NEXT Plc Correlations

NXGPF Stock

USD 166.80 0.00 0.00%

The correlation of NEXT Plc 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.

NEXT Plc Correlation With Market

Significant diversification

The correlation between NEXT plc and DJI is 0.01 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding NEXT plc and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to NEXT Plc could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace NEXT Plc 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 NEXT Plc - 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 NEXT plc to buy it.

Moving together with NEXT Pink Sheet

0.73	AMZN	Amazon Inc	Pair Corr
0.7	HNHPF	Hon Hai Precision	Pair Corr
0.68	DPSTF	Deutsche Post AG	Pair Corr
0.66	FPAFF	First Pacific	Pair Corr
0.68	PIPR	Piper Sandler Companies Earnings Call This Week	Pair Corr
0.94	PTHL	Pheton Holdings	Pair Corr
0.81	LRMR	Larimar Therapeutics	Pair Corr
0.71	AX	Axos Financial	Pair Corr
0.87	SRM	SRM Entertainment, Common Trending	Pair Corr
0.97	CGXYY	China Galaxy Securities	Pair Corr
0.72	GOOGL	Alphabet Class A Earnings Call This Week	Pair Corr
0.71	UTMD	Utah Medical Products Earnings Call This Week	Pair Corr

Moving against NEXT Pink Sheet

0.81	ROST	Ross Stores	Pair Corr
0.77	LULU	Lululemon Athletica	Pair Corr
0.72	TJX	TJX Companies	Pair Corr
0.61	IDEXY	Industria de Diseno	Pair Corr
0.52	IDEXF	Industria de Diseo	Pair Corr
0.44	FRCOY	Fast Retailing	Pair Corr
0.34	FRCOF	Fast Retailing	Pair Corr
0.64	372546AW1	GEORGE WASH UNIV	Pair Corr
0.34	NIO	Nio Class A Aggressive Push	Pair Corr

Related Correlations Analysis

	NXGPY	AEO	CATO	TCYMF	MNSB	1590	BSSP
NXGPY		-0.4	0.63	0.0	0.33	0.48	0.0	NXGPY
AEO	-0.4		-0.45	0.0	0.14	0.36	0.0	AEO
CATO	0.63	-0.45		0.0	0.44	0.11	0.0	CATO
TCYMF	0.0	0.0	0.0		0.0	0.0	0.0	TCYMF
MNSB	0.33	0.14	0.44	0.0		0.47	0.0	MNSB
1590	0.48	0.36	0.11	0.0	0.47		0.0	1590
BSSP	0.0	0.0	0.0	0.0	0.0	0.0		BSSP
	NXGPY	AEO	CATO	TCYMF	MNSB	1590	BSSP

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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

CATO	+ 0.63	NXGPY
1590	+ 0.48	NXGPY
1590	+ 0.47	MNSB
MNSB	+ 0.44	CATO
1590	+ 0.36	AEO
MNSB	+ 0.33	NXGPY

High negative correlations

CATO	- 0.45	AEO
AEO	- 0.4	NXGPY
BSSP	- 0.0	1590
BSSP	- 0.0	MNSB
BSSP	- 0.0	TCYMF
1590	- 0.0	TCYMF

Risk-Adjusted Indicators

There is a big difference between NEXT Pink Sheet performing well and NEXT Plc 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 NEXT Plc'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
NXGPY	0.87	0.07	(0.02)	0.40	1.24	(1.26)	2.70	(2.24)	8.74
AEO	2.14	(0.25)	0.00	(0.04)	0.00	0.00	4.53	(4.90)	15.90
CATO	3.32	0.25	0.07	0.31	3.78	(3.76)	6.98	(6.85)	27.91
TCYMF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
MNSB	1.32	0.30	0.19	0.59	0.92	(1.60)	3.72	(2.33)	9.87
1590	1.44	(0.02)	(0.02)	0.11	1.92	(1.49)	3.16	(3.58)	9.76
BSSP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Be your own money manager

Our tools can tell you how much better you can do entering a position in NEXT Plc 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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