Nova Vision Correlations

NOVV Stock

USD 37.00 0.00 0.00%

The current 90-days correlation between Nova Vision Acquisition and Mountain Crest Acquisition is -0.01 (i.e., Good diversification). The correlation of Nova Vision 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.

Nova Vision Correlation With Market

Significant diversification

The correlation between Nova Vision Acquisition and DJI is 0.07 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nova Vision Acquisition 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 Nova Vision Acquisition. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in real.

Moving together with Nova Stock

0.64	MA	Mastercard	Pair Corr
0.62	WINV	WinVest Acquisition Corp	Pair Corr
0.7	EVGR	Evergreen Corp	Pair Corr
0.84	GDSTU	Goldenstone Acquisition	Pair Corr
0.65	WAVSU	Western Acquisition	Pair Corr

Moving against Nova Stock

1.0	BRACU	Broad Capital Acquisition	Pair Corr
0.75	PFTAU	Portage Fintech Acqu	Pair Corr
0.56	RC	Ready Capital Corp	Pair Corr
0.5	EMCGU	Embrace Change Acqui	Pair Corr
0.46	BRKHU	BurTech Acquisition Corp	Pair Corr
0.45	DISTW	Distoken Acquisition	Pair Corr
0.81	ARI	Apollo Commercial Real	Pair Corr
0.56	EFC	Ellington Financial	Pair Corr

Related Correlations Analysis

	MCAF	SHUA	LGVC	PWUP	GAMC	OPA	GENQ	DTOC	ITAQ	CPAA
MCAF		0.85	0.11	0.05	-0.35	0.8	0.22	0.66	0.58	0.86	MCAF
SHUA	0.85		0.06	-0.03	-0.45	0.85	0.25	0.68	0.64	0.92	SHUA
LGVC	0.11	0.06		-0.03	-0.01	0.01	0.0	0.26	0.12	0.07	LGVC
PWUP	0.05	-0.03	-0.03		0.14	-0.02	0.21	-0.03	-0.24	0.06	PWUP
GAMC	-0.35	-0.45	-0.01	0.14		-0.39	0.21	-0.71	-0.77	-0.53	GAMC
OPA	0.8	0.85	0.01	-0.02	-0.39		0.13	0.65	0.55	0.83	OPA
GENQ	0.22	0.25	0.0	0.21	0.21	0.13		0.05	0.02	0.27	GENQ
DTOC	0.66	0.68	0.26	-0.03	-0.71	0.65	0.05		0.68	0.79	DTOC
ITAQ	0.58	0.64	0.12	-0.24	-0.77	0.55	0.02	0.68		0.66	ITAQ
CPAA	0.86	0.92	0.07	0.06	-0.53	0.83	0.27	0.79	0.66		CPAA
	MCAF	SHUA	LGVC	PWUP	GAMC	OPA	GENQ	DTOC	ITAQ	CPAA

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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

CPAA	+ 0.92	SHUA
CPAA	+ 0.86	MCAF
SHUA	+ 0.85	MCAF
OPA	+ 0.85	SHUA
CPAA	+ 0.83	OPA
OPA	+ 0.8	MCAF

High negative correlations

ITAQ	- 0.77	GAMC
DTOC	- 0.71	GAMC
CPAA	- 0.53	GAMC
GAMC	- 0.45	SHUA
OPA	- 0.39	GAMC
GAMC	- 0.35	MCAF

Risk-Adjusted Indicators

There is a big difference between Nova Stock performing well and Nova Vision 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 Nova Vision'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
MCAF	0.16	0.03	(0.17)	(1.36)	0.16	(0.30)	0.48	(0.28)	3.30
SHUA	0.13	0.02	(0.32)	0.33	0.00	(0.27)	0.56	(0.28)	1.40
LGVC	0.37	0.01	(0.09)	(0.21)	0.73	(0.68)	0.67	(0.66)	9.80
PWUP	1.20	0.08	(0.01)	(0.46)	2.43	(2.40)	4.50	(4.59)	20.77
GAMC	1.45	(0.54)	0.00	9.18	0.00	0.00	1.19	(2.40)	31.55
OPA	0.23	0.03	(0.14)	3.04	0.36	(0.40)	0.58	(0.29)	4.86
GENQ	0.23	(0.05)	0.00	1.22	0.00	0.00	0.28	(0.83)	2.46
DTOC	0.14	0.03	(0.20)	(3.47)	0.00	(0.40)	0.58	(0.20)	1.65
ITAQ	0.18	0.02	(0.27)	2.80	0.11	(0.46)	0.67	(0.47)	2.30
CPAA	0.07	0.00	(0.93)	0.17	0.00	(0.12)	0.20	(0.10)	0.30

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