Nova Minerals Correlations
| NVAWW Stock | 4.71 0.58 14.04% |
The current 90-days correlation between Nova Minerals Limited and Fomento Economico Mexicano is 0.04 (i.e., Significant diversification). The correlation of Nova Minerals 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 Minerals Correlation With Market
Significant diversification
The correlation between Nova Minerals Limited and DJI is 0.04 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nova Minerals Limited and DJI in the same portfolio, assuming nothing else is changed.
Nova |
Moving together with Nova Stock
| 0.64 | NMG | Nouveau Monde Graphite Earnings Call Today | PairCorr |
| 0.68 | SLI | Standard Lithium | PairCorr |
| 0.63 | GRFX | Graphex Group Limited | PairCorr |
Moving against Nova Stock
| 0.61 | VALE | Vale SA ADR | PairCorr |
| 0.5 | BHP | BHP Group Limited | PairCorr |
| 0.41 | EMX | EMX Royalty Corp | PairCorr |
| 0.54 | RIO | Rio Tinto ADR | PairCorr |
| 0.35 | TMQ | Trilogy Metals Earnings Call This Week | PairCorr |
| 0.48 | NIOBW | NioCorp Developments | PairCorr |
| 0.38 | USARW | USARW Symbol Change | PairCorr |
Related Correlations Analysis
| -0.55 | 0.1 | -0.88 | -0.87 | 0.95 | FMX | ||
| -0.55 | -0.57 | 0.51 | 0.38 | -0.45 | FIZZ | ||
| 0.1 | -0.57 | 0.01 | 0.05 | -0.04 | BOF | ||
| -0.88 | 0.51 | 0.01 | 0.91 | -0.91 | STKL | ||
| -0.87 | 0.38 | 0.05 | 0.91 | -0.88 | NAII | ||
| 0.95 | -0.45 | -0.04 | -0.91 | -0.88 | BUD | ||
| Click cells to compare fundamentals | Check Volatility | Backtest Portfolio |
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 Nova Stock performing well and Nova Minerals 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 Minerals' 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| FMX | 1.27 | 0.19 | 0.15 | 1.10 | 1.30 | 2.99 | 7.97 | |||
| FIZZ | 1.10 | (0.28) | 0.00 | 1.07 | 0.00 | 2.10 | 7.80 | |||
| BOF | 3.55 | 0.55 | 0.12 | 0.96 | 3.89 | 8.12 | 24.26 | |||
| STKL | 1.89 | (0.56) | 0.00 | (0.64) | 0.00 | 2.64 | 18.20 | |||
| NAII | 1.79 | (0.16) | 0.00 | (0.26) | 0.00 | 4.82 | 20.21 | |||
| BUD | 1.06 | 0.24 | 0.17 | (1.03) | 1.32 | 2.29 | 9.04 |
Nova Minerals Corporate Management
| Olaf Frederickson | Consultant | Profile | |
| Hans Hoffman | Head Exploration | Profile | |
| Michael Melamed | Chief Officer | Profile | |
| Ian Pamensky | Company Secretary | Profile |