Nykode Therapeutics Correlations

NYKD Stock

2.61 0.03 1.16%

The current 90-days correlation between Nykode Therapeutics ASA and Golden Energy Offshore is -0.15 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Nykode Therapeutics moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Nykode Therapeutics ASA moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Nykode Therapeutics Correlation With Market

Good diversification

The correlation between Nykode Therapeutics ASA and DJI is -0.02 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nykode Therapeutics ASA and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Nykode Stock

0.77	TEL	Telenor ASA	Pair Corr
0.63	AKRBP	Aker BP ASA	Pair Corr
0.62	DNB	DnB ASA	Pair Corr
0.58	MOWI	Mowi ASA	Pair Corr
0.56	SKUE	Skue Sparebank	Pair Corr
0.54	SOFTX	SoftOx Solutions	Pair Corr
0.52	MELG	Melhus Sparebank	Pair Corr
0.52	NONG	Sparebank 1 Nord	Pair Corr
0.43	AZT	Arcticzymes Technologies	Pair Corr
0.37	NHY	Norsk Hydro ASA	Pair Corr
0.31	YAR	Yara International ASA	Pair Corr

Related Correlations Analysis

	GEOS	NISB	BWO	MOBA	MING	AZT	KRAB	GRONG
GEOS		0.08	0.07	-0.2	0.04	0.0	-0.13	0.05	GEOS
NISB	0.08		0.8	0.33	0.7	0.75	0.1	0.63	NISB
BWO	0.07	0.8		0.38	0.86	0.53	-0.24	0.39	BWO
MOBA	-0.2	0.33	0.38		0.57	0.24	-0.18	0.07	MOBA
MING	0.04	0.7	0.86	0.57		0.49	-0.41	0.25	MING
AZT	0.0	0.75	0.53	0.24	0.49		0.3	0.59	AZT
KRAB	-0.13	0.1	-0.24	-0.18	-0.41	0.3		0.23	KRAB
GRONG	0.05	0.63	0.39	0.07	0.25	0.59	0.23		GRONG
	GEOS	NISB	BWO	MOBA	MING	AZT	KRAB	GRONG

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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

MING	+ 0.86	BWO
BWO	+ 0.8	NISB
AZT	+ 0.75	NISB
MING	+ 0.7	NISB
GRONG	+ 0.63	NISB
GRONG	+ 0.59	AZT

High negative correlations

KRAB	- 0.41	MING
KRAB	- 0.24	BWO
MOBA	- 0.2	GEOS
KRAB	- 0.18	MOBA
KRAB	- 0.13	GEOS
AZT	- 0.0	GEOS

Risk-Adjusted Indicators

There is a big difference between Nykode Stock performing well and Nykode Therapeutics 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 Nykode Therapeutics' 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
GEOS	2.40	(0.29)	0.00	0.34	0.00	0.00	5.07	(6.01)	27.18
NISB	0.71	0.18	0.11	(0.94)	0.55	(1.74)	2.29	(1.68)	8.36
BWO	1.53	0.24	0.15	1.41	1.39	(1.93)	4.26	(2.97)	7.88
MOBA	1.61	0.34	0.20	1.99	1.35	(2.10)	4.51	(2.24)	12.82
MING	0.66	0.16	0.19	0.96	0.61	(0.73)	1.45	(1.60)	4.21
AZT	2.27	0.57	0.30	1.71	1.58	(3.22)	4.35	(3.18)	25.72
KRAB	1.14	0.02	0.01	(0.19)	1.55	(2.01)	3.49	(3.37)	10.32
GRONG	0.54	0.03	0.03	(0.71)	0.73	(0.97)	1.67	(1.32)	4.98

Nykode Therapeutics Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with Nykode Therapeutics stock to make a market-neutral strategy. Peer analysis of Nykode Therapeutics could also be used in its relative valuation, which is a method of valuing Nykode Therapeutics by comparing valuation metrics with similar companies.

Golden Energy Offshore Nidaros Sparebank BW Offshore Morrow Bank ASA Sparebank 1 SMN Arcticzymes Technologies ASA Kraft Bank Asa Grong Sparebank American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup SentinelOne CVS Health Corp

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