Electrovaya Correlations

Stocks . Canada . 
Stock . Electrovaya
ELVA Stock   8.58  0.47  5.80%   
The current 90-days correlation between Electrovaya and Avant Brands is 0.06 (i.e., Significant diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Electrovaya moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Electrovaya moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Electrovaya Correlation With Market

Significant diversification

The correlation between Electrovaya and DJI is 0.04 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Electrovaya and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Electrovaya could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Electrovaya 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 Electrovaya - 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 Electrovaya to buy it.

Moving together with Electrovaya Stock

  0.81JPM JPMorgan ChasePairCorr
  0.78BOFA Bank of AmericaPairCorr
  0.9CITI CITIGROUP CDRPairCorr
  0.91RY Royal BankPairCorr
  0.76TD Toronto Dominion BankPairCorr
  0.79RY-PO Royal BankPairCorr
  0.8RY-PM Royal BankPairCorr
  0.83RY-PN Royal BankPairCorr
  0.68TSL Tree Island SteelPairCorr
  0.87PWF-PA Power Financial CorpPairCorr
  0.92BNS Bank of Nova ScotiaPairCorr
  0.9WLF Wolfden ResourcesPairCorr
  0.82BK Canadian Banc Corp SplitPairCorr
  0.84FVI Fortuna Silver MinesPairCorr
  0.85NEXG NeXGold Mining CorpPairCorr
  0.85ALS Altius MineralsPairCorr
  0.92IPO InPlay Oil CorpPairCorr
  0.69PGDC Patagonia Gold CorpPairCorr
  0.75D-UN Dream Office RealPairCorr
  0.77BITF BitfarmsPairCorr
  0.67EGT Eguana TechnologiesPairCorr
  0.9ENS-PA E Split CorpPairCorr
  0.87BPO-PE Brookfield OfficePairCorr
  0.84GRN Greenlane RenewablesPairCorr
  0.86ARIS Aris MiningPairCorr
  0.8TK Tinka Resources SplitPairCorr
  0.62BIP-PB Brookfield InfrastructurePairCorr
  0.84CGI Canadian General InvPairCorr
  0.85MLO Metalero Mining CorpPairCorr
  0.88EQX Equinox Gold CorpPairCorr
  0.72AG First Majestic SilverPairCorr
  0.63RBA Ritchie Bros AuctioneersPairCorr

Related Correlations Analysis


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

MAX
+ 0.65
AVNT
AAB
+ 0.41
TGO
AAB
+ 0.38
VRY
TGO
+ 0.26
VRY
VRY
+ 0.07
AVNT
AAB
+ 0.06
AVNT
  

High negative correlations

TGO
- 0.78
MAX
TGO
- 0.49
AVNT
AAB
- 0.23
MAX
VRY
- 0.1
MAX

Risk-Adjusted Indicators

There is a big difference between Electrovaya Stock performing well and Electrovaya 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 Electrovaya'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.

Be your own money manager

Our tools can tell you how much better you can do entering a position in Electrovaya 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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Electrovaya Corporate Executives

Elected by the shareholders, the Electrovaya's board of directors comprises two types of representatives: Electrovaya inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Electrovaya. The board's role is to monitor Electrovaya's management team and ensure that shareholders' interests are well served. Electrovaya'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, Electrovaya's outside directors are responsible for providing unbiased perspectives on the board's policies.
John GibsonCFO SecretaryProfile
Francis GibsonCFO SecretaryProfile
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