Correlation Analysis Between Novagold Resources and Israel Index

This module allows you to analyze existing cross correlation between Novagold Resources and Israel Index. You can compare the effects of market volatilities on Novagold Resources and Israel Index and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Novagold Resources with a short position of Israel Index. See also your portfolio center. Please also check ongoing floating volatility patterns of Novagold Resources and Israel Index.
Horizon     30 Days    Login   to change
Check Efficiency

Comparative Performance

 Predicted Return Density 

Novagold Resources Inc  vs.  Israel Index

 Performance (%) 

Pair Volatility

Allowing for the 30-days total investment horizon, Novagold Resources is expected to generate 2.9 times more return on investment than Israel Index. However, Novagold Resources is 2.9 times more volatile than Israel Index. It trades about 0.04 of its potential returns per unit of risk. Israel Index is currently generating about 0.1 per unit of risk. If you would invest  659.00  in Novagold Resources on November 8, 2019 and sell it today you would earn a total of  31.00  from holding Novagold Resources or generate 4.7% return on investment over 30 days.

Pair Corralation between Novagold Resources and Israel Index

Time Period3 Months [change]
StrengthVery Weak
ValuesDaily Returns

Diversification Opportunities for Novagold Resources and Israel Index

Novagold Resources Inc diversification synergy

Modest diversification

Overlapping area represents the amount of risk that can be diversified away by holding Novagold Resources Inc and Israel Index in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Israel Index and Novagold Resources is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Novagold Resources are associated (or correlated) with Israel Index. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Israel Index has no effect on the direction of Novagold Resources i.e. Novagold Resources and Israel Index go up and down completely randomly.
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