New Era Correlations

NUAI Stock

4.97 0.57 12.95%

The current 90-days correlation between New Era Energy and Dmc Global is 0.22 (i.e., Modest diversification). The correlation of New Era 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.

New Era Correlation With Market

Average diversification

The correlation between New Era Energy and DJI is 0.14 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding New Era Energy and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with New Stock

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

Moving together with New Stock

0.89	PTAIY	Astra International Tbk	Pair Corr
0.77	KEP	Korea Electric Power Earnings Call This Week	Pair Corr
0.81	FTROF	First Resources	Pair Corr
0.82	CODA	Coda Octopus Group	Pair Corr
0.72	RILYK	B Riley Financial	Pair Corr
0.86	ELTK	Eltek Earnings Call This Week	Pair Corr
0.63	NYMT	NYMT Old Symbol Change	Pair Corr
0.86	IZEA	IZEA Inc	Pair Corr
0.88	AIP	Arteris	Pair Corr
0.63	VLO	Valero Energy	Pair Corr

Moving against New Stock

0.88	EOG	EOG Resources	Pair Corr
0.83	OXY	Occidental Petroleum Aggressive Push	Pair Corr
0.81	COP	ConocoPhillips	Pair Corr
0.55	PTAIF	PT Astra International	Pair Corr
0.43	PIFMY	Indofood Sukses Makmur	Pair Corr
0.38	WOPEF	Woodside Petroleum	Pair Corr
0.83	MDBPF	Medibank Private	Pair Corr
0.5	RVBR	Markray Corp	Pair Corr
0.48	JBSAY	JBS SA	Pair Corr

Related Correlations Analysis

	BOOM	HUSA	ANNA	KGEI	INR	TYGO	EPM	AMTX	REI	DLNG
BOOM		-0.49	-0.04	-0.01	-0.32	0.67	-0.11	0.1	0.4	0.0	BOOM
HUSA	-0.49		0.61	0.69	0.75	-0.83	0.6	0.2	-0.18	0.07	HUSA
ANNA	-0.04	0.61		0.89	0.74	-0.38	0.83	0.42	0.24	0.33	ANNA
KGEI	-0.01	0.69	0.89		0.8	-0.4	0.88	0.33	0.33	0.27	KGEI
INR	-0.32	0.75	0.74	0.8		-0.61	0.81	0.18	0.35	0.28	INR
TYGO	0.67	-0.83	-0.38	-0.4	-0.61		-0.5	0.12	0.37	-0.28	TYGO
EPM	-0.11	0.6	0.83	0.88	0.81	-0.5		0.09	0.36	0.56	EPM
AMTX	0.1	0.2	0.42	0.33	0.18	0.12	0.09		0.1	-0.44	AMTX
REI	0.4	-0.18	0.24	0.33	0.35	0.37	0.36	0.1		0.1	REI
DLNG	0.0	0.07	0.33	0.27	0.28	-0.28	0.56	-0.44	0.1		DLNG
	BOOM	HUSA	ANNA	KGEI	INR	TYGO	EPM	AMTX	REI	DLNG

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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

KGEI	+ 0.89	ANNA
EPM	+ 0.88	KGEI
EPM	+ 0.83	ANNA
EPM	+ 0.81	INR
INR	+ 0.8	KGEI
INR	+ 0.75	HUSA

High negative correlations

TYGO	- 0.83	HUSA
TYGO	- 0.61	INR
EPM	- 0.5	TYGO
HUSA	- 0.49	BOOM
DLNG	- 0.44	AMTX
TYGO	- 0.4	KGEI

Risk-Adjusted Indicators

There is a big difference between New Stock performing well and New Era 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 New Era'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
BOOM	2.69	(0.12)	0.00	0.05	4.57	(2.73)	6.18	(4.12)	26.06
HUSA	3.55	(0.94)	0.00	(1.31)	0.00	0.00	6.80	(8.20)	24.99
ANNA	2.24	(0.31)	0.00	(1.67)	0.00	0.00	6.39	(4.88)	17.93
KGEI	1.95	(0.69)	0.00	(0.61)	0.00	0.00	2.95	(4.30)	14.34
INR	2.14	(0.16)	0.00	(0.05)	0.00	0.00	3.53	(4.56)	10.11
TYGO	3.76	0.70	0.15	0.68	4.30	(4.20)	8.29	(8.04)	25.49
EPM	1.45	(0.24)	0.00	(0.27)	0.00	0.00	2.79	(3.85)	10.26
AMTX	4.06	(0.69)	0.00	(0.09)	0.00	0.00	11.01	(8.04)	30.28
REI	3.24	0.22	0.07	0.26	3.55	(4.23)	6.82	(7.55)	23.31
DLNG	1.14	0.02	(0.08)	(0.03)	1.37	(1.23)	2.01	(2.38)	6.16

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