Nova Leap Correlations

NLH Stock  CAD 0.24  0.01  4.35%   
The current 90-days correlation between Nova Leap Health and Chemtrade Logistics Income is -0.24 (i.e., Very good diversification). The correlation of Nova Leap 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Nova Leap Correlation With Market

Good diversification

The correlation between Nova Leap Health and DJI is -0.15 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nova Leap Health and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Nova Leap could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Nova Leap 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 Nova Leap - 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 Nova Leap Health to buy it.

Moving against Nova Stock

  0.69VGZ Vista GoldPairCorr
  0.61IMP Intermap TechnologiesPairCorr

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 Nova Leap 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.

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Nova Leap Corporate Executives

Elected by the shareholders, the Nova Leap's board of directors comprises two types of representatives: Nova Leap inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Nova. The board's role is to monitor Nova Leap's management team and ensure that shareholders' interests are well served. Nova Leap's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Nova Leap's outside directors are responsible for providing unbiased perspectives on the board's policies.