NextPlat Corp Correlations

NXPLW Stock

USD 0.19 0.01 5.56%

The current 90-days correlation between NextPlat Corp and Nextplat Corp is -0.07 (i.e., Good diversification). The correlation of NextPlat Corp 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.

NextPlat Corp Correlation With Market

Modest diversification

The correlation between NextPlat Corp 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 NextPlat Corp 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 NextPlat Corp. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in bureau of economic analysis.

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

Moving against NextPlat Stock

0.5	DJCO	Daily Journal Corp	Pair Corr
0.43	VERB	Verb Technology	Pair Corr
0.37	WK	Workiva	Pair Corr
0.55	FRGT	Freight Technologies	Pair Corr
0.42	BMR	Beamr Imaging	Pair Corr
0.4	DMN	Damon Common Stock	Pair Corr
0.38	FTFT	Future Fintech Group	Pair Corr
0.36	FICO	Fair Isaac	Pair Corr
0.36	ANY	Sphere 3D Corp	Pair Corr
0.34	WBTN	WEBTOON Entertainment	Pair Corr
0.33	DAY	Dayforce Sell-off Trend	Pair Corr

Related Correlations Analysis

	NXPL	AUUDW	CUENW	EMBKW	DATSW
NXPL		-0.12	0.0	0.0	0.15	NXPL
AUUDW	-0.12		0.0	0.0	-0.07	AUUDW
CUENW	0.0	0.0		0.0	0.0	CUENW
EMBKW	0.0	0.0	0.0		0.0	EMBKW
DATSW	0.15	-0.07	0.0	0.0		DATSW
	NXPL	AUUDW	CUENW	EMBKW	DATSW

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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

DATSW	+ 0.15	NXPL
CUENW	+ 0.0	NXPL
EMBKW	+ 0.0	NXPL
CUENW	+ 0.0	AUUDW
EMBKW	+ 0.0	AUUDW
EMBKW	+ 0.0	CUENW

High negative correlations

AUUDW	- 0.12	NXPL
DATSW	- 0.07	AUUDW
DATSW	- 0.0	EMBKW
DATSW	- 0.0	CUENW
EMBKW	- 0.0	CUENW
EMBKW	- 0.0	AUUDW

Risk-Adjusted Indicators

There is a big difference between NextPlat Stock performing well and NextPlat Corp 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 NextPlat Corp'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
NXPL	5.23	0.35	0.07	(0.86)	5.60	(7.58)	12.28	(8.25)	84.81
AUUDW	13.69	0.98	0.06	(0.96)	14.85	(19.08)	35.04	(28.10)	89.87
CUENW	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EMBKW	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
DATSW	52.98	23.17	1.16	(1.97)	14.33	(97.70)	59.09	(32.00)	1,606

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