NovaGold Resources Correlations
| NG Stock | USD 2.93 0.12 4.27% |
The correlation of NovaGold Resources 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 NovaGold Resources moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if NovaGold Resources 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.
Significant diversification
The correlation between NovaGold Resources and NYA is 0.02 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding NovaGold Resources and NYA in the same portfolio, assuming nothing else is changed.
NovaGold |
The ability to find closely correlated positions to NovaGold Resources could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace NovaGold Resources 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 NovaGold Resources - 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 NovaGold Resources to buy it.
Moving together with NovaGold Stock
| 0.79 | AA | Alcoa Corp Financial Report 17th of July 2024 | PairCorr |
| 0.74 | AG | First Majestic Silver Earnings Call This Week | PairCorr |
| 0.8 | DC | Dakota Gold Corp | PairCorr |
| 0.64 | FF | FutureFuel Corp | PairCorr |
| 0.79 | HL | Hecla Mining Financial Report 8th of May 2024 | PairCorr |
| 0.8 | IE | Ivanhoe Electric Financial Report 20th of May 2024 | PairCorr |
Moving against NovaGold Stock
| 0.42 | X | United States Steel Earnings Call This Week | PairCorr |
Related Correlations Analysis
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Be your own money manager
Our tools can tell you how much better you can do entering a position in NovaGold Resources 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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NovaGold Resources Corporate Directors
NovaGold Resources corporate directors refer to members of a NovaGold Resources board of directors. The board of directors generally takes responsibility for the NovaGold Resources' affairs and long-term direction of the entity. A corporate director does not make decisions for the corporation on his own. As a member of the board of directors, she or he must function as a part of a group that makes decisions on behalf of the business only by the board of directors' meetings. To pass a resolution, a majority of NovaGold Resources' board members must vote for the resolution. The NovaGold Resources board of directors' duties also include the election, removal, and supervision of officers, including the adoption, amendment, and repeal of bylaws.| Markus Faber | Independent Director | Profile | |
| Ethan Schutt | Independent Director | Profile | |
| Kalidas Madhavpeddi | Independent Director | Profile | |
| Rick Nieuwenhuyse | Director | Profile |
Already Invested in NovaGold Resources?
The danger of trading NovaGold Resources is mainly related to its market volatility and Company 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 NovaGold Resources 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 NovaGold Resources. The Sharpe ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile NovaGold Resources 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.
When determining whether NovaGold Resources is a strong investment it is important to analyze NovaGold Resources' competitive position within its industry, examining market share, product or service uniqueness, and competitive advantages. Beyond financials and market position, potential investors should also consider broader economic conditions, industry trends, and any regulatory or geopolitical factors that may impact NovaGold Resources' future performance. For an informed investment choice regarding NovaGold Stock, refer to the following important reports: Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in NovaGold Resources. Also, note that the market value of any company could be tightly coupled with the direction of predictive economic indicators such as signals in price. For more detail on how to invest in NovaGold Stock please use our How to Invest in NovaGold Resources guide.Note that the NovaGold Resources information on this page should be used as a complementary analysis to other NovaGold Resources' statistical models used to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
Complementary Tools for NovaGold Stock analysis
When running NovaGold Resources' price analysis, check to measure NovaGold Resources' market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy NovaGold Resources is operating at the current time. Most of NovaGold Resources' value examination focuses on studying past and present price action to predict the probability of NovaGold Resources' future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move NovaGold Resources' price. Additionally, you may evaluate how the addition of NovaGold Resources to your portfolios can decrease your overall portfolio volatility.
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Is NovaGold Resources' industry expected to grow? Or is there an opportunity to expand the business' product line in the future? Factors like these will boost the valuation of NovaGold Resources. If investors know NovaGold will grow in the future, the company's valuation will be higher. The financial industry is built on trying to define current growth potential and future valuation accurately. All the valuation information about NovaGold Resources listed above have to be considered, but the key to understanding future value is determining which factors weigh more heavily than others.
Earnings Share (0.14) | Return On Assets (0.10) | Return On Equity (17.91) |
The market value of NovaGold Resources is measured differently than its book value, which is the value of NovaGold that is recorded on the company's balance sheet. Investors also form their own opinion of NovaGold Resources' value that differs from its market value or its book value, called intrinsic value, which is NovaGold Resources' 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 NovaGold Resources' market value can be influenced by many factors that don't directly affect NovaGold Resources' 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 NovaGold Resources' value and its price as these two are different measures arrived at by different means. Investors typically determine if NovaGold Resources is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, NovaGold Resources' 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.