New Horizon Correlations

HOVR Stock

0.60 0.06 9.09%

The current 90-days correlation between New Horizon Aircraft and Cracker Barrel Old is 0.07 (i.e., Significant diversification). The correlation of New Horizon 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. If the correlation is 0, the equities are not correlated; they are entirely random.

New Horizon Correlation With Market

Significant diversification

The correlation between New Horizon Aircraft and DJI is 0.06 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding New Horizon Aircraft and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in New Horizon Aircraft. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in real.

Moving together with New Stock

0.69	EVTL	Vertical Aerospace	Pair Corr
0.68	AIR	AAR Corp	Pair Corr

Moving against New Stock

0.7	EH	Ehang Holdings	Pair Corr
0.36	GD	General Dynamics Fiscal Year End 22nd of January 2025	Pair Corr
0.32	GE	GE Aerospace Sell-off Trend	Pair Corr
0.62	RTX	Raytheon Technologies Fiscal Year End 28th of January 2025	Pair Corr
0.6	LHX	L3Harris Technologies Fiscal Year End 23rd of January 2025	Pair Corr
0.42	LMT	Lockheed Martin Fiscal Year End 28th of January 2025	Pair Corr
0.4	NOC	Northrop Grumman Fiscal Year End 23rd of January 2025	Pair Corr
0.32	RGR	Sturm Ruger	Pair Corr
0.62	TDG	Transdigm Group	Pair Corr
0.62	VVX	V2X Inc	Pair Corr
0.4	GPUS	Hyperscale Data, Symbol Change	Pair Corr

Related Correlations Analysis

	CBRL	DPZ	SEIC	RAVE	BK	STEP	PFLT
CBRL		0.74	0.78	0.82	0.86	0.73	-0.22	CBRL
DPZ	0.74		0.83	0.64	0.81	0.7	-0.46	DPZ
SEIC	0.78	0.83		0.84	0.94	0.82	-0.57	SEIC
RAVE	0.82	0.64	0.84		0.89	0.78	-0.28	RAVE
BK	0.86	0.81	0.94	0.89		0.85	-0.36	BK
STEP	0.73	0.7	0.82	0.78	0.85		-0.29	STEP
PFLT	-0.22	-0.46	-0.57	-0.28	-0.36	-0.29		PFLT
	CBRL	DPZ	SEIC	RAVE	BK	STEP	PFLT

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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

BK	+ 0.94	SEIC
BK	+ 0.89	RAVE
BK	+ 0.86	CBRL
STEP	+ 0.85	BK
RAVE	+ 0.84	SEIC
SEIC	+ 0.83	DPZ

High negative correlations

PFLT	- 0.57	SEIC
PFLT	- 0.46	DPZ
PFLT	- 0.36	BK
PFLT	- 0.29	STEP
PFLT	- 0.28	RAVE
PFLT	- 0.22	CBRL

Risk-Adjusted Indicators

There is a big difference between New Stock performing well and New Horizon 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 New Horizon'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
CBRL	2.71	0.40	0.17	0.33	2.45	(3.15)	6.19	(4.69)	14.02
DPZ	1.16	0.00	0.01	0.11	1.15	(1.41)	3.26	(2.10)	7.92
SEIC	0.79	0.29	0.28	0.48	0.42	(0.96)	1.57	(1.56)	7.23
RAVE	2.95	0.81	0.26	1.53	2.30	(3.77)	8.33	(4.90)	26.70
BK	0.80	0.19	0.19	0.37	0.42	(0.92)	2.10	(1.20)	4.87
STEP	1.50	0.00	0.05	0.12	1.71	(1.62)	2.81	(3.01)	16.32
PFLT	0.60	(0.04)	0.00	(0.07)	0.00	0.00	0.91	(1.17)	4.97

New Horizon Corporate Management

Phil Kelly	Senior Development	Profile
Tom Brassington	Chief Officer	Profile
Brian Merker	Chief Officer	Profile
Stewart Lee	Head Strategy	Profile

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