Nordic Aqua Correlations
| NOAP Stock | NOK 78.00 0.40 0.52% |
The current 90-days correlation between Nordic Aqua Partners and Grong Sparebank is -0.06 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Nordic Aqua moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Nordic Aqua Partners moves in either direction, the perfectly negatively correlated security will move in the opposite direction.
Nordic Aqua Correlation With Market
Good diversification
The correlation between Nordic Aqua Partners and DJI is -0.01 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nordic Aqua Partners and DJI in the same portfolio, assuming nothing else is changed.
Nordic |
The ability to find closely correlated positions to Nordic Aqua could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Nordic Aqua 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 Nordic Aqua - 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 Nordic Aqua Partners to buy it.
Moving together with Nordic Stock
Moving against Nordic Stock
| 0.78 | AKRBP | Aker BP ASA | PairCorr |
| 0.73 | EQNR | Equinor ASA Earnings Call Tomorrow | PairCorr |
| 0.73 | YAR | Yara International ASA | PairCorr |
| 0.73 | VAR | Var Energi ASA Earnings Call Today | PairCorr |
| 0.56 | BRG | Borregaard ASA | PairCorr |
| 0.53 | DNB | DnB ASA | PairCorr |
| 0.46 | TEL | Telenor ASA | PairCorr |
| 0.42 | NHY | Norsk Hydro ASA Earnings Call Today | PairCorr |
Related Correlations Analysis
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Risk-Adjusted Indicators
There is a big difference between Nordic Stock performing well and Nordic Aqua 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 Nordic Aqua'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| GRONG | 0.30 | 0.02 | (0.11) | 0.37 | 0.48 | 1.30 | 4.89 | |||
| SPOL | 1.00 | 0.24 | 0.10 | 1.41 | 1.08 | 2.22 | 6.23 | |||
| NOD | 2.01 | 0.53 | 0.12 | (8.23) | 2.85 | 4.47 | 20.00 | |||
| GEOS | 2.15 | 0.12 | 0.01 | 0.42 | 2.56 | 7.03 | 16.51 | |||
| GSF | 1.86 | 0.48 | 0.17 | (5.22) | 1.57 | 5.31 | 14.38 | |||
| NISB | 0.94 | 0.12 | (0.02) | (0.45) | 1.20 | 2.77 | 8.56 | |||
| LSG | 1.19 | 0.14 | 0.03 | 0.62 | 1.43 | 2.49 | 9.89 | |||
| SWON | 2.02 | (0.38) | 0.00 | (3.52) | 0.00 | 8.05 | 12.71 |
Be your own money manager
Our tools can tell you how much better you can do entering a position in Nordic Aqua 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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