Tidewater Renewables Correlations

TDWRF Stock

USD 0.70 0.00 0.00%

The current 90-days correlation between Tidewater Renewables and Ellomay Capital is -0.06 (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

Significant diversification

The correlation between Tidewater Renewables 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 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

0.78	EDRVF	EDP Renovaveis	Pair Corr
0.86	CLPXF	China Longyuan Power	Pair Corr

Moving against Tidewater Pink Sheet

0.87	LLYVK	Liberty Media	Pair Corr
0.86	ADSK	Autodesk	Pair Corr
0.85	CRWD	Crowdstrike Holdings Earnings Call Today	Pair Corr
0.81	BWXT	BWX Technologies	Pair Corr
0.8	CRM	Salesforce Earnings Call Tomorrow	Pair Corr
0.79	CTAS	Cintas	Pair Corr
0.76	QUBT	Quantum Computing Trending	Pair Corr
0.76	GM	General Motors Aggressive Push	Pair Corr
0.72	ZM	Zoom Video Communications	Pair Corr
0.71	STLD	Steel Dynamics Fiscal Year End 28th of January 2025	Pair Corr
0.68	DXYZ	Destiny Tech100	Pair Corr
0.67	SNOW	Snowflake Trending	Pair Corr
0.67	EXK	Endeavour Silver Corp	Pair Corr
0.67	ZG	Zillow Group	Pair Corr
0.5	NOG	Northern Oil Gas	Pair Corr
0.45	META	Meta Platforms Aggressive Push	Pair Corr
0.36	CEG	Constellation Energy Corp	Pair Corr
0.35	CLPXY	China Longyuan Power Downward Rally	Pair Corr
0.89	SCHW	Charles Schwab Corp Fiscal Year End 15th of January 2025	Pair Corr
0.86	NFLX	Netflix Fiscal Year End 28th of January 2025	Pair Corr
0.86	BAC	Bank of America Aggressive Push	Pair Corr
0.85	ALAB	Astera Labs, Common	Pair Corr
0.83	NDAQ	Nasdaq Inc	Pair Corr
0.83	SNA	Snap On	Pair Corr
0.82	GVA	Granite Construction	Pair Corr
0.81	MRVL	Marvell Technology Earnings Call This Week	Pair Corr
0.8	ET	Energy Transfer LP Aggressive Push	Pair Corr
0.79	CFLT	Confluent	Pair Corr
0.77	PYPL	PayPal Holdings Aggressive Push	Pair Corr
0.75	LMND	Lemonade Trending	Pair Corr

Related Correlations Analysis

	NPIFF	AQNU	RNW	CWEN-A	CWEN	ENLT	ORA	ELLO	ADN	NRGV
NPIFF		-0.09	0.79	0.61	0.66	0.15	-0.36	-0.74	-0.63	-0.49	NPIFF
AQNU	-0.09		-0.07	-0.57	-0.58	-0.28	0.4	0.11	-0.35	0.51	AQNU
RNW	0.79	-0.07		0.46	0.5	0.05	-0.39	-0.55	-0.58	-0.51	RNW
CWEN-A	0.61	-0.57	0.46		0.99	0.15	-0.23	-0.46	-0.09	-0.45	CWEN-A
CWEN	0.66	-0.58	0.5	0.99		0.16	-0.34	-0.53	-0.16	-0.54	CWEN
ENLT	0.15	-0.28	0.05	0.15	0.16		-0.19	0.06	0.03	-0.18	ENLT
ORA	-0.36	0.4	-0.39	-0.23	-0.34	-0.19		0.5	0.4	0.88	ORA
ELLO	-0.74	0.11	-0.55	-0.46	-0.53	0.06	0.5		0.68	0.58	ELLO
ADN	-0.63	-0.35	-0.58	-0.09	-0.16	0.03	0.4	0.68		0.36	ADN
NRGV	-0.49	0.51	-0.51	-0.45	-0.54	-0.18	0.88	0.58	0.36		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	+ 0.99	CWEN-A
NRGV	+ 0.88	ORA
RNW	+ 0.79	NPIFF
ADN	+ 0.68	ELLO
CWEN	+ 0.66	NPIFF
CWEN-A	+ 0.61	NPIFF

High negative correlations

ELLO	- 0.74	NPIFF
ADN	- 0.63	NPIFF
ADN	- 0.58	RNW
CWEN	- 0.58	AQNU
CWEN-A	- 0.57	AQNU
ELLO	- 0.55	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	1.39	(0.09)	0.00	0.42	0.00	0.00	2.64	(3.23)	12.19
AQNU	1.36	(0.01)	0.00	0.14	0.00	0.00	2.49	(3.18)	8.45
RNW	1.41	0.07	(0.01)	0.43	2.16	(1.37)	2.99	(3.52)	9.41
CWEN-A	1.41	0.08	(0.03)	(0.13)	2.33	(1.19)	2.74	(2.78)	15.50
CWEN	1.42	0.05	(0.04)	(0.06)	2.29	(1.22)	2.64	(2.89)	14.79
ENLT	2.10	0.09	(0.02)	(0.23)	3.28	(1.89)	4.64	(5.21)	13.41
ORA	0.99	0.10	0.03	0.30	1.19	(1.05)	2.48	(1.41)	8.41
ELLO	2.16	0.32	0.07	(5.67)	2.23	(2.77)	6.18	(3.82)	13.80
ADN	9.20	2.33	0.22	(1.43)	8.09	(12.51)	33.15	(16.54)	92.82
NRGV	6.73	1.18	0.13	21.87	6.68	(8.50)	21.77	(11.36)	56.58

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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