New Momentum Correlations
| NNAX Stock | USD 0.0006 0.0001 20.00% |
The correlation of New Momentum 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 New Momentum moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if New Momentum 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 New Momentum and NYA is 0.11 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding New Momentum and NYA in the same portfolio, assuming nothing else is changed.
New |
The ability to find closely correlated positions to New Momentum 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 Momentum 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 Momentum - 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 Momentum to buy it.
Moving against New Pink Sheet
| 0.49 | ACB | Aurora Cannabis Trending | PairCorr |
| 0.45 | HWGG | HWGG Entertainment | PairCorr |
| 0.43 | RCL | Royal Caribbean Cruises Financial Report 2nd of May 2024 | PairCorr |
Related Correlations Analysis
| -0.15 | -0.31 | -0.33 | -0.34 | 0.27 | BKNG | ||
| -0.15 | 0.75 | 0.39 | 0.49 | -0.74 | TRIP | ||
| -0.31 | 0.75 | 0.7 | 0.8 | -0.55 | ABNB | ||
| -0.33 | 0.39 | 0.7 | 0.78 | -0.25 | RCL | ||
| -0.34 | 0.49 | 0.8 | 0.78 | -0.22 | NCLH | ||
| 0.27 | -0.74 | -0.55 | -0.25 | -0.22 | EXPE | ||
| Click cells to compare fundamentals | Check Volatility | Backtest Portfolio |
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
| High negative correlations
|
Risk-Adjusted Indicators
There is a big difference between New Pink Sheet performing well and New Momentum 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 Momentum'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| BKNG | 1.18 | (0.08) | 0.00 | (0.02) | 0.00 | 2.07 | 14.45 | |||
| TRIP | 1.60 | 0.29 | 0.16 | 0.59 | 1.42 | 4.01 | 18.53 | |||
| ABNB | 1.69 | 0.23 | 0.08 | (0.87) | 1.75 | 4.03 | 10.06 | |||
| RCL | 1.44 | 0.17 | 0.07 | 0.65 | 1.68 | 3.18 | 11.21 | |||
| NCLH | 2.04 | 0.17 | 0.04 | (1.01) | 2.49 | 3.81 | 27.86 | |||
| EXPE | 1.37 | (0.14) | 0.00 | (18.58) | 0.00 | 2.61 | 21.08 |
Be your own money manager
Our tools can tell you how much better you can do entering a position in New Momentum 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?
Run Pattern Recognition Now
Pattern RecognitionUse different Pattern Recognition models to time the market across multiple global exchanges |
| All Next | Launch Module |
Already Invested in New Momentum?
The danger of trading New Momentum 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 New Momentum 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 New Momentum. The Sharpe ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile New Momentum 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.
Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in New Momentum. Also, note that the market value of any company could be tightly coupled with the direction of predictive economic indicators such as signals in nation. Note that the New Momentum information on this page should be used as a complementary analysis to other New Momentum's statistical models used to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Complementary Tools for New Pink Sheet analysis
When running New Momentum's price analysis, check to measure New Momentum'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 New Momentum is operating at the current time. Most of New Momentum's value examination focuses on studying past and present price action to predict the probability of New Momentum's future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move New Momentum's price. Additionally, you may evaluate how the addition of New Momentum to your portfolios can decrease your overall portfolio volatility.
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance |