Northern Technologies Correlations

NTIC Stock

USD 11.22 0.07 0.63%

The current 90-days correlation between Northern Technologies and Innospec is 0.32 (i.e., Weak diversification). The correlation of Northern Technologies 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.

Northern Technologies Correlation With Market

Weak diversification

The correlation between Northern Technologies and DJI is 0.32 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Northern Technologies 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 Northern Technologies. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product.

For information on how to trade Northern Stock refer to our How to Trade Northern Stock guide.

Moving together with Northern Stock

0.66	FF	FutureFuel Corp	Pair Corr
0.77	FEAM	5E Advanced Materials	Pair Corr
0.79	ALB-PA	Albemarle	Pair Corr
0.84	ALB	Albemarle Corp Sell-off Trend	Pair Corr
0.83	ASH	Ashland Global Holdings	Pair Corr
0.85	CBT	Cabot	Pair Corr
0.86	CMT	Core Molding Technologies	Pair Corr
0.88	FUL	H B Fuller Earnings Call Today	Pair Corr
0.66	KOP	Koppers Holdings	Pair Corr
0.65	KRO	Kronos Worldwide	Pair Corr
0.73	MTX	Minerals Technologies	Pair Corr
0.85	OEC	Orion Engineered Carbons	Pair Corr
0.86	OLN	Olin	Pair Corr
0.72	PRM	Perimeter Solutions	Pair Corr
0.79	SCL	Stepan Company	Pair Corr

Moving against Northern Stock

0.9	LIN	Linde plc Ordinary	Pair Corr
0.78	FSI	Flexible Solutions Earnings Call This Week	Pair Corr
0.77	ECL	Ecolab Inc	Pair Corr
0.54	BSLKW	Bolt Projects Holdings, Symbol Change	Pair Corr
0.51	EMN	Eastman Chemical	Pair Corr
0.44	NEU	NewMarket	Pair Corr
0.39	DD	Dupont De Nemours	Pair Corr
0.39	LYB	LyondellBasell Industries	Pair Corr
0.35	APD	Air Products	Pair Corr
0.9	AU	AngloGold Ashanti plc	Pair Corr
0.86	X	United States Steel	Pair Corr
0.56	SQM	Sociedad Quimica y	Pair Corr
0.55	NGVT	Ingevity Corp	Pair Corr
0.44	HDSN	Hudson Technologies	Pair Corr
0.31	AG	First Majestic Silver	Pair Corr

Related Correlations Analysis

	IOSP	FUL	KWR	MTX	ODC	SXT	ECVT	ESI
IOSP		0.77	0.5	0.95	-0.69	0.45	0.66	-0.01	IOSP
FUL	0.77		0.54	0.89	-0.53	0.17	0.44	0.04	FUL
KWR	0.5	0.54		0.5	-0.32	0.26	0.59	0.38	KWR
MTX	0.95	0.89	0.5		-0.64	0.35	0.59	0.01	MTX
ODC	-0.69	-0.53	-0.32	-0.64		0.1	-0.75	0.03	ODC
SXT	0.45	0.17	0.26	0.35	0.1		0.08	0.01	SXT
ECVT	0.66	0.44	0.59	0.59	-0.75	0.08		0.31	ECVT
ESI	-0.01	0.04	0.38	0.01	0.03	0.01	0.31		ESI
	IOSP	FUL	KWR	MTX	ODC	SXT	ECVT	ESI

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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

MTX	+ 0.95	IOSP
MTX	+ 0.89	FUL
FUL	+ 0.77	IOSP
ECVT	+ 0.66	IOSP
ECVT	+ 0.59	KWR
ECVT	+ 0.59	MTX

High negative correlations

ECVT	- 0.75	ODC
ODC	- 0.69	IOSP
ODC	- 0.64	MTX
ODC	- 0.53	FUL
ODC	- 0.32	KWR
ESI	- 0.01	IOSP

Risk-Adjusted Indicators

There is a big difference between Northern Stock performing well and Northern Technologies 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 Northern Technologies' 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
IOSP	1.32	(0.21)	0.00	(0.29)	0.00	0.00	2.36	(3.23)	10.25
FUL	1.29	(0.40)	0.00	(0.55)	0.00	0.00	1.85	(3.00)	8.25
KWR	1.59	(0.16)	0.00	(0.21)	0.00	0.00	2.99	(4.00)	8.76
MTX	1.11	(0.25)	0.00	(0.35)	0.00	0.00	1.80	(2.93)	5.89
ODC	1.59	0.12	0.06	0.13	2.07	(1.64)	2.59	(3.33)	13.42
SXT	1.21	(0.03)	0.00	(0.08)	0.00	0.00	2.33	(2.24)	11.22
ECVT	1.71	(0.22)	0.00	1.76	0.00	0.00	2.88	(4.01)	17.46
ESI	1.19	(0.12)	0.00	0.35	0.00	0.00	2.54	(3.07)	7.56

Northern Technologies Corporate Executives

Elected by the shareholders, the Northern Technologies' board of directors comprises two types of representatives: Northern Technologies inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Northern. The board's role is to monitor Northern Technologies' management team and ensure that shareholders' interests are well served. Northern Technologies' inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Northern Technologies' outside directors are responsible for providing unbiased perspectives on the board's policies.

Matthew CPA

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