Tidewater Renewables Correlations

TDWRF Stock

USD 0.56 0.01 1.82%

The current 90-days correlation between Tidewater Renewables and Ellomay Capital is -0.04 (i.e., Good diversification). The correlation of Tidewater Renewables 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.

Tidewater Renewables Correlation With Market

Average diversification

The correlation between Tidewater Renewables and DJI is 0.16 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Tidewater Renewables and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Tidewater Pink Sheet

0.63	HNHPF	Hon Hai Precision	Pair Corr
0.65	CAVR	CAVU Resources	Pair Corr

Moving against Tidewater Pink Sheet

0.58	WMT	Walmart Aggressive Push	Pair Corr
0.45	AMZN	Amazon Inc Aggressive Push	Pair Corr
0.68	DLTR	Dollar Tree	Pair Corr
0.63	NTES	NetEase Sell-off Trend	Pair Corr
0.53	QBTS	D Wave Quantum Aggressive Push	Pair Corr
0.5	JEF	Jefferies Financial	Pair Corr
0.48	V	Visa Class A Earnings Call This Week	Pair Corr
0.46	CMCO	Columbus McKinnon Earnings Call This Week	Pair Corr
0.43	MUFG	Mitsubishi UFJ Financial	Pair Corr
0.42	AVGO	Broadcom Aggressive Push	Pair Corr
0.41	FNMAT	Federal National Mortgage	Pair Corr
0.77	PHX	PHX Minerals	Pair Corr
0.6	KOPN	Kopin Buyout Trend	Pair Corr
0.56	AMBA	Ambarella	Pair Corr
0.52	WHR	Whirlpool Earnings Call This Week	Pair Corr

Related Correlations Analysis

	NPIFF	AQNU	RNW	CWEN-A	CWEN	ENLT	ORA	ELLO	ADN	NRGV
NPIFF		-0.3	-0.73	0.53	0.54	-0.4	0.69	-0.35	-0.1	-0.14	NPIFF
AQNU	-0.3		0.55	0.05	0.03	0.14	-0.27	0.26	0.14	0.26	AQNU
RNW	-0.73	0.55		-0.41	-0.45	0.53	-0.77	0.64	0.23	0.39	RNW
CWEN-A	0.53	0.05	-0.41		1.0	-0.17	0.64	-0.06	0.12	-0.14	CWEN-A
CWEN	0.54	0.03	-0.45	1.0		-0.21	0.69	-0.13	0.07	-0.17	CWEN
ENLT	-0.4	0.14	0.53	-0.17	-0.21		-0.62	0.64	0.36	0.5	ENLT
ORA	0.69	-0.27	-0.77	0.64	0.69	-0.62		-0.67	-0.3	-0.39	ORA
ELLO	-0.35	0.26	0.64	-0.06	-0.13	0.64	-0.67		0.68	0.34	ELLO
ADN	-0.1	0.14	0.23	0.12	0.07	0.36	-0.3	0.68		0.01	ADN
NRGV	-0.14	0.26	0.39	-0.14	-0.17	0.5	-0.39	0.34	0.01		NRGV
	NPIFF	AQNU	RNW	CWEN-A	CWEN	ENLT	ORA	ELLO	ADN	NRGV

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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

CWEN	+ 1.0	CWEN-A
ORA	+ 0.69	NPIFF
ORA	+ 0.69	CWEN
ADN	+ 0.68	ELLO
ELLO	+ 0.64	RNW
ORA	+ 0.64	CWEN-A

High negative correlations

ORA	- 0.77	RNW
RNW	- 0.73	NPIFF
ELLO	- 0.67	ORA
ORA	- 0.62	ENLT
CWEN	- 0.45	RNW
CWEN-A	- 0.41	RNW

Risk-Adjusted Indicators

There is a big difference between Tidewater Pink Sheet performing well and Tidewater Renewables 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 Tidewater Renewables' 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
NPIFF	1.58	(0.37)	0.00	(1.36)	0.00	0.00	2.97	(4.19)	11.58
AQNU	1.36	(0.06)	0.00	(0.17)	0.00	0.00	2.49	(3.18)	8.45
RNW	1.65	0.16	0.07	1.67	1.72	(1.93)	2.55	(3.08)	21.02
CWEN-A	1.58	(0.09)	0.00	(0.18)	0.00	0.00	3.42	(3.05)	15.50
CWEN	1.57	(0.11)	0.00	(0.22)	0.00	0.00	3.14	(3.15)	14.81
ENLT	1.87	0.00	0.00	0.05	2.70	(1.85)	4.60	(4.38)	13.14
ORA	1.39	(0.30)	0.00	(1.31)	0.00	0.00	2.18	(4.13)	10.73
ELLO	2.08	0.35	0.13	(3.41)	1.96	(2.62)	5.12	(4.01)	15.02
ADN	9.02	2.38	0.29	0.47	7.44	(10.71)	33.15	(12.21)	97.89
NRGV	6.85	1.21	0.12	1.47	8.17	(7.24)	15.15	(12.05)	53.36

Be your own money manager

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