMT	DGNG	WLAN	NFTFF	TRSO	VISM	UTRX	ISEYF	WRCDF	XELA

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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

UTRX	+ 0.71	VISM
ISEYF	+ 0.49	DGNG
UTRX	+ 0.49	TRSO
XELA	+ 0.46	UTRX
ISEYF	+ 0.36	WLAN
XELA	+ 0.3	VISM

High negative correlations

NFTFF	- 1.0	JUMT
UTRX	- 0.53	DGNG
ISEYF	- 0.41	UTRX
ISEYF	- 0.4	VISM
VISM	- 0.31	DGNG
TRSO	- 0.3	DGNG

Risk-Adjusted Indicators

There is a big difference between Novra OTC Stock performing well and Novra Technologies OTC Stock 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 Novra Technologies' 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
JUMT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
DGNG	1.40	0.77	0.00	(0.93)	0.00	0.00	0.00	0.00	34.62
WLAN	4.18	0.26	0.01	1.25	5.39	(15.61)	16.67	(14.29)	30.95
NFTFF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
TRSO	29.20	6.42	0.13	(1.22)	25.94	(62.56)	75.00	(52.00)	371.56
VISM	7.99	0.03	(0.01)	0.02	9.32	(10.14)	24.66	(17.50)	53.50
UTRX	7.53	(2.28)	0.00	(5.38)	0.00	0.00	10.57	(16.67)	66.60
ISEYF	4.95	2.06	0.00	(0.14)	0.00	0.00	0.00	(7.00)	158.62
WRCDF	317.53	153.56	0.00	1.69	0.00	0.00	33.33	(33.33)	9,998
XELA	413.98	242.59	3.44	(2.16)	57.24	(763.71)	1,500	(95.12)	3,997

Be your own money manager

Our tools can tell you how much better you can do entering a position in Novra Technologies 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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