New Era Correlations

NEHC Stock

3.01 0.14 4.44%

The current 90-days correlation between New Era Helium and Copa Holdings SA is 0.04 (i.e., Significant diversification). The correlation of New Era 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.

New Era Correlation With Market

Significant diversification

The correlation between New Era Helium and DJI is 0.09 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding New Era Helium and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in New Era Helium. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in rate.

Moving together with New Stock

0.63	GE	GE Aerospace Fiscal Year End 28th of January 2025	Pair Corr
0.65	XOM	Exxon Mobil Corp Fiscal Year End 7th of February 2025	Pair Corr

Moving against New Stock

0.77	GOOG	Alphabet Class C Aggressive Push	Pair Corr
0.75	AAPL	Apple Inc Aggressive Push	Pair Corr
0.72	MSFT	Microsoft Aggressive Push	Pair Corr
0.7	AMZN	Amazon Inc Aggressive Push	Pair Corr
0.69	META	Meta Platforms	Pair Corr
0.4	LGCY	Legacy Education	Pair Corr
0.4	FSTF	First State Financial	Pair Corr
0.32	CSCO	Cisco Systems	Pair Corr
0.76	BA	Boeing Sell-off Trend	Pair Corr
0.5	T	ATT Inc Sell-off Trend	Pair Corr
0.46	AXP	American Express Fiscal Year End 24th of January 2025	Pair Corr
0.43	DIS	Walt Disney	Pair Corr
0.38	IBM	International Business Sell-off Trend	Pair Corr

Related Correlations Analysis

	CPA	UAL	DAL	SKYW	ALGT
CPA		0.14	0.23	0.21	0.06	CPA
UAL	0.14		0.98	0.96	0.96	UAL
DAL	0.23	0.98		0.98	0.93	DAL
SKYW	0.21	0.96	0.98		0.93	SKYW
ALGT	0.06	0.96	0.93	0.93		ALGT
	CPA	UAL	DAL	SKYW	ALGT

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Risk-Adjusted Indicators

There is a big difference between New Stock performing well and New Era 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 Era'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
CPA	1.45	0.03	(0.02)	0.01	2.68	(1.42)	3.72	(2.73)	17.31
UAL	1.96	0.84	0.50	0.46	1.06	(2.44)	6.47	(2.69)	16.69
DAL	1.74	0.37	0.24	0.27	1.35	(2.14)	4.11	(2.91)	10.43
SKYW	1.44	0.29	0.23	0.20	1.29	(1.69)	3.80	(2.06)	11.12
ALGT	2.69	1.01	0.39	0.55	2.00	(3.24)	6.22	(3.89)	16.10

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