New America Correlations
| HYB Etf | USD 7.04 0.01 0.14% |
The correlation of New America 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 perfect positive correlation (i.e., a correlation coefficient of +1) implies that as New America moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if New America High moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Very weak diversification
The correlation between New America High and NYA is 0.56 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding New America High and NYA in the same portfolio, assuming nothing else is changed.
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The ability to find closely correlated positions to New America could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace New America 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 New America - 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 New America High to buy it.
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New America Competition Risk-Adjusted Indicators
There is a big difference between New Etf performing well and New America 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 New America'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| META | 1.71 | 0.42 | 0.28 | 0.36 | 1.24 | 3.27 | 24.74 | |||
| MSFT | 0.94 | (0.01) | 0.00 | 0.05 | 1.03 | 2.11 | 5.31 | |||
| UBER | 1.60 | 0.07 | 0.08 | 0.10 | 1.53 | 2.83 | 18.39 | |||
| F | 1.59 | 0.00 | 0.03 | 0.06 | 1.86 | 4.07 | 9.61 | |||
| T | 0.92 | (0.01) | (0.04) | 0.03 | 1.15 | 2.18 | 5.92 | |||
| A | 1.20 | (0.06) | (0.02) | 0.02 | 1.44 | 2.26 | 6.31 | |||
| CRM | 1.24 | (0.06) | (0.02) | 0.02 | 1.98 | 2.83 | 10.84 | |||
| JPM | 0.78 | 0.05 | 0.04 | 0.10 | 1.31 | 1.72 | 8.65 | |||
| MRK | 0.64 | 0.04 | 0.04 | 0.10 | 0.66 | 1.18 | 6.92 | |||
| XOM | 0.80 | 0.27 | 0.29 | 0.64 | 0.48 | 1.96 | 4.66 |
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Our tools can tell you how much better you can do entering a position in New America 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?
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Already Invested in New America High?
The danger of trading New America High is mainly related to its market volatility and ETF specific events. As an investor, you must understand the concept of risk-adjusted return before you start trading. The most common way to measure the risk of New America is by using the Sharpe ratio. The ratio expresses how much excess return you acquire for the extra volatility you endure for holding a more risker asset than New America. The Sharpe ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile New America High is, you must compare it to a benchmark. Traditionally, the risk-free rate of return is the rate of return on the shortest-dated U.S. Treasury, such as a 3-year bond.
Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in New America High. Also, note that the market value of any etf could be tightly coupled with the direction of predictive economic indicators such as signals in manufacturing. You can also try the Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
The market value of New America High is measured differently than its book value, which is the value of New that is recorded on the company's balance sheet. Investors also form their own opinion of New America's value that differs from its market value or its book value, called intrinsic value, which is New America's 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 New America's market value can be influenced by many factors that don't directly affect New America's 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 New America's value and its price as these two are different measures arrived at by different means. Investors typically determine if New America is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, New America's 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.