NUIX Correlations

Stocks . Australia . 
Stock . NUIX
NXL Stock   1.92  0.11  5.42%   
The current 90-days correlation between NUIX and Aurelia Metals is 0.28 (i.e., Modest diversification). The correlation of NUIX 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.

NUIX Correlation With Market

Very good diversification

The correlation between NUIX and DJI is -0.49 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding NUIX and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to NUIX could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace NUIX 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 NUIX - 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 NUIX to buy it.

Moving against NUIX Stock

  0.75WES WesfarmersPairCorr
  0.7SNV Sinovus MiningPairCorr
  0.66EVZ EVZPairCorr
  0.66REM Remsense TechnologiesPairCorr
  0.6CUF CufePairCorr
  0.59NHC New HopePairCorr
  0.57IME ImexhsPairCorr
  0.56PL3 Patagonia LithiumPairCorr
  0.51S32 SOUTH32PairCorr
  0.51JHX James Hardie IndustriesPairCorr
  0.5FPC Fat Prophets GlobalPairCorr
  0.49CXL CALIXPairCorr
  0.47ORE Orezone GoldPairCorr
  0.37NMG New Murchison GoldPairCorr
  0.33CTM Centaurus MetalsPairCorr
  0.62MQG Macquarie GroupPairCorr
  0.6MFD Mayfield ChildcarePairCorr
  0.57IOV Ion Video SplitPairCorr
  0.57CBA Commonwealth BankPairCorr
  0.5RUL Rpmglobal HoldingsPairCorr
  0.5TRA Turners AutomotivePairCorr
  0.47CCA Change FinancialPairCorr
  0.33WOW Woolworths GroupPairCorr
  0.31DPM Dpm MetalsPairCorr

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

FAL
+ 0.9
AMI
KAM
+ 0.48
CIW
CIP
+ 0.44
SRH
FAL
+ 0.33
CIW
AMI
+ 0.27
CIW
SRH
+ 0.25
CIW
  

High negative correlations

CIP
- 0.72
AMI
CIP
- 0.62
FAL
FAL
- 0.43
SRH
SRH
- 0.35
AMI
CIP
- 0.0
QUE
QUE
- 0.0
FAL

Risk-Adjusted Indicators

There is a big difference between NUIX Stock performing well and NUIX 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 NUIX'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 NUIX 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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NUIX Corporate Management

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