NorAm Drilling Correlations

TM9 Stock

EUR 2.89 0.06 2.03%

The current 90-days correlation between NorAm Drilling AS and PennantPark Investment is 0.1 (i.e., Average diversification). The correlation of NorAm Drilling 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.

NorAm Drilling Correlation With Market

Good diversification

The correlation between NorAm Drilling AS and DJI is -0.09 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding NorAm Drilling AS and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against NorAm Stock

0.5	NC0B	News	Pair Corr
0.48	NC0E	News	Pair Corr
0.47	BN9	The Bank	Pair Corr
0.45	NXZ	Nexstar Media Group	Pair Corr
0.45	SAP	SAP SE	Pair Corr
0.43	GTT	TEGNA Inc	Pair Corr
0.4	8II	PLAYTIKA HOLDING	Pair Corr
0.39	UF2	Sunstone Hotel Investors	Pair Corr
0.32	KBIA	KB Financial Group	Pair Corr
0.32	E6Q	GOLD ROAD RES	Pair Corr

Related Correlations Analysis

	12P	1G3	1WT	9B7	4KH	WCE	A43	QCG
12P		0.73	0.79	0.56	0.0	0.38	-0.69	0.62	12P
1G3	0.73		0.66	0.41	0.0	0.24	-0.52	0.51	1G3
1WT	0.79	0.66		0.85	0.0	0.65	-0.8	0.83	1WT
9B7	0.56	0.41	0.85		0.0	0.9	-0.62	0.74	9B7
4KH	0.0	0.0	0.0	0.0		0.0	0.0	0.0	4KH
WCE	0.38	0.24	0.65	0.9	0.0		-0.32	0.52	WCE
A43	-0.69	-0.52	-0.8	-0.62	0.0	-0.32		-0.81	A43
QCG	0.62	0.51	0.83	0.74	0.0	0.52	-0.81		QCG
	12P	1G3	1WT	9B7	4KH	WCE	A43	QCG

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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

WCE	+ 0.9	9B7
9B7	+ 0.85	1WT
QCG	+ 0.83	1WT
1WT	+ 0.79	12P
QCG	+ 0.74	9B7
1G3	+ 0.73	12P

High negative correlations

QCG	- 0.81	A43
A43	- 0.8	1WT
A43	- 0.69	12P
A43	- 0.62	9B7
A43	- 0.52	1G3
A43	- 0.32	WCE

Risk-Adjusted Indicators

There is a big difference between NorAm Stock performing well and NorAm Drilling 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 NorAm Drilling'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
12P	1.14	0.01	0.00	0.13	1.36	(1.22)	2.80	(2.39)	10.56
1G3	1.50	0.22	0.13	0.31	1.48	(1.66)	3.91	(2.28)	12.34
1WT	1.94	0.35	0.09	5.02	2.30	(2.08)	5.41	(4.15)	14.93
9B7	1.85	0.81	0.50	4.34	0.40	(2.78)	4.96	(2.11)	36.68
4KH	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
WCE	2.42	0.54	0.11	3.81	3.48	(2.86)	5.30	(3.00)	23.69
A43	0.28	(0.14)	0.00	1.05	0.00	0.00	0.00	0.00	9.48
QCG	1.33	0.13	0.02	0.48	2.08	(1.75)	3.20	(2.12)	25.88

Be your own money manager

Our tools can tell you how much better you can do entering a position in NorAm Drilling 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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