NOVAGOLD RESOURCES Related Correlations

NGR Stock

EUR 2.58 0.27 9.47%

Generate correlation matrix for NOVAGOLD RESOURCES and other related equities to check the degree to which NOVAGOLD RESOURCES 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 NOVAGOLD RESOURCES. 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 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 board of governors.

For information on how to trade NOVAGOLD Stock refer to our How to Trade NOVAGOLD Stock guide.

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Please note, there is a significant difference between NOVAGOLD RESOURCES's 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'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.

Correlations

	AP3	47X	IJY	SEH	31F	SUI	59I
AP3		0.3	-0.08	-0.31	-0.15	0.37	-0.2	AP3
47X	0.3		-0.01	-0.18	0.35	0.64	-0.33	47X
IJY	-0.08	-0.01		0.19	-0.07	-0.12	-0.07	IJY
SEH	-0.31	-0.18	0.19		0.32	0.14	0.75	SEH
31F	-0.15	0.35	-0.07	0.32		0.55	0.41	31F
SUI	0.37	0.64	-0.12	0.14	0.55		0.22	SUI
59I	-0.2	-0.33	-0.07	0.75	0.41	0.22		59I
	AP3	47X	IJY	SEH	31F	SUI	59I

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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

59I	+ 0.75	SEH
SUI	+ 0.64	47X
SUI	+ 0.55	31F
59I	+ 0.41	31F
SUI	+ 0.37	AP3
31F	+ 0.35	47X

High negative correlations

59I	- 0.33	47X
SEH	- 0.31	AP3
59I	- 0.2	AP3
SEH	- 0.18	47X
31F	- 0.15	AP3
SUI	- 0.12	IJY

Risk-Adjusted Indicators

There is a big difference between NOVAGOLD Stock performing well and NOVAGOLD RESOURCES 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 NOVAGOLD RESOURCES'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
AP3	1.11	(0.09)	0.00	0.39	0.00	0.00	2.70	(1.60)	18.77
47X	1.24	(0.06)	0.00	(0.13)	0.00	0.00	2.74	(2.78)	7.20
IJY	0.47	0.00	(0.08)	0.00	0.62	(0.69)	1.22	(0.98)	3.40
SEH	1.76	0.07	(0.02)	(0.11)	2.26	(1.81)	3.39	(3.21)	11.16
31F	2.91	0.46	0.10	(0.33)	2.50	(4.23)	6.42	(4.61)	21.30
SUI	1.03	0.05	(0.01)	0.53	1.29	(1.38)	2.36	(2.26)	8.94
59I	1.52	0.30	0.04	(0.81)	1.57	(7.46)	5.00	(4.76)	25.81

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NOVAGOLD RESOURCES Related Correlations

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