Nextnav Acquisition Correlations

NN Stock

USD 16.73 0.67 4.17%

The current 90-days correlation between Nextnav Acquisition Corp and NetScout Systems is 0.15 (i.e., Average diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Nextnav Acquisition moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Nextnav Acquisition Corp moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Nextnav Acquisition Correlation With Market

Average diversification

The correlation between Nextnav Acquisition Corp and DJI is 0.18 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nextnav Acquisition Corp 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 Nextnav Acquisition Corp. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

Moving together with Nextnav Stock

0.82	S	SentinelOne	Pair Corr
0.92	SQ	Block Inc Sell-off Trend	Pair Corr
0.7	ZS	Zscaler	Pair Corr
0.66	DTSS	Datasea	Pair Corr
0.82	EVCM	EverCommerce	Pair Corr
0.66	EVTC	Evertec	Pair Corr
0.81	CETXP	Cemtrex Pref	Pair Corr
0.88	FFIV	F5 Networks	Pair Corr
0.83	FIVN	Five9 Inc	Pair Corr
0.86	FLYW	Flywire Corp	Pair Corr
0.82	FOUR	Shift4 Payments	Pair Corr
0.84	DBX	Dropbox	Pair Corr
0.69	DLO	Dlocal	Pair Corr
0.88	GEN	Gen Digital Sell-off Trend	Pair Corr
0.85	FTNT	Fortinet	Pair Corr
0.67	IOT	Samsara	Pair Corr
0.8	NET	Cloudflare	Pair Corr
0.73	ODD	ODDITY Tech	Pair Corr
0.88	PAY	Paymentus Holdings	Pair Corr

Moving against Nextnav Stock

0.76	FAAS	DigiAsia Corp Symbol Change	Pair Corr
0.65	MQ	Marqeta	Pair Corr
0.62	VRNS	Varonis Systems	Pair Corr
0.61	VRAR	Glimpse Group	Pair Corr
0.4	VRNT	Verint Systems Earnings Call This Week	Pair Corr
0.39	VERI	Veritone	Pair Corr

Related Correlations Analysis

	NTCT	PRTH	OSPN	CCSI	STER	EVTC	MLGO	RPAY	CSGS
NTCT		0.57	0.63	0.56	0.65	0.59	-0.25	0.4	0.73	NTCT
PRTH	0.57		0.77	0.63	0.52	0.83	-0.53	0.23	0.82	PRTH
OSPN	0.63	0.77		0.86	0.45	0.8	-0.5	0.54	0.8	OSPN
CCSI	0.56	0.63	0.86		0.23	0.74	-0.36	0.67	0.71	CCSI
STER	0.65	0.52	0.45	0.23		0.42	-0.59	-0.14	0.68	STER
EVTC	0.59	0.83	0.8	0.74	0.42		-0.39	0.41	0.87	EVTC
MLGO	-0.25	-0.53	-0.5	-0.36	-0.59	-0.39		-0.04	-0.52	MLGO
RPAY	0.4	0.23	0.54	0.67	-0.14	0.41	-0.04		0.33	RPAY
CSGS	0.73	0.82	0.8	0.71	0.68	0.87	-0.52	0.33		CSGS
	NTCT	PRTH	OSPN	CCSI	STER	EVTC	MLGO	RPAY	CSGS

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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

CSGS	+ 0.87	EVTC
CCSI	+ 0.86	OSPN
EVTC	+ 0.83	PRTH
CSGS	+ 0.82	PRTH
EVTC	+ 0.8	OSPN
CSGS	+ 0.8	OSPN

High negative correlations

MLGO	- 0.59	STER
MLGO	- 0.53	PRTH
CSGS	- 0.52	MLGO
MLGO	- 0.5	OSPN
MLGO	- 0.39	EVTC
MLGO	- 0.36	CCSI

Risk-Adjusted Indicators

There is a big difference between Nextnav Stock performing well and Nextnav Acquisition 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 Nextnav Acquisition'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
NTCT	1.45	(0.15)	(0.02)	0.04	1.79	(1.50)	3.23	(2.84)	10.35
PRTH	4.15	0.60	0.24	0.31	3.26	(5.18)	11.79	(5.60)	22.62
OSPN	1.90	0.10	0.06	0.21	2.18	(2.21)	3.99	(3.60)	18.14
CCSI	2.08	(0.09)	0.02	0.08	2.37	(2.39)	4.16	(3.62)	20.68
STER	0.66	0.09	(0.03)	3.48	0.93	(0.71)	1.77	(1.22)	7.04
EVTC	1.22	(0.02)	(0.01)	0.10	1.57	(1.25)	2.43	(2.66)	7.67
MLGO	7.32	(1.06)	0.00	(7.91)	0.00	0.00	22.73	(12.50)	61.79
RPAY	1.65	(0.28)	0.00	(0.05)	0.00	0.00	3.01	(3.56)	15.69
CSGS	1.17	0.12	0.10	0.25	0.88	(1.43)	2.65	(1.69)	10.94

Nextnav Acquisition Corporate Management

Christian Gates	Chief Officer	Profile
David Knutson	Senior Deployment	Profile
Sammaad Shams	Corporate Officer	Profile
Ganesh Pattabiraman	CEO, CoFounder	Profile
Sanyogita Shamsunder	Chief Officer	Profile

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