Novadaq Technologies Related Correlations

NVDQ Etf

5.58 0.37 7.10%

Generate correlation matrix for Novadaq Technologies and other related equities to check the degree to which Novadaq Technologies price movement is correlated to its related entities. Use comma (,) to separate each symbol. If not specified, the peers will be provided automatically based on Macroaxis sector classification standards for Novadaq Technologies. To filter out specific equities, please toggle its corresponding legend item. Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Novadaq Technologies. Also, note that the market value of any etf could be tightly coupled with the direction of predictive economic indicators such as signals in unemployment.

To learn how to invest in Novadaq Etf, please use our How to Invest in Novadaq Technologies guide.

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The market value of Novadaq Technologies is measured differently than its book value, which is the value of Novadaq that is recorded on the company's balance sheet. Investors also form their own opinion of Novadaq Technologies' value that differs from its market value or its book value, called intrinsic value, which is Novadaq Technologies' true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because Novadaq Technologies' market value can be influenced by many factors that don't directly affect Novadaq Technologies' underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.

Please note, there is a significant difference between Novadaq Technologies' value and its price as these two are different measures arrived at by different means. Investors typically determine if Novadaq Technologies is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Novadaq Technologies' price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.

Correlations

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.67	0.79	0.82	-0.16	0.68	0.57	0.79	0.58	0.71	META
MSFT	0.67		0.53	0.72	0.09	0.68	0.64	0.74	0.38	0.62	MSFT
UBER	0.79	0.53		0.63	-0.08	0.65	0.78	0.67	0.44	0.34	UBER
F	0.82	0.72	0.63		0.09	0.64	0.55	0.84	0.7	0.73	F
T	-0.16	0.09	-0.08	0.09		0.21	0.26	0.13	0.08	-0.11	T
A	0.68	0.68	0.65	0.64	0.21		0.74	0.85	0.14	0.6	A
CRM	0.57	0.64	0.78	0.55	0.26	0.74		0.65	0.22	0.2	CRM
JPM	0.79	0.74	0.67	0.84	0.13	0.85	0.65		0.49	0.81	JPM
MRK	0.58	0.38	0.44	0.7	0.08	0.14	0.22	0.49		0.47	MRK
XOM	0.71	0.62	0.34	0.73	-0.11	0.6	0.2	0.81	0.47		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

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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

JPM	+ 0.85	A
JPM	+ 0.84	F
F	+ 0.82	META
XOM	+ 0.81	JPM
UBER	+ 0.79	META
JPM	+ 0.79	META

High negative correlations

T	- 0.16	META
XOM	- 0.11	T
T	- 0.08	UBER

Novadaq Technologies Competition Risk-Adjusted Indicators

There is a big difference between Novadaq Etf performing well and Novadaq Technologies ETF 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 Novadaq Technologies' 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
META	1.76	0.31	0.20	0.32	1.44	(2.16)	3.27	(2.48)	24.74
MSFT	0.95	(0.05)	(0.05)	0.03	1.08	(1.16)	2.11	(2.07)	5.31
UBER	1.63	(0.02)	0.04	0.08	1.59	(2.01)	2.83	(2.76)	18.39
F	1.61	0.08	0.09	0.12	1.67	(1.78)	4.88	(3.30)	9.61
T	0.94	(0.03)	(0.07)	0.02	1.18	(0.96)	2.18	(1.85)	5.92
A	1.22	(0.04)	0.01	0.06	1.36	(1.28)	2.29	(2.44)	6.31
CRM	1.22	(0.14)	0.00	(0.01)	0.00	0.00	2.83	(2.96)	10.84
JPM	0.82	0.08	0.07	0.15	1.26	(0.86)	1.94	(1.14)	8.65
MRK	0.65	0.03	0.02	0.12	0.65	(0.72)	1.18	(0.98)	6.92
XOM	0.79	0.31	0.30	0.75	0.45	(1.00)	1.96	(1.17)	4.66

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Novadaq Technologies Related Correlations

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