NextSource Materials Correlations
| NEXT Stock | CAD 0.53 0.01 1.92% |
The current 90-days correlation between NextSource Materials and Solar Alliance Energy is 0.08 (i.e., Significant diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as NextSource Materials moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if NextSource Materials moves in either direction, the perfectly negatively correlated security will move in the opposite direction.
NextSource Materials Correlation With Market
Good diversification
The correlation between NextSource Materials and DJI is -0.09 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding NextSource Materials and DJI in the same portfolio, assuming nothing else is changed.
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The ability to find closely correlated positions to NextSource Materials could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace NextSource Materials 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 NextSource Materials - 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 NextSource Materials to buy it.
Moving together with NextSource Stock
Moving against NextSource Stock
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| 0.9 | WMT | Walmart Inc CDR | PairCorr |
| 0.84 | BOFA | Bank of America | PairCorr |
| 0.82 | AMZN | Amazon CDR | PairCorr |
| 0.75 | FDY | Faraday Copper Corp | PairCorr |
| 0.73 | IE | Ivanhoe Energy | PairCorr |
| 0.73 | JPM | JPMorgan Chase | PairCorr |
| 0.67 | GOOG | Alphabet CDR | PairCorr |
| 0.53 | AG | First Majestic Silver | PairCorr |
| 0.35 | AAPL | Apple Inc CDR | PairCorr |
| 0.31 | BRK | Berkshire Hathaway CDR | PairCorr |
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
| High negative correlations
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Risk-Adjusted Indicators
There is a big difference between NextSource Stock performing well and NextSource Materials 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 NextSource Materials' 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| SOLR | 6.36 | 0.07 | 0.00 | 0.04 | 0.00 | 25.00 | 50.00 | |||
| HFP | 0.31 | 0.01 | (0.16) | 0.50 | 0.37 | 1.09 | 2.38 | |||
| FTN-PA | 0.18 | 0.07 | (0.31) | (1.32) | 0.00 | 0.48 | 1.70 | |||
| ROMJ | 3.12 | (0.52) | 0.00 | (0.63) | 0.00 | 7.50 | 27.78 | |||
| VO | 7.78 | 1.83 | 0.09 | (0.28) | 6.87 | 20.00 | 56.67 | |||
| AMZN | 1.43 | 0.20 | 0.10 | 0.43 | 1.48 | 3.21 | 10.08 | |||
| FHE | 0.13 | 0.05 | 0.00 | (0.54) | 0.00 | 0.35 | 2.77 | |||
| RUM | 1.53 | (0.32) | 0.00 | (0.15) | 0.00 | 7.69 | 16.03 | |||
| SOLI-P | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| AFE | 4.73 | 0.22 | 0.00 | (0.37) | 6.92 | 20.00 | 45.00 |
Be your own money manager
Our tools can tell you how much better you can do entering a position in NextSource Materials 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?
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NextSource Materials Corporate Management
Elected by the shareholders, the NextSource Materials' board of directors comprises two types of representatives: NextSource Materials inside directors who are chosen from within the company, and outside directors, selected externally and held independent of NextSource. The board's role is to monitor NextSource Materials' management team and ensure that shareholders' interests are well served. NextSource Materials' inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, NextSource Materials' outside directors are responsible for providing unbiased perspectives on the board's policies.
| Johann Bruin | Consultant Readiness | Profile | |
| Marthinus Crouse | Chief Officer | Profile | |
| Brent BCom | Executive Development | Profile | |
| PGeo Chantrand | Consultant | Profile | |
| CFA CPA | Chief Officer | Profile |