NEW WORLD Correlations

NWDA Stock

EUR 0.64 0.01 1.54%

The current 90-days correlation between NEW WORLD DEVCO and OPEN HOUSE GROUP is -0.05 (i.e., Good diversification). The correlation of NEW WORLD 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.

NEW WORLD Correlation With Market

Modest diversification

The correlation between NEW WORLD DEVCO 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 NEW WORLD DEVCO and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to NEW WORLD could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace NEW WORLD 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 NEW WORLD - 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 NEW WORLD DEVCO to buy it.

Moving together with NEW Stock

0.79	HFVA	Hufvudstaden AB	Pair Corr
0.81	TY2B	Citycon Oyj	Pair Corr
0.71	D1F	Dis Fastigheter AB	Pair Corr
0.61	CKS2	GOME Retail Holdings	Pair Corr
0.75	CHK	China Resources Beer	Pair Corr

Moving against NEW Stock

0.73	1IQ	FRASERS PROPERTY	Pair Corr
0.54	W5E	Peel Mining Limited	Pair Corr
0.51	FS8	GuocoLand Limited	Pair Corr
0.85	ATR0	ATHENE HOLDING PRFSERC	Pair Corr
0.83	BKJ	Brinker International	Pair Corr
0.82	MNL	Gruppo Mutuionline SpA	Pair Corr
0.78	117	Arista Networks Split	Pair Corr
0.75	SOBA	ATT Inc	Pair Corr
0.73	HU3	Huntington Bancshares	Pair Corr
0.72	3P7	Pandora A/S	Pair Corr
0.7	51KB	AVITA Medical	Pair Corr
0.64	74F	LIFE BANC SPLIT	Pair Corr
0.62	DBK	Deutsche Bank Aktien	Pair Corr
0.6	P5Y	BRF SA	Pair Corr
0.55	89W	GRUPO ECOENER EO	Pair Corr
0.54	WW6	WGHT WTCHER INTL	Pair Corr
0.39	5AM	Hastings Technology	Pair Corr
0.87	8CF	CLOUDFLARE INC A	Pair Corr
0.82	BLQA	BlackRock	Pair Corr
0.82	TL0	Tesla Inc	Pair Corr
0.79	UFH	US Foods Holding	Pair Corr

Related Correlations Analysis

	NWDA	O4H	9DH	HFVA	1IQ	IMO1	FS8	TY2B	D1F
NWDA		0.01	0.5	0.79	-0.73	0.42	-0.51	0.81	0.71	NWDA
O4H	0.01		0.33	0.09	0.15	0.03	0.16	0.08	0.09	O4H
9DH	0.5	0.33		0.77	-0.4	0.6	-0.5	0.77	0.8	9DH
HFVA	0.79	0.09	0.77		-0.76	0.71	-0.75	0.93	0.97	HFVA
1IQ	-0.73	0.15	-0.4	-0.76		-0.63	0.72	-0.78	-0.72	1IQ
IMO1	0.42	0.03	0.6	0.71	-0.63		-0.79	0.78	0.71	IMO1
FS8	-0.51	0.16	-0.5	-0.75	0.72	-0.79		-0.75	-0.72	FS8
TY2B	0.81	0.08	0.77	0.93	-0.78	0.78	-0.75		0.91	TY2B
D1F	0.71	0.09	0.8	0.97	-0.72	0.71	-0.72	0.91		D1F
	NWDA	O4H	9DH	HFVA	1IQ	IMO1	FS8	TY2B	D1F

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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

D1F	+ 0.97	HFVA
TY2B	+ 0.93	HFVA
D1F	+ 0.91	TY2B
TY2B	+ 0.81	NWDA
D1F	+ 0.8	9DH
HFVA	+ 0.79	NWDA

High negative correlations

FS8	- 0.79	IMO1
TY2B	- 0.78	1IQ
1IQ	- 0.76	HFVA
TY2B	- 0.75	FS8
FS8	- 0.75	HFVA
1IQ	- 0.73	NWDA

Risk-Adjusted Indicators

There is a big difference between NEW Stock performing well and NEW WORLD 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 NEW WORLD'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
NWDA	2.52	(0.44)	0.00	(0.42)	0.00	0.00	3.37	(5.80)	28.06
O4H	1.34	(0.10)	0.00	(0.25)	0.00	0.00	2.31	(2.82)	8.71
9DH	0.89	(0.06)	0.00	8.33	0.00	0.00	1.67	(2.29)	5.54
HFVA	0.97	(0.22)	0.00	1.73	0.00	0.00	2.24	(2.17)	5.48
1IQ	0.75	0.11	0.04	(0.21)	0.77	(1.87)	1.69	(1.64)	6.56
IMO1	1.82	(0.69)	0.00	(0.82)	0.00	0.00	2.67	(5.36)	21.68
FS8	0.26	0.08	0.00	0.44	0.00	0.00	0.98	0.00	5.80
TY2B	1.23	(0.38)	0.00	(0.84)	0.00	0.00	2.28	(2.87)	10.01
D1F	1.24	(0.21)	0.00	7.54	0.00	0.00	2.77	(2.54)	7.08

Be your own money manager

Our tools can tell you how much better you can do entering a position in NEW WORLD 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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