Novonix Correlations

NVX Stock

USD 2.05 0.13 6.77%

The current 90-days correlation between Novonix Ltd ADR and Magnis Energy Technologies is -0.07 (i.e., Good diversification). The correlation of Novonix 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.

Novonix Correlation With Market

Very weak diversification

The correlation between Novonix Ltd ADR and DJI is 0.44 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Novonix Ltd ADR and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Novonix Ltd ADR. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in real.

Moving together with Novonix Stock

0.68	ELVA	Electrovaya Common Shares	Pair Corr
0.61	ENVX	Enovix Corp	Pair Corr
0.62	EAF	GrafTech International	Pair Corr
0.69	XNNHQ	Xenonics Holdings	Pair Corr

Moving against Novonix Stock

0.35	EPOW	Sunrise New Energy	Pair Corr
0.46	HOKUQ	Hoku	Pair Corr
0.32	NEOV	NeoVolta Common Stock	Pair Corr

Related Correlations Analysis

	MNSEF	EXROF	ILIKF	NHHHF	NEOV	HAYW	ESP	AEIS	NEOVW	KE
MNSEF		0.03	0.11	0.07	0.02	-0.08	-0.06	0.06	-0.11	0.19	MNSEF
EXROF	0.03		0.45	0.39	-0.81	-0.64	-0.67	0.46	-0.25	0.85	EXROF
ILIKF	0.11	0.45		0.11	-0.19	-0.32	-0.34	0.25	-0.2	0.57	ILIKF
NHHHF	0.07	0.39	0.11		-0.38	-0.66	-0.21	0.3	-0.23	0.43	NHHHF
NEOV	0.02	-0.81	-0.19	-0.38		0.53	0.61	-0.55	0.12	-0.72	NEOV
HAYW	-0.08	-0.64	-0.32	-0.66	0.53		0.49	-0.29	0.38	-0.63	HAYW
ESP	-0.06	-0.67	-0.34	-0.21	0.61	0.49		-0.21	0.28	-0.48	ESP
AEIS	0.06	0.46	0.25	0.3	-0.55	-0.29	-0.21		-0.02	0.66	AEIS
NEOVW	-0.11	-0.25	-0.2	-0.23	0.12	0.38	0.28	-0.02		-0.22	NEOVW
KE	0.19	0.85	0.57	0.43	-0.72	-0.63	-0.48	0.66	-0.22		KE
	MNSEF	EXROF	ILIKF	NHHHF	NEOV	HAYW	ESP	AEIS	NEOVW	KE

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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

KE	+ 0.85	EXROF
KE	+ 0.66	AEIS
ESP	+ 0.61	NEOV
KE	+ 0.57	ILIKF
HAYW	+ 0.53	NEOV
ESP	+ 0.49	HAYW

High negative correlations

NEOV	- 0.81	EXROF
KE	- 0.72	NEOV
ESP	- 0.67	EXROF
HAYW	- 0.66	NHHHF
HAYW	- 0.64	EXROF
KE	- 0.63	HAYW

Risk-Adjusted Indicators

There is a big difference between Novonix Stock performing well and Novonix Company 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 Novonix'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
MNSEF	15.95	3.29	0.09	(0.95)	15.28	(40.56)	50.00	(33.33)	150.00
EXROF	5.68	(1.24)	0.00	(0.56)	0.00	0.00	10.53	(12.50)	50.58
ILIKF	3.46	(0.02)	(0.01)	0.08	4.20	(4.63)	6.67	(6.25)	21.44
NHHHF	5.98	0.77	0.01	(0.19)	8.84	(40.00)	33.33	(25.00)	83.33
NEOV	4.01	0.56	0.13	0.47	4.16	(4.48)	10.53	(7.78)	21.12
HAYW	1.80	0.13	0.09	0.18	2.03	(2.10)	4.16	(3.08)	13.86
ESP	2.13	0.43	0.19	0.42	1.92	(2.53)	4.89	(4.22)	26.01
AEIS	2.07	(0.25)	(0.04)	0.00	2.71	(2.15)	4.07	(4.09)	14.87
NEOVW	7.69	2.24	0.17	(0.63)	6.83	(14.58)	25.00	(15.49)	55.68
KE	1.90	(0.46)	0.00	(0.19)	0.00	0.00	3.85	(3.63)	16.50

Novonix Corporate Management

BBus CA	Financial Sec	Profile
Darcy Macdougald	Pres Solutions	Profile
Nicholas Liveris	Chief Officer	Profile
Rashda Buttar	Chief Officer	Profile
J York	Sr Devel	Profile
Robert Long	Chief Officer	Profile

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