New HopeLimited Correlations

OD8 Stock

EUR 2.87 0.07 2.50%

The current 90-days correlation between New HopeLimited and Tianjin Capital Environmental is 0.05 (i.e., Significant diversification). The correlation of New HopeLimited 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.

New HopeLimited Correlation With Market

Good diversification

The correlation between New Hope and DJI is -0.05 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding New Hope and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with New Stock

0.87	IKF	China Shenhua Energy	Pair Corr
0.81	YZC	Yanzhou Coal Mining	Pair Corr
0.8	YA1	Yancoal Australia	Pair Corr
0.91	WC2	Whitehaven Coal	Pair Corr
0.74	PBE	Peabody Energy	Pair Corr
0.76	PJM	PT Bumi Resources	Pair Corr
0.69	ALV	Allianz SE	Pair Corr
0.71	SIX2	Sixt SE	Pair Corr
0.8	DBPE	Xtrackers LevDAX	Pair Corr
0.64	E908	Lyxor 1	Pair Corr

Moving against New Stock

0.84	DBPD	Xtrackers ShortDAX	Pair Corr
0.63	SSU	Samsung Electronics	Pair Corr
0.61	SSU	Samsung Electronics	Pair Corr
0.57	SSUN	Samsung Electronics	Pair Corr
0.56	SSUN	Samsung Electronics	Pair Corr
0.31	TCID	Telkom Indonesia Tbk	Pair Corr

Related Correlations Analysis

	TIA	A43	BUI	USX1	VEFW	PFX1	BH5	AVK1
TIA		-0.61	0.1	0.63	0.79	0.83	0.64	-0.56	TIA
A43	-0.61		-0.44	-0.73	-0.79	-0.73	-0.17	0.32	A43
BUI	0.1	-0.44		0.36	0.52	0.2	0.13	-0.07	BUI
USX1	0.63	-0.73	0.36		0.79	0.85	0.43	-0.45	USX1
VEFW	0.79	-0.79	0.52	0.79		0.88	0.57	-0.52	VEFW
PFX1	0.83	-0.73	0.2	0.85	0.88		0.51	-0.6	PFX1
BH5	0.64	-0.17	0.13	0.43	0.57	0.51		-0.6	BH5
AVK1	-0.56	0.32	-0.07	-0.45	-0.52	-0.6	-0.6		AVK1
	TIA	A43	BUI	USX1	VEFW	PFX1	BH5	AVK1

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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

PFX1	+ 0.88	VEFW
PFX1	+ 0.85	USX1
PFX1	+ 0.83	TIA
VEFW	+ 0.79	TIA
VEFW	+ 0.79	USX1
BH5	+ 0.64	TIA

High negative correlations

VEFW	- 0.79	A43
PFX1	- 0.73	A43
USX1	- 0.73	A43
A43	- 0.61	TIA
AVK1	- 0.6	BH5
AVK1	- 0.6	PFX1

Risk-Adjusted Indicators

There is a big difference between New Stock performing well and New HopeLimited 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 New HopeLimited'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
TIA	1.96	0.33	0.04	(1.16)	2.32	(3.91)	3.23	(5.13)	23.04
A43	0.28	(0.14)	0.00	1.20	0.00	0.00	0.00	0.00	9.48
BUI	1.31	0.11	0.03	0.30	1.63	(1.64)	4.07	(3.31)	8.52
USX1	2.19	0.10	0.02	0.26	2.73	(2.76)	5.42	(4.86)	14.09
VEFW	0.67	0.20	0.14	0.99	0.41	(0.79)	1.48	(1.01)	5.17
PFX1	2.71	0.56	0.13	1.57	2.91	(3.50)	7.14	(6.57)	16.44
BH5	1.73	(0.03)	0.02	0.11	1.92	(2.02)	3.23	(3.60)	10.66
AVK1	0.22	(0.13)	0.00	(4.81)	0.00	0.00	0.00	(0.81)	3.05

Be your own money manager

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