Nova Europe Correlations

0P00011MNK

EUR 210.10 0.00 0.00%

The current 90-days correlation between Nova Europe ISR and Esfera Robotics R is 0.2 (i.e., Modest diversification). The correlation of Nova Europe 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.

Nova Europe Correlation With Market

Good diversification

The correlation between Nova Europe ISR and DJI is -0.17 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nova Europe ISR and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Nova Fund

0.76	0P00017QJY	Echiquier Entrepreneurs	Pair Corr
0.89	0P00000PM8	Renaissance Europe	Pair Corr
0.84	0P0000VQ56	Impact ISR Performance	Pair Corr
0.91	0P0000HR6L	BNP Paribas Midcap	Pair Corr

Moving against Nova Fund

0.9	UG72	UBS Money Market	Pair Corr
0.78	0P000011YA	BBVA Telecomunicaciones	Pair Corr
0.76	MI9D	BGF Global Allocation	Pair Corr
0.61	0P00000GIZ	ALM Offensif	Pair Corr
0.4	0P00017SX2	R co Valor	Pair Corr

Related Correlations Analysis

	0P00011MNK	0P00017QSQ	0P00017SX2	0P0001F96C	0P0000MZYR	0P00017QJY	0P0001OSNK	JPJA	XE67
0P00011MNK		-0.83	-0.4	-0.89	0.68	0.76	-0.14	-0.82	0.0	0P00011MNK
0P00017QSQ	-0.83		0.7	0.93	-0.47	-0.4	0.48	0.97	0.0	0P00017QSQ
0P00017SX2	-0.4	0.7		0.67	-0.29	-0.15	0.78	0.7	0.0	0P00017SX2
0P0001F96C	-0.89	0.93	0.67		-0.58	-0.51	0.32	0.93	0.0	0P0001F96C
0P0000MZYR	0.68	-0.47	-0.29	-0.58		0.79	0.07	-0.53	0.0	0P0000MZYR
0P00017QJY	0.76	-0.4	-0.15	-0.51	0.79		0.07	-0.46	0.0	0P00017QJY
0P0001OSNK	-0.14	0.48	0.78	0.32	0.07	0.07		0.47	0.0	0P0001OSNK
JPJA	-0.82	0.97	0.7	0.93	-0.53	-0.46	0.47		0.0	JPJA
XE67	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		XE67
	0P00011MNK	0P00017QSQ	0P00017SX2	0P0001F96C	0P0000MZYR	0P00017QJY	0P0001OSNK	JPJA	XE67

Click cells to compare fundamentals

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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

JPJA	+ 0.97	0P00017QSQ
0P0001F96C	+ 0.93	0P00017QSQ
JPJA	+ 0.93	0P0001F96C
0P00017QJY	+ 0.79	0P0000MZYR
0P0001OSNK	+ 0.78	0P00017SX2
0P00017QJY	+ 0.76	0P00011MNK

High negative correlations

0P0001F96C	- 0.89	0P00011MNK
0P00017QSQ	- 0.83	0P00011MNK
JPJA	- 0.82	0P00011MNK
0P0000MZYR	- 0.58	0P0001F96C
JPJA	- 0.53	0P0000MZYR
0P00017QJY	- 0.51	0P0001F96C

Risk-Adjusted Indicators

There is a big difference between Nova Fund performing well and Nova Europe Fund 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 Nova Europe'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
0P00011MNK	0.42	(0.08)	0.00	0.70	0.00	0.00	1.01	(0.91)	3.18
0P00017QSQ	0.82	0.22	0.18	2.81	0.85	(0.90)	1.64	(1.62)	7.05
0P00017SX2	0.51	0.10	0.10	(0.97)	0.53	(0.54)	1.32	(1.20)	3.62
0P0001F96C	0.01	0.00	0.00	0.00	0.00	0.00	0.03	0.00	0.04
0P0000MZYR	0.15	(0.04)	0.00	3.84	0.00	0.00	0.24	(0.45)	1.08
0P00017QJY	0.47	(0.03)	0.00	0.38	0.00	0.00	1.00	(0.98)	3.37
0P0001OSNK	0.19	0.00	(0.09)	(0.15)	0.20	(0.22)	0.45	(0.35)	1.16
JPJA	0.90	0.17	0.14	0.71	0.89	(0.98)	1.92	(1.65)	5.01
XE67	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Be your own money manager

Our tools can tell you how much better you can do entering a position in Nova Europe 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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