Navamedic ASA Correlations

NAVA Stock  NOK 23.50  0.50  2.08%   
The current 90-days correlation between Navamedic ASA and Photocure is -0.13 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Navamedic ASA moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Navamedic ASA moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Navamedic ASA Correlation With Market

Significant diversification

The correlation between Navamedic ASA and DJI is 0.01 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Navamedic ASA and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Navamedic ASA could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Navamedic ASA 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 Navamedic ASA - 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 Navamedic ASA to buy it.

Moving against Navamedic Stock

  0.6DNB DnB ASAPairCorr
  0.6AUTO AutoStore HoldingsPairCorr
  0.47MOWI Mowi ASAPairCorr
  0.4VAR Var Energi ASAPairCorr

Related Correlations Analysis

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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   
PCIBMEDI
GODMEDI
GODPCIB
GODPHO
PCIBPHO
MEDIPHO
  
High negative correlations   
KITPHO
GODKIT
KITPCIB
KITMEDI

Risk-Adjusted Indicators

There is a big difference between Navamedic Stock performing well and Navamedic ASA 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 Navamedic ASA'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.

Be your own money manager

Our tools can tell you how much better you can do entering a position in Navamedic ASA 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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