NexGen Energy Correlations

NXE Stock

USD 5.04 0.09 1.82%

The current 90-days correlation between NexGen Energy and Uranium Energy Corp is 0.84 (i.e., Very poor diversification). The correlation of NexGen Energy 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.

NexGen Energy Correlation With Market

Modest diversification

The correlation between NexGen Energy and DJI is 0.27 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding NexGen Energy 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 NexGen Energy. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in interest.

For information on how to trade NexGen Stock refer to our How to Trade NexGen Stock guide.

Moving together with NexGen Stock

0.94	EU	enCore Energy Corp	Pair Corr
0.97	CCJ	Cameco Corp	Pair Corr
0.99	DNN	Denison Mines Corp Aggressive Push	Pair Corr
0.98	UEC	Uranium Energy Corp	Pair Corr
0.96	URG	Ur Energy	Pair Corr
0.84	UROY	Uranium Royalty Corp	Pair Corr
0.97	UUUU	Energy Fuels	Pair Corr
0.67	DK	Delek Energy	Pair Corr
0.75	EE	Excelerate Energy	Pair Corr
0.83	HP	Helmerich and Payne	Pair Corr
0.88	NE	Noble plc	Pair Corr
0.7	PR	Permian Resources	Pair Corr
0.87	SM	SM Energy	Pair Corr
0.79	DLNG	Dynagas LNG Partners	Pair Corr
0.79	DMLP	Dorchester Minerals	Pair Corr
0.88	VIST	Vista Oil Gas	Pair Corr
0.82	VIVK	Vivakor	Pair Corr
0.82	VNOM	Viper Energy Ut	Pair Corr
0.77	VTLE	Vital Energy	Pair Corr
0.92	EFXT	Enerflex	Pair Corr
0.66	EONR	EON Resources Symbol Change	Pair Corr

Moving against NexGen Stock

0.73	AM	Antero Midstream Partners	Pair Corr
0.69	E	Eni SpA ADR	Pair Corr
0.69	EC	Ecopetrol SA ADR	Pair Corr
0.62	BP	BP PLC ADR	Pair Corr
0.7	NC	NACCO Industries	Pair Corr
0.62	EPSN	Epsilon Energy	Pair Corr

Related Correlations Analysis

	UUUU	UEC	CCJ	URG	DNN
UUUU		0.98	0.96	0.94	0.97	UUUU
UEC	0.98		0.97	0.95	0.98	UEC
CCJ	0.96	0.97		0.94	0.96	CCJ
URG	0.94	0.95	0.94		0.96	URG
DNN	0.97	0.98	0.96	0.96		DNN
	UUUU	UEC	CCJ	URG	DNN

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Risk-Adjusted Indicators

There is a big difference between NexGen Stock performing well and NexGen Energy 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 NexGen Energy'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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
UUUU	2.78	(0.48)	(0.56)	5.50	(6.52)	20.18
UEC	3.03	(0.50)	(0.58)	6.47	(6.26)	26.04
CCJ	2.26	(0.27)	(0.30)	3.74	(5.89)	20.31
URG	2.88	(0.42)	(0.48)	6.10	(6.25)	24.40
DNN	2.93	(0.48)	(0.57)	4.62	(6.47)	30.33

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