NORTHWELL Correlations

667274AC8

84.05 0.00 0.00%

The current 90-days correlation between NORTHWELL HEALTHCARE INC and 51Talk Online Education is 0.09 (i.e., Significant diversification). The correlation of NORTHWELL 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.

NORTHWELL Correlation With Market

Good diversification

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

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

Moving against NORTHWELL Bond

0.68	AVTE	Aerovate Therapeutics	Pair Corr
0.63	ELFNX	Elfun Trusts Elfun	Pair Corr
0.61	IONQ	IONQ Inc	Pair Corr
0.61	BAC	Bank of America Fiscal Year End 10th of January 2025	Pair Corr
0.58	GOOG	Alphabet Class C Aggressive Push	Pair Corr
0.58	ACP	Aberdeen Income Credit	Pair Corr
0.57	SOUN	SoundHound AI Aggressive Push	Pair Corr
0.56	PYPL	PayPal Holdings	Pair Corr
0.56	BBAI	BigBearai Holdings	Pair Corr
0.51	INMD	InMode	Pair Corr
0.39	APLD	Applied Blockchain	Pair Corr
0.38	LUNR	Intuitive Machines	Pair Corr

Related Correlations Analysis

	COE	ARHS	OGSM	GAP	RIG	TW	CHPT	PDS
COE		0.28	0.0	-0.55	0.27	-0.64	0.18	0.26	COE
ARHS	0.28		0.0	-0.21	0.31	-0.6	0.54	0.48	ARHS
OGSM	0.0	0.0		0.0	0.0	0.0	0.0	0.0	OGSM
GAP	-0.55	-0.21	0.0		-0.21	0.57	-0.32	-0.24	GAP
RIG	0.27	0.31	0.0	-0.21		-0.11	0.15	0.74	RIG
TW	-0.64	-0.6	0.0	0.57	-0.11		-0.44	-0.28	TW
CHPT	0.18	0.54	0.0	-0.32	0.15	-0.44		0.07	CHPT
PDS	0.26	0.48	0.0	-0.24	0.74	-0.28	0.07		PDS
	COE	ARHS	OGSM	GAP	RIG	TW	CHPT	PDS

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

PDS	+ 0.74	RIG
TW	+ 0.57	GAP
CHPT	+ 0.54	ARHS
PDS	+ 0.48	ARHS
RIG	+ 0.31	ARHS
ARHS	+ 0.28	COE

High negative correlations

TW	- 0.64	COE
TW	- 0.6	ARHS
GAP	- 0.55	COE
CHPT	- 0.44	TW
CHPT	- 0.32	GAP
PDS	- 0.28	TW

Risk-Adjusted Indicators

There is a big difference between NORTHWELL Bond performing well and NORTHWELL Corporate Bond 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 NORTHWELL'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
COE	2.42	0.03	0.00	0.08	0.00	0.00	4.67	(4.95)	28.89
ARHS	2.44	(0.06)	(0.01)	0.07	3.10	(2.54)	6.36	(5.79)	19.97
OGSM	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
GAP	1.91	0.29	0.17	0.34	1.59	(2.38)	5.26	(3.22)	15.58
RIG	2.44	0.01	0.00	0.13	2.69	(2.79)	5.19	(5.25)	14.43
TW	0.94	0.18	0.07	0.94	0.99	(0.99)	1.71	(1.81)	8.45
CHPT	3.45	0.13	0.00	(0.44)	4.22	(3.91)	7.26	(7.86)	22.45
PDS	1.72	(0.06)	(0.05)	(0.02)	2.30	(1.62)	3.44	(3.75)	11.68

Be your own money manager

Our tools can tell you how much better you can do entering a position in NORTHWELL 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.

Did you try this?

Run Options Analysis Now

Options Analysis

Analyze and evaluate options and option chains as a potential hedge for your portfolios

All Next

Launch Module

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC