Novavax Correlations

NVAX Stock

USD 7.95 0.43 5.13%

The current 90-days correlation between Novavax and Moderna is 0.6 (i.e., Poor diversification). The correlation of Novavax 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.

Novavax Correlation With Market

Weak diversification

The correlation between Novavax and DJI is 0.31 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Novavax 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 Novavax. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in nation.

For more information on how to buy Novavax Stock please use our How to Invest in Novavax guide.

Moving together with Novavax Stock

0.72	ME	23Andme Holding	Pair Corr
0.65	VANI	Vivani Medical Earnings Call This Week	Pair Corr
0.7	VRDN	Viridian Therapeutics Downward Rally	Pair Corr
0.67	VTYX	Ventyx Biosciences	Pair Corr

Moving against Novavax Stock

0.66	VALN	Valneva SE ADR	Pair Corr
0.49	DVAX	Dynavax Technologies	Pair Corr
0.42	VIGL	Vigil Neuroscience	Pair Corr
0.39	EQ	Equillium	Pair Corr
0.36	DMAC	DiaMedica Therapeutics	Pair Corr
0.61	VRNA	Verona Pharma PLC	Pair Corr
0.49	VTVT	vTv Therapeutics Trending	Pair Corr
0.47	VRTX	Vertex Pharmaceuticals	Pair Corr
0.42	EDSA	Edesa Biotech	Pair Corr

Related Correlations Analysis

	MRNA	INO	BNTX	VXRT	AZN
MRNA		0.38	0.46	0.39	-0.66	MRNA
INO	0.38		0.28	0.04	-0.13	INO
BNTX	0.46	0.28		0.64	-0.41	BNTX
VXRT	0.39	0.04	0.64		-0.55	VXRT
AZN	-0.66	-0.13	-0.41	-0.55		AZN
	MRNA	INO	BNTX	VXRT	AZN

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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

VXRT	+ 0.64	BNTX
BNTX	+ 0.46	MRNA
VXRT	+ 0.39	MRNA
INO	+ 0.38	MRNA
BNTX	+ 0.28	INO
VXRT	+ 0.04	INO

High negative correlations

AZN	- 0.66	MRNA
AZN	- 0.55	VXRT
AZN	- 0.41	BNTX
AZN	- 0.13	INO

Risk-Adjusted Indicators

There is a big difference between Novavax Stock performing well and Novavax 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 Novavax'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
MRNA	3.74	(0.17)	0.00	(0.23)	0.00	0.00	8.37	(9.07)	28.46
INO	4.12	(0.61)	0.00	(0.45)	0.00	0.00	7.69	(8.84)	38.30
BNTX	2.50	(0.14)	0.00	(0.24)	0.00	0.00	4.75	(5.12)	16.34
VXRT	4.66	0.12	0.01	0.01	6.31	(6.16)	11.90	(7.95)	49.25
AZN	0.97	0.22	0.23	1.06	1.05	(1.04)	2.00	(1.95)	5.20

Novavax Corporate Management

Mark Casey	Chief VP	Profile
JD Esq	Senior Officer	Profile
Robert MD	Senior Officer	Profile
Ian Watkins	Executive Officer	Profile

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