New Horizon Correlations

HOVR Stock

0.49 0.03 5.77%

The current 90-days correlation between New Horizon Aircraft and Highway Holdings Limited is 0.03 (i.e., Significant diversification). The correlation of New Horizon 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.

New Horizon Correlation With Market

Good diversification

The correlation between New Horizon Aircraft and DJI is -0.04 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding New Horizon Aircraft and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in New Horizon Aircraft. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in real.

Moving together with New Stock

0.62	BA	Boeing Fiscal Year End 29th of January 2025	Pair Corr
0.74	EVTL	Vertical Aerospace Trending	Pair Corr
0.67	SPR	Spirit Aerosystems	Pair Corr

Moving against New Stock

0.72	EH	Ehang Holdings	Pair Corr
0.69	CW	Curtiss Wright	Pair Corr
0.56	GE	GE Aerospace Fiscal Year End 28th of January 2025	Pair Corr
0.55	CVU	CPI Aerostructures	Pair Corr
0.49	EVEX	Eve Holding Trending	Pair Corr
0.4	DPRO	Draganfly	Pair Corr
0.38	ESLT	Elbit Systems	Pair Corr
0.37	DRS	Leonardo DRS, Common	Pair Corr
0.72	VVX	V2X Inc	Pair Corr
0.7	LHX	L3Harris Technologies Fiscal Year End 23rd of January 2025	Pair Corr
0.63	TDG	Transdigm Group	Pair Corr
0.48	RTX	Raytheon Technologies Sell-off Trend	Pair Corr
0.47	HWM	Howmet Aerospace	Pair Corr
0.35	RDW	Redwire Corp	Pair Corr
0.56	KTOS	Kratos Defense Security	Pair Corr
0.45	LOAR	Loar Holdings	Pair Corr
0.42	LUNR	Intuitive Machines Aggressive Push	Pair Corr
0.39	GPUS-PD	Hyperscale Data,	Pair Corr

Related Correlations Analysis

	FSI	WRN	SAIA	SNCY	CC	PAL	HIHO	NB
FSI		-0.25	0.8	0.83	0.42	-0.86	0.45	-0.46	FSI
WRN	-0.25		-0.12	-0.3	0.14	0.19	0.06	0.22	WRN
SAIA	0.8	-0.12		0.84	0.53	-0.71	0.21	-0.75	SAIA
SNCY	0.83	-0.3	0.84		0.27	-0.75	0.36	-0.66	SNCY
CC	0.42	0.14	0.53	0.27		-0.32	0.09	-0.39	CC
PAL	-0.86	0.19	-0.71	-0.75	-0.32		-0.56	0.35	PAL
HIHO	0.45	0.06	0.21	0.36	0.09	-0.56		-0.07	HIHO
NB	-0.46	0.22	-0.75	-0.66	-0.39	0.35	-0.07		NB
	FSI	WRN	SAIA	SNCY	CC	PAL	HIHO	NB

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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

SNCY	+ 0.84	SAIA
SNCY	+ 0.83	FSI
SAIA	+ 0.8	FSI
CC	+ 0.53	SAIA
HIHO	+ 0.45	FSI
CC	+ 0.42	FSI

High negative correlations

PAL	- 0.86	FSI
PAL	- 0.75	SNCY
NB	- 0.75	SAIA
PAL	- 0.71	SAIA
NB	- 0.66	SNCY
HIHO	- 0.56	PAL

Risk-Adjusted Indicators

There is a big difference between New Stock performing well and New Horizon 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 Horizon'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
FSI	2.33	0.31	0.06	1.30	2.96	(2.67)	6.31	(4.52)	22.22
WRN	1.82	(0.10)	(0.04)	0.00	2.57	(2.08)	3.51	(4.10)	20.61
SAIA	2.20	0.43	0.24	0.33	1.91	(2.66)	5.11	(3.95)	17.45
SNCY	2.63	0.35	0.13	0.39	2.63	(3.11)	7.47	(4.50)	16.71
CC	2.27	0.07	0.05	0.16	2.15	(2.83)	4.67	(3.97)	18.86
PAL	2.74	(1.04)	0.00	(0.54)	0.00	0.00	4.52	(5.04)	33.63
HIHO	1.81	0.09	0.00	0.38	2.96	(2.13)	2.73	(2.70)	41.88
NB	3.33	(0.47)	0.00	(0.71)	0.00	0.00	5.33	(7.96)	28.43

New Horizon Corporate Management

Phil Kelly	Senior Development	Profile
Tom Brassington	Chief Officer	Profile
Brian Merker	Chief Officer	Profile
Stewart Lee	Head Strategy	Profile

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