Niagara Mohawk Correlations
| NMPWP Stock | USD 55.43 0.01 0.02% |
The correlation of Niagara Mohawk 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 perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Niagara Mohawk moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Niagara Mohawk Power moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Average diversification
The correlation between Niagara Mohawk Power and NYA is 0.15 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Niagara Mohawk Power and NYA in the same portfolio, assuming nothing else is changed.
Niagara |
The ability to find closely correlated positions to Niagara Mohawk could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Niagara Mohawk 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 Niagara Mohawk - 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 Niagara Mohawk Power to buy it.
Moving together with Niagara Pink Sheet
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| 0.83 | SRBBF | VPN Technologies | PairCorr |
Moving against Niagara Pink Sheet
| 0.87 | NVDA | NVIDIA Aggressive Push | PairCorr |
| 0.77 | AMZN | Amazon Inc Aggressive Push | PairCorr |
| 0.77 | BAC | Bank of America Sell-off Trend | PairCorr |
| 0.68 | META | Meta Platforms | PairCorr |
| 0.54 | LRDG | Lord Global Corp | PairCorr |
| 0.89 | DD | Dupont De Nemours Buyout Trend | PairCorr |
| 0.87 | WMT | Walmart Financial Report 16th of May 2024 | PairCorr |
| 0.82 | GE | GE Aerospace Financial Report 23rd of July 2024 | PairCorr |
Related Correlations Analysis
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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
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Risk-Adjusted Indicators
There is a big difference between Niagara Pink Sheet performing well and Niagara Mohawk 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 Niagara Mohawk'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.Be your own money manager
Our tools can tell you how much better you can do entering a position in Niagara Mohawk 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.Did you try this?
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Already Invested in Niagara Mohawk Power?
The danger of trading Niagara Mohawk Power is mainly related to its market volatility and Company specific events. As an investor, you must understand the concept of risk-adjusted return before you start trading. The most common way to measure the risk of Niagara Mohawk is by using the Sharpe ratio. The ratio expresses how much excess return you acquire for the extra volatility you endure for holding a more risker asset than Niagara Mohawk. The Sharpe ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile Niagara Mohawk Power is, you must compare it to a benchmark. Traditionally, the risk-free rate of return is the rate of return on the shortest-dated U.S. Treasury, such as a 3-year bond.
When determining whether Niagara Mohawk Power is a good investment, qualitative aspects like company management, corporate governance, and ethical practices play a significant role. A comparison with peer companies also provides context and helps to understand if Niagara Pink Sheet is undervalued or overvalued. This multi-faceted approach, blending both quantitative and qualitative analysis, forms a solid foundation for making an informed investment decision about Niagara Mohawk Power Stock. Highlighted below are key reports to facilitate an investment decision about Niagara Mohawk Power Stock: Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Niagara Mohawk Power. Also, note that the market value of any company could be tightly coupled with the direction of predictive economic indicators such as signals in housing. You can also try the Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
Complementary Tools for Niagara Pink Sheet analysis
When running Niagara Mohawk's price analysis, check to measure Niagara Mohawk's market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy Niagara Mohawk is operating at the current time. Most of Niagara Mohawk's value examination focuses on studying past and present price action to predict the probability of Niagara Mohawk's future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move Niagara Mohawk's price. Additionally, you may evaluate how the addition of Niagara Mohawk to your portfolios can decrease your overall portfolio volatility.
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