NXG NextGen Correlations
| NXG Stock | USD 41.07 0.11 0.27% |
The correlation of NXG NextGen 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 NXG NextGen moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if NXG NextGen Infrastructure 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.
Weak diversification
The correlation between NXG NextGen Infrastructure and NYA is 0.38 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding NXG NextGen Infrastructure and NYA in the same portfolio, assuming nothing else is changed.
NXG |
The ability to find closely correlated positions to NXG NextGen could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace NXG NextGen 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 NXG NextGen - 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 NXG NextGen Infrastructure to buy it.
Moving together with NXG Stock
| 0.77 | WAVS | Western Acquisition | PairCorr |
| 0.64 | FDUS | Fidus Investment Corp | PairCorr |
| 0.77 | AXP | American Express Financial Report 19th of July 2024 | PairCorr |
| 0.78 | SCM | Stellus Capital Inve | PairCorr |
| 0.77 | GBDC | Golub Capital BDC Fiscal Year End 18th of November 2024 | PairCorr |
| 0.71 | GLAD | Gladstone Capital Fiscal Year End 11th of November 2024 | PairCorr |
| 0.82 | MRCC | Monroe Capital Corp | PairCorr |
| 0.76 | NOAH | Noah Holdings Earnings Call This Week | PairCorr |
Moving against NXG Stock
| 0.46 | BFIIW | BurgerFi International | PairCorr |
| 0.66 | TPVG | Triplepoint Venture | PairCorr |
| 0.48 | BBUC | Brookfield Business Corp | 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
| High negative correlations
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Risk-Adjusted Indicators
There is a big difference between NXG Stock performing well and NXG NextGen 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 NXG NextGen'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 NXG NextGen 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 NXG NextGen Infrastructure?
The danger of trading NXG NextGen Infrastructure 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 NXG NextGen 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 NXG NextGen. The Sharpe ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile NXG NextGen Infrastr 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 NXG NextGen Infrastr is a strong investment it is important to analyze NXG NextGen's competitive position within its industry, examining market share, product or service uniqueness, and competitive advantages. Beyond financials and market position, potential investors should also consider broader economic conditions, industry trends, and any regulatory or geopolitical factors that may impact NXG NextGen's future performance. For an informed investment choice regarding NXG Stock, refer to the following important reports: Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in NXG NextGen Infrastructure. Also, note that the market value of any company could be tightly coupled with the direction of predictive economic indicators such as signals in interest. You can also try the Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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When running NXG NextGen's price analysis, check to measure NXG NextGen'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 NXG NextGen is operating at the current time. Most of NXG NextGen's value examination focuses on studying past and present price action to predict the probability of NXG NextGen's future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move NXG NextGen's price. Additionally, you may evaluate how the addition of NXG NextGen to your portfolios can decrease your overall portfolio volatility.
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Is NXG NextGen's industry expected to grow? Or is there an opportunity to expand the business' product line in the future? Factors like these will boost the valuation of NXG NextGen. If investors know NXG will grow in the future, the company's valuation will be higher. The financial industry is built on trying to define current growth potential and future valuation accurately. All the valuation information about NXG NextGen listed above have to be considered, but the key to understanding future value is determining which factors weigh more heavily than others.
Earnings Share (5.01) |
The market value of NXG NextGen Infrastr is measured differently than its book value, which is the value of NXG that is recorded on the company's balance sheet. Investors also form their own opinion of NXG NextGen's value that differs from its market value or its book value, called intrinsic value, which is NXG NextGen's true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because NXG NextGen's market value can be influenced by many factors that don't directly affect NXG NextGen's underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between NXG NextGen's value and its price as these two are different measures arrived at by different means. Investors typically determine if NXG NextGen is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, NXG NextGen's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.