Novonix Correlations

NVX Stock  USD 1.46  0.04  2.67%   
The current 90-days correlation between Novonix Ltd ADR and Magnis Energy Technologies is -0.08 (i.e., Good 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Novonix Correlation With Market

Average diversification

The correlation between Novonix Ltd ADR and DJI is 0.17 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Novonix Ltd ADR 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 Novonix Ltd ADR. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in real.

Moving together with Novonix Stock

  0.71NEOV NeoVolta Common StockPairCorr

Moving against Novonix Stock

  0.54EOSE Eos Energy EnterprisesPairCorr
  0.42EOSEW Eos Energy EnterprisesPairCorr
  0.62B Barnes GroupPairCorr
  0.54ADSEW ADS TEC ENERGYPairCorr
  0.53ADSE Ads Tec EnergyPairCorr
  0.39MVST Microvast HoldingsPairCorr
  0.39SKYX SKYX Platforms CorpPairCorr
  0.33MVSTW Microvast HoldingsPairCorr

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   
KEEXROF
NEOVWNEOV
EXROFMNSEF
HAYWMNSEF
KEMNSEF
KEESP
  
High negative correlations   
NEOVILIKF
ILIKFMNSEF
ILIKFEXROF
KEILIKF
AEISMNSEF
NEOVWILIKF

Risk-Adjusted Indicators

There is a big difference between Novonix Stock 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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
MNSEF  6.38 (0.02) 0.00  0.02  9.33 
 19.50 
 83.33 
EXROF  6.09 (0.06) 0.01  0.05  6.49 
 18.18 
 52.99 
ILIKF  4.10  0.78  0.13  0.85  3.61 
 8.70 
 25.87 
NHHHF  5.51  0.72  0.00 (0.23) 0.00 
 17.50 
 83.33 
NEOV  4.84  0.47  0.06  3.16  6.64 
 8.33 
 33.98 
HAYW  0.93 (0.15) 0.00 (0.34) 0.00 
 1.97 
 5.72 
ESP  1.61 (0.24) 0.00 (0.48) 0.00 
 3.01 
 10.44 
AEIS  1.65  0.02  0.01  0.08  2.37 
 3.29 
 15.56 
NEOVW  8.99  1.74  0.12 (2.40) 11.32 
 22.81 
 93.70 
KE  1.46 (0.10) 0.00 (0.01) 0.00 
 2.30 
 12.30 

Novonix Corporate Management

BBus CAFinancial SecProfile
Darcy MacdougaldPres SolutionsProfile
Nicholas LiverisChief OfficerProfile
Rashda ButtarChief OfficerProfile
J YorkSr DevelProfile
Robert LongChief OfficerProfile