NZX Correlations

Summary

NZSTFDelisted Stock

USD 0.87 0.00 0.00%

The correlation of NZX 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.

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

Moving against NZX Pink Sheet

0.38	LNSTY	London Stock Exchange	Pair Corr
0.32	LDNXF	London Stock Exchange Normal Trading	Pair Corr
0.32	PBCRY	Bank Central Asia	Pair Corr
0.69	STAG	STAG Industrial	Pair Corr
0.66	AMD	Advanced Micro Devices Sell-off Trend	Pair Corr
0.66	PII	Polaris Industries	Pair Corr
0.66	KYOCF	Kyocera	Pair Corr
0.64	EGP	EastGroup Properties	Pair Corr
0.51	JNJ	Johnson Johnson Sell-off Trend	Pair Corr
0.46	TORO	Toro	Pair Corr
0.4	TGI	Triumph Group	Pair Corr
0.35	CM	Canadian Imperial Bank	Pair Corr
0.31	HE	Hawaiian Electric	Pair Corr
0.65	SMGKF	Smiths Group plc	Pair Corr
0.56	ATRO	Astronics	Pair Corr
0.53	EOLS	Evolus Inc	Pair Corr
0.48	ADC	Agree Realty	Pair Corr
0.47	CSCO	Cisco Systems	Pair Corr
0.44	PFE	Pfizer Inc	Pair Corr

Related Correlations Analysis

	ZNKKY	VNRFY	CYFL	IPXAF	CSHX	MSBC	ALPIB	RVRF	FCMGF	FFBB
ZNKKY		0.0	0.07	-0.08	-0.4	-0.07	-0.07	0.24	0.02	0.23	ZNKKY
VNRFY	0.0		0.24	-0.62	0.39	0.35	0.67	0.66	-0.62	0.42	VNRFY
CYFL	0.07	0.24		-0.1	0.48	-0.06	-0.01	0.36	0.25	-0.14	CYFL
IPXAF	-0.08	-0.62	-0.1		-0.35	-0.31	-0.64	-0.68	0.4	-0.52	IPXAF
CSHX	-0.4	0.39	0.48	-0.35		0.04	0.41	0.52	0.16	0.03	CSHX
MSBC	-0.07	0.35	-0.06	-0.31	0.04		0.46	0.25	-0.37	0.51	MSBC
ALPIB	-0.07	0.67	-0.01	-0.64	0.41	0.46		0.79	-0.62	0.73	ALPIB
RVRF	0.24	0.66	0.36	-0.68	0.52	0.25	0.79		-0.36	0.59	RVRF
FCMGF	0.02	-0.62	0.25	0.4	0.16	-0.37	-0.62	-0.36		-0.52	FCMGF
FFBB	0.23	0.42	-0.14	-0.52	0.03	0.51	0.73	0.59	-0.52		FFBB
	ZNKKY	VNRFY	CYFL	IPXAF	CSHX	MSBC	ALPIB	RVRF	FCMGF	FFBB

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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

RVRF	+ 0.79	ALPIB
FFBB	+ 0.73	ALPIB
ALPIB	+ 0.67	VNRFY
RVRF	+ 0.66	VNRFY
FFBB	+ 0.59	RVRF
RVRF	+ 0.52	CSHX

High negative correlations

RVRF	- 0.68	IPXAF
ALPIB	- 0.64	IPXAF
FCMGF	- 0.62	ALPIB
FCMGF	- 0.62	VNRFY
IPXAF	- 0.62	VNRFY
FFBB	- 0.52	FCMGF

Risk-Adjusted Indicators

There is a big difference between NZX Pink Sheet performing well and NZX 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 NZX'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
ZNKKY	1.40	(0.17)	0.00	(0.24)	0.00	0.00	0.71	(4.24)	39.19
VNRFY	0.94	0.31	0.00	(1.96)	0.00	0.00	2.22	0.00	25.26
CYFL	0.99	0.04	(0.01)	0.44	1.62	(1.78)	2.48	(2.84)	13.30
IPXAF	1.97	(0.05)	0.00	0.23	0.00	0.00	8.55	(8.27)	46.84
CSHX	0.51	0.09	0.05	0.29	0.40	(0.80)	1.11	(1.16)	10.25
MSBC	0.37	0.01	(0.04)	0.28	0.58	(1.14)	1.06	(1.01)	7.21
ALPIB	0.88	0.39	0.28	(2.72)	0.15	(1.23)	2.75	(1.36)	8.12
RVRF	0.64	0.23	0.00	(1.66)	0.00	0.00	2.06	0.00	9.45
FCMGF	0.47	(0.07)	0.00	(0.17)	0.00	0.00	1.38	(2.36)	4.63
FFBB	0.66	0.02	(0.02)	0.12	0.66	(1.10)	1.22	(1.48)	10.60

NZX 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 NZX pink sheet to make a market-neutral strategy. Peer analysis of NZX could also be used in its relative valuation, which is a method of valuing NZX by comparing valuation metrics with similar companies.

Zenkoku Hosho Co Vienna Insurance Group Century Financial Corp Impax Asset Management Cashmere Valley Bank Mission Bancorp Alpine Banks of River Financial Firm Capital Mortgage FFB Bancorp American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup

Risk & Return

Correlation

NZX Corporate Management

Shane Dinnan	Head - Energy	Profile
Hamish Macdonald	Head - Policy	Profile
Lara Robertson	Head HR	Profile
BSc CA	Chief Officer	Profile
Mark Peterson	Head - Markets	Profile
Robert Douglas	Chief Officer	Profile
Sara Wheeler	G Sec	Profile

Still Interested in NZX Limited?

Investing in delisted pink sheets can be risky, as the pink sheet is no longer traded on a public exchange and can therefore be difficult to sell. Delisting typically occurs when a company has failed to meet exchange requirements or has been acquired. Before investing, it's important to thoroughly research the company, including its financial health and prospects for the future, as well as the reasons for its delisting. Additionally, it may be difficult to find accurate and up-to-date information on the company and its stock.

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