Nextgen Correlations

NXGN Stock

ILS 65.00 5.00 8.33%

The current 90-days correlation between Nextgen and Kamada is -0.14 (i.e., Good diversification). The correlation of Nextgen 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.

Nextgen Correlation With Market

Significant diversification

The correlation between Nextgen and DJI is 0.07 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nextgen and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Nextgen Stock

0.82	NSTR	Norstar	Pair Corr
0.79	ALHE	Alony Hetz Properties	Pair Corr
0.73	DLEKG	Delek Group	Pair Corr
0.68	AZRG	Azrieli Group	Pair Corr
0.64	EQTL	Equital	Pair Corr
0.63	MLSR	Melisron	Pair Corr
0.6	BEZQ	Bezeq Israeli Teleco	Pair Corr
0.57	DISI	Discount Investment Corp	Pair Corr
0.49	STCM	Satcom Systems	Pair Corr
0.47	BCOM	B Communications	Pair Corr

Related Correlations Analysis

	KMDA	BEZQ	BCOM	PTCH	ISOP-L	ILDR	MBMX	CLIS
KMDA		0.71	0.69	0.55	0.19	0.58	-0.43	0.74	KMDA
BEZQ	0.71		0.96	0.79	0.43	0.7	-0.66	0.98	BEZQ
BCOM	0.69	0.96		0.66	0.28	0.75	-0.69	0.93	BCOM
PTCH	0.55	0.79	0.66		0.74	0.34	-0.28	0.81	PTCH
ISOP-L	0.19	0.43	0.28	0.74		-0.13	-0.1	0.44	ISOP-L
ILDR	0.58	0.7	0.75	0.34	-0.13		-0.47	0.71	ILDR
MBMX	-0.43	-0.66	-0.69	-0.28	-0.1	-0.47		-0.62	MBMX
CLIS	0.74	0.98	0.93	0.81	0.44	0.71	-0.62		CLIS
	KMDA	BEZQ	BCOM	PTCH	ISOP-L	ILDR	MBMX	CLIS

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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

CLIS	+ 0.98	BEZQ
BCOM	+ 0.96	BEZQ
CLIS	+ 0.93	BCOM
CLIS	+ 0.81	PTCH
PTCH	+ 0.79	BEZQ
ILDR	+ 0.75	BCOM

High negative correlations

MBMX	- 0.69	BCOM
MBMX	- 0.66	BEZQ
CLIS	- 0.62	MBMX
MBMX	- 0.47	ILDR
MBMX	- 0.43	KMDA
MBMX	- 0.28	PTCH

Risk-Adjusted Indicators

There is a big difference between Nextgen Stock performing well and Nextgen 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 Nextgen'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
KMDA	1.21	(0.05)	(0.06)	0.02	1.64	(1.27)	2.89	(2.84)	9.24
BEZQ	1.32	0.28	0.09	(2.12)	1.30	(1.50)	3.25	(2.35)	8.84
BCOM	1.83	0.46	0.16	(2.70)	1.54	(2.14)	4.90	(3.10)	16.14
PTCH	2.04	0.31	0.06	(1.99)	2.72	(2.34)	5.20	(3.40)	17.02
ISOP-L	1.96	0.26	0.03	(0.40)	2.40	(2.37)	5.05	(5.33)	17.11
ILDR	1.71	0.11	(0.02)	(0.26)	2.14	(2.10)	4.82	(4.49)	11.17
MBMX	2.11	(0.22)	0.00	7.63	0.00	0.00	3.99	(4.90)	13.44
CLIS	1.50	0.30	0.11	1.41	1.51	(1.62)	3.77	(2.57)	7.76

Be your own money manager

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