Nova Lithium Correlations

NVLIF Stock

0.14 0.01 7.69%

The current 90-days correlation between Nova Lithium Corp and Mesa Air Group is -0.03 (i.e., Good diversification). The correlation of Nova Lithium 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.

Nova Lithium Correlation With Market

Significant diversification

The correlation between Nova Lithium Corp and DJI is 0.01 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nova Lithium Corp and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Nova Lithium could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Nova Lithium when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Nova Lithium - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Nova Lithium Corp to buy it.

Moving together with Nova Pink Sheet

0.81	MSFT	Microsoft	Pair Corr
0.69	NVDA	NVIDIA	Pair Corr
0.74	AMZN	Amazon Inc	Pair Corr
0.82	GOOG	Alphabet Class C	Pair Corr
0.78	KB	KB Financial Group	Pair Corr
0.75	SHG	Shinhan Financial	Pair Corr
0.89	CAT	Caterpillar	Pair Corr

Moving against Nova Pink Sheet

0.78	BRK-A	Berkshire Hathaway	Pair Corr
0.72	BCH	Banco De Chile	Pair Corr
0.67	AVAL	Grupo Aval	Pair Corr
0.5	WF	Woori Financial Group	Pair Corr
0.43	WFC-PL	Wells Fargo	Pair Corr
0.39	BMYMP	Bristol Myers Squibb	Pair Corr
0.36	BAC-PL	Bank of America	Pair Corr
0.82	JNJ	Johnson Johnson	Pair Corr
0.82	T	ATT Inc Earnings Call Tomorrow	Pair Corr
0.81	KO	Coca Cola	Pair Corr
0.64	IBM	International Business	Pair Corr
0.62	PG	Procter Gamble	Pair Corr
0.44	GE	GE Aerospace	Pair Corr
0.4	XOM	Exxon Mobil Corp	Pair Corr
0.4	MMM	3M Company	Pair Corr
0.37	CVX	Chevron Corp	Pair Corr

Related Correlations Analysis

	MESA	VRRM	LQRCF	ALMMF	WRN	VDKB	HAFN	IONR
MESA		0.77	-0.63	-0.31	-0.07	0.17	0.81	0.51	MESA
VRRM	0.77		-0.5	-0.07	-0.01	0.26	0.62	0.48	VRRM
LQRCF	-0.63	-0.5		0.56	0.21	0.35	-0.63	-0.14	LQRCF
ALMMF	-0.31	-0.07	0.56		0.09	0.44	-0.36	0.33	ALMMF
WRN	-0.07	-0.01	0.21	0.09		-0.02	0.18	0.06	WRN
VDKB	0.17	0.26	0.35	0.44	-0.02		-0.03	0.18	VDKB
HAFN	0.81	0.62	-0.63	-0.36	0.18	-0.03		0.38	HAFN
IONR	0.51	0.48	-0.14	0.33	0.06	0.18	0.38		IONR
	MESA	VRRM	LQRCF	ALMMF	WRN	VDKB	HAFN	IONR

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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

HAFN	+ 0.81	MESA
VRRM	+ 0.77	MESA
HAFN	+ 0.62	VRRM
ALMMF	+ 0.56	LQRCF
IONR	+ 0.51	MESA
IONR	+ 0.48	VRRM

High negative correlations

HAFN	- 0.63	LQRCF
LQRCF	- 0.63	MESA
LQRCF	- 0.5	VRRM
HAFN	- 0.36	ALMMF
ALMMF	- 0.31	MESA
IONR	- 0.14	LQRCF

Risk-Adjusted Indicators

There is a big difference between Nova Pink Sheet performing well and Nova Lithium 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 Lithium'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
MESA	3.17	(0.08)	0.00	(0.12)	0.00	0.00	9.48	(7.20)	28.95
VRRM	1.25	(0.15)	0.00	(0.43)	0.00	0.00	2.23	(2.50)	14.15
LQRCF	3.38	1.16	0.26	(3.17)	2.23	(7.38)	11.70	(4.00)	24.23
ALMMF	1.99	0.23	0.05	0.81	2.50	(3.87)	6.67	(6.15)	17.24
WRN	2.31	0.12	0.07	(0.43)	2.64	(2.78)	4.76	(3.77)	12.71
VDKB	0.65	0.12	0.00	3.94	0.00	0.00	0.00	0.00	28.42
HAFN	2.26	(0.26)	0.00	2.56	0.00	0.00	4.47	(5.27)	21.41
IONR	3.45	0.17	0.03	0.02	3.83	(4.12)	6.70	(6.22)	32.97

Be your own money manager

Our tools can tell you how much better you can do entering a position in Nova Lithium without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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