EnWave Correlations

NWVCF Stock

USD 0.24 0.01 4.00%

The current 90-days correlation between EnWave and Greenlane Renewables is 0.18 (i.e., Average diversification). The correlation of EnWave 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.

EnWave Correlation With Market

Very good diversification

The correlation between EnWave and DJI is -0.27 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding EnWave and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against EnWave Pink Sheet

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0.64	GEL	Genesis Energy LP	Pair Corr
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0.61	VHI	Valhi Inc Earnings Call This Week	Pair Corr
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0.59	CAPL	Crossamerica Partners	Pair Corr
0.59	WEJTY	Webjet Limited	Pair Corr
0.55	ENBP	ENB Financial Corp	Pair Corr
0.55	PRTS	CarPartsCom Earnings Call This Week	Pair Corr
0.51	BHB	Bar Harbor Bankshares	Pair Corr
0.48	BCO	Brinks Company Earnings Call Today	Pair Corr
0.44	UAMY	United States Antimony Buyout Trend	Pair Corr
0.43	ESCA	Escalade Incorporated	Pair Corr
0.39	GL-PD	Globe Life 425	Pair Corr
0.39	DREUF	Dream Industrial Real	Pair Corr
0.37	NBTRF	Nobel Resources Corp	Pair Corr
0.34	PDER	Pardee Resources	Pair Corr
0.74	ALFVF	Alfa Laval AB	Pair Corr
0.69	BKCYF	Bank Of Cyprus Holdings P Normal Trading	Pair Corr
0.69	BLE	BlackRock MIT II	Pair Corr
0.68	E	Eni SpA ADR Earnings Call Today	Pair Corr
0.67	TDY	Teledyne Technologies	Pair Corr
0.64	TRP	TC Energy Corp	Pair Corr
0.64	GRBK	Green Brick Partners	Pair Corr
0.64	MBINN	Merchants Bancorp	Pair Corr
0.63	CGON	CG Oncology Common	Pair Corr
0.6	ASX	ASE Industrial Holding	Pair Corr
0.59	MOG-A	Moog Inc	Pair Corr

Related Correlations Analysis

	PYRGF	GRNWF	AUSI	BRRN	GCEI	CVAT	QBAK	VCIGF	GTII	TOOD
PYRGF		0.39	-0.37	-0.4	-0.15	-0.57	0.56	-0.34	-0.23	0.0	PYRGF
GRNWF	0.39		-0.09	-0.21	0.33	-0.09	0.15	-0.11	-0.27	0.0	GRNWF
AUSI	-0.37	-0.09		0.66	-0.29	0.4	-0.57	0.36	0.4	0.0	AUSI
BRRN	-0.4	-0.21	0.66		-0.16	0.62	-0.78	0.45	0.32	0.0	BRRN
GCEI	-0.15	0.33	-0.29	-0.16		0.3	-0.11	-0.16	-0.3	0.0	GCEI
CVAT	-0.57	-0.09	0.4	0.62	0.3		-0.81	0.2	0.29	0.0	CVAT
QBAK	0.56	0.15	-0.57	-0.78	-0.11	-0.81		-0.4	-0.33	0.0	QBAK
VCIGF	-0.34	-0.11	0.36	0.45	-0.16	0.2	-0.4		0.16	0.0	VCIGF
GTII	-0.23	-0.27	0.4	0.32	-0.3	0.29	-0.33	0.16		0.0	GTII
TOOD	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		TOOD
	PYRGF	GRNWF	AUSI	BRRN	GCEI	CVAT	QBAK	VCIGF	GTII	TOOD

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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

BRRN	+ 0.66	AUSI
CVAT	+ 0.62	BRRN
QBAK	+ 0.56	PYRGF
VCIGF	+ 0.45	BRRN
CVAT	+ 0.4	AUSI
GTII	+ 0.4	AUSI

High negative correlations

QBAK	- 0.81	CVAT
QBAK	- 0.78	BRRN
QBAK	- 0.57	AUSI
CVAT	- 0.57	PYRGF
VCIGF	- 0.4	QBAK
BRRN	- 0.4	PYRGF

Risk-Adjusted Indicators

There is a big difference between EnWave Pink Sheet performing well and EnWave 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 EnWave'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
PYRGF	5.52	1.64	0.25	(1.99)	3.64	(10.68)	15.79	(7.14)	42.11
GRNWF	2.92	0.24	0.02	0.57	3.82	(8.33)	11.76	(6.25)	24.44
AUSI	12.79	0.90	0.07	0.25	13.46	(23.70)	42.86	(30.00)	109.51
BRRN	0.42	(0.05)	0.00	0.34	0.00	0.00	0.00	0.00	13.85
GCEI	5.28	0.32	0.05	0.48	5.47	(6.86)	13.89	(9.24)	58.30
CVAT	5.79	(1.07)	0.00	2.11	0.00	0.00	25.00	(20.00)	50.00
QBAK	2.59	0.34	0.05	2.00	3.82	(4.42)	7.30	(3.82)	43.61
VCIGF	0.97	0.13	0.00	(0.04)	0.00	0.00	2.35	(2.07)	25.95
GTII	636.60	331.98	6.27	37.77	36.25	(947.36)	121.36	(57.92)	11,955
TOOD	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Be your own money manager

Our tools can tell you how much better you can do entering a position in EnWave 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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EnWave Corporate Management

Mehmet PEng	Chief Engineer	Profile
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