Novonix Correlations

NVX Stock

USD 1.22 0.04 3.39%

The current 90-days correlation between Novonix Ltd ADR and Magnis Energy Technologies is -0.17 (i.e., Good diversification). The correlation of Novonix 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.

Novonix Correlation With Market

Modest diversification

The correlation between Novonix Ltd ADR and DJI is 0.2 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Novonix Ltd ADR 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 Novonix Ltd ADR. 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 Novonix Stock

0.87	TE	T1 Energy Symbol Change	Pair Corr
0.89	ELPW	Elong Power Holding	Pair Corr
0.69	ENVX	Enovix Corp Buyout Trend	Pair Corr
0.88	FCEL	FuelCell Energy	Pair Corr
0.71	FLUX	Flux Power Holdings	Pair Corr
0.73	EAF	GrafTech International	Pair Corr
0.71	ESP	Espey Mfg Electronics	Pair Corr
0.66	GTI	Graphjet Technology	Pair Corr
0.86	GWH	ESS Tech	Pair Corr
0.82	NVT	nVent Electric PLC	Pair Corr
0.62	NXU	Nxu Inc	Pair Corr
0.89	XPON	Expion360	Pair Corr
0.86	STI	Solidion Technology	Pair Corr
0.81	VRT	Vertiv Holdings	Pair Corr
0.61	EOSEW	Eos Energy Enterprises	Pair Corr
0.83	SDSTW	Stardust Power Symbol Change	Pair Corr
0.84	HUBB	Hubbell	Pair Corr
0.91	IPWR	Ideal Power	Pair Corr
0.75	NEOVW	NeoVolta Warrant	Pair Corr
0.85	NEOV	NeoVolta Common Stock	Pair Corr
0.63	MVSTW	Microvast Holdings	Pair Corr
0.77	PITA	Heramba Electric plc	Pair Corr
0.87	PLUG	Plug Power	Pair Corr
0.67	POLA	Polar Power	Pair Corr

Moving against Novonix Stock

0.62	ENS	Enersys	Pair Corr
0.32	EPOW	Sunrise New Energy	Pair Corr
0.57	LTBR	Lightbridge Corp Downward Rally	Pair Corr
0.44	APWC	Asia Pacific Wire	Pair Corr

Related Correlations Analysis

	MNSEF	EXROF	ILIKF	NHHHF	NEOV	HAYW	ESP	AEIS	NEOVW	KE
MNSEF		-0.75	0.8	0.0	-0.69	-0.67	-0.58	-0.28	-0.58	-0.73	MNSEF
EXROF	-0.75		-0.85	0.0	0.8	0.79	0.52	0.13	0.73	0.61	EXROF
ILIKF	0.8	-0.85		0.0	-0.73	-0.6	-0.62	-0.09	-0.61	-0.65	ILIKF
NHHHF	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	NHHHF
NEOV	-0.69	0.8	-0.73	0.0		0.71	0.62	0.4	0.86	0.72	NEOV
HAYW	-0.67	0.79	-0.6	0.0	0.71		0.49	0.22	0.65	0.59	HAYW
ESP	-0.58	0.52	-0.62	0.0	0.62	0.49		0.36	0.42	0.7	ESP
AEIS	-0.28	0.13	-0.09	0.0	0.4	0.22	0.36		0.42	0.66	AEIS
NEOVW	-0.58	0.73	-0.61	0.0	0.86	0.65	0.42	0.42		0.61	NEOVW
KE	-0.73	0.61	-0.65	0.0	0.72	0.59	0.7	0.66	0.61		KE
	MNSEF	EXROF	ILIKF	NHHHF	NEOV	HAYW	ESP	AEIS	NEOVW	KE

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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

NEOVW	+ 0.86	NEOV
ILIKF	+ 0.8	MNSEF
NEOV	+ 0.8	EXROF
HAYW	+ 0.79	EXROF
NEOVW	+ 0.73	EXROF
KE	+ 0.72	NEOV

High negative correlations

ILIKF	- 0.85	EXROF
EXROF	- 0.75	MNSEF
NEOV	- 0.73	ILIKF
KE	- 0.73	MNSEF
NEOV	- 0.69	MNSEF
HAYW	- 0.67	MNSEF

Risk-Adjusted Indicators

There is a big difference between Novonix Stock performing well and Novonix 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 Novonix'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
MNSEF	9.80	1.74	0.10	(0.67)	9.57	(22.01)	33.33	(20.00)	90.00
EXROF	4.82	(0.22)	0.00	9.41	0.00	0.00	12.70	(9.09)	36.01
ILIKF	4.47	1.18	0.19	0.95	3.98	(7.25)	11.11	(7.41)	34.48
NHHHF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NEOV	5.04	(0.47)	0.00	(0.25)	0.00	0.00	10.34	(10.09)	39.40
HAYW	1.39	(0.19)	0.00	1.21	0.00	0.00	3.10	(3.53)	8.16
ESP	1.72	(0.05)	0.00	(0.20)	0.00	0.00	3.01	(3.33)	15.86
AEIS	2.16	(0.02)	0.00	(0.09)	0.00	0.00	4.51	(5.23)	17.80
NEOVW	9.75	(0.41)	0.00	(1.02)	0.00	0.00	16.11	(21.97)	56.57
KE	1.51	(0.10)	0.00	(0.19)	0.00	0.00	2.21	(3.39)	10.46

Novonix Corporate Management

BBus CA	Financial Sec	Profile
Darcy Macdougald	Pres Solutions	Profile
Nicholas Liveris	Chief Officer	Profile
Rashda Buttar	Chief Officer	Profile
J York	Sr Devel	Profile
Robert Long	Chief Officer	Profile

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