Nayax Correlations

NYAX Stock

15,190 450.00 3.05%

The current 90-days correlation between Nayax and Nice is 0.16 (i.e., Average diversification). The correlation of Nayax 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.

Nayax Correlation With Market

Significant diversification

The correlation between Nayax and DJI is 0.08 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nayax and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Nayax Stock

0.73	LUMI	Bank Leumi Le	Pair Corr
0.72	ICL	ICL Israel Chemicals	Pair Corr
0.75	MZTF	Mizrahi Tefahot	Pair Corr
0.72	DSCT	Israel Discount Bank	Pair Corr
0.73	RATI	Ratio Oil Explorations	Pair Corr

Related Correlations Analysis

	NICE	GOLD	LUMI	ICL	MZTF	AZRG	ESLT	DSCT	ORA	RATI
NICE		-0.32	-0.1	0.11	-0.11	-0.43	0.07	-0.17	-0.26	-0.15	NICE
GOLD	-0.32		0.7	0.59	0.78	0.88	0.12	0.77	0.58	0.76	GOLD
LUMI	-0.1	0.7		0.52	0.96	0.88	0.42	0.98	0.85	0.94	LUMI
ICL	0.11	0.59	0.52		0.63	0.49	0.17	0.56	0.39	0.59	ICL
MZTF	-0.11	0.78	0.96	0.63		0.88	0.25	0.98	0.76	0.94	MZTF
AZRG	-0.43	0.88	0.88	0.49	0.88		0.31	0.92	0.79	0.86	AZRG
ESLT	0.07	0.12	0.42	0.17	0.25	0.31		0.34	0.52	0.31	ESLT
DSCT	-0.17	0.77	0.98	0.56	0.98	0.92	0.34		0.82	0.95	DSCT
ORA	-0.26	0.58	0.85	0.39	0.76	0.79	0.52	0.82		0.79	ORA
RATI	-0.15	0.76	0.94	0.59	0.94	0.86	0.31	0.95	0.79		RATI
	NICE	GOLD	LUMI	ICL	MZTF	AZRG	ESLT	DSCT	ORA	RATI

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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

DSCT	+ 0.98	LUMI
DSCT	+ 0.98	MZTF
MZTF	+ 0.96	LUMI
RATI	+ 0.95	DSCT
RATI	+ 0.94	LUMI
RATI	+ 0.94	MZTF

High negative correlations

AZRG	- 0.43	NICE
GOLD	- 0.32	NICE
ORA	- 0.26	NICE
DSCT	- 0.17	NICE
RATI	- 0.15	NICE
MZTF	- 0.11	NICE

Risk-Adjusted Indicators

There is a big difference between Nayax Stock performing well and Nayax 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 Nayax'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
NICE	1.62	(0.14)	0.00	(2.40)	0.00	0.00	2.45	(4.57)	12.93
GOLD	1.61	0.16	0.04	0.57	1.83	(2.11)	3.77	(3.06)	10.54
LUMI	1.39	0.31	0.08	69.60	1.75	(1.38)	3.00	(2.98)	8.18
ICL	1.32	0.05	(0.03)	0.31	1.37	(1.55)	2.96	(2.82)	10.08
MZTF	1.45	0.37	0.14	1.42	1.70	(1.67)	2.86	(2.76)	10.28
AZRG	1.29	0.40	0.18	(34.35)	1.02	(1.51)	3.45	(2.36)	9.18
ESLT	2.04	(0.02)	0.00	0.67	0.00	0.00	4.69	(5.53)	16.14
DSCT	1.41	0.31	0.13	1.19	1.36	(1.62)	2.86	(2.43)	10.68
ORA	1.32	0.25	0.04	(0.50)	1.55	(1.45)	3.01	(2.98)	9.79
RATI	1.84	0.54	0.21	(9.97)	1.58	(2.38)	4.78	(2.93)	13.94

Nayax Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with Nayax stock to make a market-neutral strategy. Peer analysis of Nayax could also be used in its relative valuation, which is a method of valuing Nayax by comparing valuation metrics with similar companies.

Nice The Gold Bond Bank Leumi Le Israel ICL Israel Chemicals Mizrahi Tefahot Azrieli Group Elbit Systems Israel Discount Bank Ormat Technologies Ratio Oil Explorations American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup

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