Nufarm Finance Correlations

NFNG Stock

93.50 1.10 1.19%

The current 90-days correlation between Nufarm Finance NZ and Ridley is -0.06 (i.e., Good diversification). The correlation of Nufarm Finance 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.

Nufarm Finance Correlation With Market

Good diversification

The correlation between Nufarm Finance NZ 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 Nufarm Finance NZ and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Nufarm Finance could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Nufarm Finance 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 Nufarm Finance - 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 Nufarm Finance NZ to buy it.

Moving together with Nufarm Stock

0.64	NABPF	National Australia Bank	Pair Corr
0.62	WBCPM	Westpac Banking	Pair Corr
0.82	NABPH	National Australia Bank	Pair Corr
0.65	CBAPM	Commonwealth Bank	Pair Corr
0.78	AN3PK	ANZ Group Holdings	Pair Corr
0.69	ALL	Aristocrat Leisure	Pair Corr
0.75	IMR	Imricor Medical Systems	Pair Corr

Related Correlations Analysis

	EOF	IXJ	RIC	AHF	ADT	AAC	ERA	INA	IMU	ANR
EOF		-0.61	0.7	0.41	0.86	-0.2	-0.58	-0.82	-0.59	0.43	EOF
IXJ	-0.61		-0.81	-0.65	-0.72	0.29	0.31	0.52	0.8	-0.65	IXJ
RIC	0.7	-0.81		0.75	0.87	-0.42	-0.57	-0.54	-0.88	0.49	RIC
AHF	0.41	-0.65	0.75		0.57	-0.66	-0.53	-0.18	-0.74	0.23	AHF
ADT	0.86	-0.72	0.87	0.57		-0.32	-0.66	-0.75	-0.74	0.46	ADT
AAC	-0.2	0.29	-0.42	-0.66	-0.32		0.43	0.15	0.41	0.13	AAC
ERA	-0.58	0.31	-0.57	-0.53	-0.66	0.43		0.44	0.44	-0.04	ERA
INA	-0.82	0.52	-0.54	-0.18	-0.75	0.15	0.44		0.4	-0.37	INA
IMU	-0.59	0.8	-0.88	-0.74	-0.74	0.41	0.44	0.4		-0.42	IMU
ANR	0.43	-0.65	0.49	0.23	0.46	0.13	-0.04	-0.37	-0.42		ANR
	EOF	IXJ	RIC	AHF	ADT	AAC	ERA	INA	IMU	ANR

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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

ADT	+ 0.87	RIC
ADT	+ 0.86	EOF
IMU	+ 0.8	IXJ
AHF	+ 0.75	RIC
RIC	+ 0.7	EOF
ADT	+ 0.57	AHF

High negative correlations

IMU	- 0.88	RIC
INA	- 0.82	EOF
RIC	- 0.81	IXJ
INA	- 0.75	ADT
IMU	- 0.74	ADT
IMU	- 0.74	AHF

Risk-Adjusted Indicators

There is a big difference between Nufarm Stock performing well and Nufarm Finance 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 Nufarm Finance'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
EOF	5.56	1.18	0.10	(0.92)	5.55	(10.69)	20.00	(13.16)	47.93
IXJ	0.55	(0.10)	0.00	(0.32)	0.00	0.00	0.99	(1.27)	3.57
RIC	1.18	0.30	0.18	0.65	0.88	(1.60)	2.45	(1.79)	9.18
AHF	4.28	1.28	0.15	(0.99)	3.57	(7.87)	10.53	(5.56)	22.02
ADT	2.38	0.54	0.17	36.64	2.00	(2.74)	7.48	(3.62)	13.94
AAC	0.92	0.00	0.00	0.12	0.00	0.00	2.14	(2.11)	6.43
ERA	20.03	1.85	0.08	0.39	19.98	(35.80)	50.00	(33.33)	150.72
INA	1.09	(0.08)	0.00	(0.15)	0.00	0.00	2.70	(1.92)	5.23
IMU	2.96	(0.69)	0.00	(6.68)	0.00	0.00	6.25	(7.55)	18.50
ANR	3.22	0.41	0.04	(2.65)	3.93	(6.31)	7.69	(8.93)	36.06

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Our tools can tell you how much better you can do entering a position in Nufarm Finance 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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