Northland Power Correlations
| 1NR Stock | EUR 12.04 0.11 0.92% |
The current 90-days correlation between Northland Power and Tencent Music Entertainment is 0.13 (i.e., Average diversification). The correlation of Northland Power 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.
Northland Power Correlation With Market
Good diversification
The correlation between Northland Power and DJI is -0.06 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Northland Power and DJI in the same portfolio, assuming nothing else is changed.
Northland |
The ability to find closely correlated positions to Northland Power could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Northland Power 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 Northland Power - 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 Northland Power to buy it.
Moving together with Northland Stock
| 0.88 | D2G | Orsted AS | PairCorr |
| 0.88 | EDW | EDP Renovveis SA | PairCorr |
| 0.77 | SSU | Samsung Electronics | PairCorr |
| 0.81 | SSUN | Samsung Electronics | PairCorr |
| 0.78 | SSU | Samsung Electronics | PairCorr |
| 0.8 | SSUN | Samsung Electronics | PairCorr |
| 0.85 | BYRA | BANK RAKYAT IND | PairCorr |
| 0.8 | BYRA | PT Bank Rakyat | PairCorr |
| 0.69 | BYRA | PT Bank Rakyat | PairCorr |
| 0.84 | BYRA | BANK RAKYAT IND | PairCorr |
| 0.75 | PQ9 | PT Bank Mandiri | PairCorr |
| 0.73 | PQ9 | BANK MANDIRI | PairCorr |
Moving against Northland Stock
| 0.71 | HEH | Power Assets Holdings | PairCorr |
| 0.54 | NRA | NRG Energy | PairCorr |
| 0.49 | 94C | CGN Power | PairCorr |
| 0.86 | PTX | Palantir Technologies | PairCorr |
| 0.81 | APC | Apple Inc | PairCorr |
| 0.78 | AZ5 | AutoZone | PairCorr |
| 0.78 | MSF | Microsoft | PairCorr |
| 0.76 | VAI | Vail Resorts | PairCorr |
| 0.73 | VA7A | VERISK ANLYTCS A | PairCorr |
| 0.72 | PPB | Flutter Entertainment PLC | PairCorr |
| 0.7 | PCG6 | PG E P6 | PairCorr |
| 0.7 | LIE | Sun Life Financial | PairCorr |
| 0.69 | HIP | Park Hotels Resorts | PairCorr |
| 0.65 | WX7 | Corporate Office Pro | PairCorr |
| 0.64 | EN3 | Enbridge | PairCorr |
| 0.61 | HXL | Hexcel | PairCorr |
| 0.53 | UIPN | Unipol Gruppo Finanziario | PairCorr |
| 0.48 | RZH | SCOTT TECHNOLOGY | PairCorr |
| 0.82 | RC2 | RCM TECHNOLOGIES | PairCorr |
| 0.81 | C6TB | CHINA BANK ADR20 | PairCorr |
| 0.81 | APC | Apple Inc | PairCorr |
| 0.81 | 2CDA | Controladora Vuela Compaa | PairCorr |
Related Correlations Analysis
| Click cells to compare fundamentals | Check Volatility | Backtest Portfolio |
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
|
Risk-Adjusted Indicators
There is a big difference between Northland Stock performing well and Northland Power 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 Northland Power'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| 0VD | 1.17 | 0.15 | 0.11 | 0.70 | 1.07 | 2.59 | 5.52 | |||
| SC3 | 1.74 | 0.15 | 0.07 | 0.23 | 1.81 | 3.88 | 13.53 | |||
| 2LH | 1.79 | (0.36) | 0.00 | (1.57) | 0.00 | 2.86 | 9.28 | |||
| 4QVA | 1.56 | 0.04 | 0.00 | (0.33) | 2.18 | 5.88 | 11.44 | |||
| AS7 | 2.76 | 0.13 | 0.04 | 0.42 | 2.95 | 4.62 | 30.04 | |||
| 63TA | 2.38 | 0.13 | 0.04 | 0.52 | 2.64 | 5.56 | 15.57 | |||
| G4A | 1.27 | (0.03) | 0.00 | (0.04) | 0.00 | 3.57 | 10.62 |
Be your own money manager
Our tools can tell you how much better you can do entering a position in Northland Power 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?
Run Theme Ratings Now
Theme RatingsDetermine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance |
| All Next | Launch Module |
Northland Power Corporate Management
Elected by the shareholders, the Northland Power's board of directors comprises two types of representatives: Northland Power inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Northland. The board's role is to monitor Northland Power's management team and ensure that shareholders' interests are well served. Northland Power's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Northland Power's outside directors are responsible for providing unbiased perspectives on the board's policies.
| David Povall | Ex Devel | Profile | |
| Adam Beaumont | Sr Fin | Profile | |
| Wassem Khalil | Director Strategy | Profile | |
| Pauline CFA | Chief Officer | Profile | |
| Michael Shadbolt | VP Counsel | Profile | |
| David Timm | Director Affairs | Profile | |
| Susan Sperling | Director Communications | Profile |