Nordon Indstrias Correlations

NORD3 Stock

BRL 6.30 0.15 2.33%

The current 90-days correlation between Nordon Indstrias Met and Recrusul SA is -0.18 (i.e., Good diversification). The correlation of Nordon Indstrias 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.

Nordon Indstrias Correlation With Market

Average diversification

The correlation between Nordon Indstrias Metalrgicas and DJI is 0.16 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nordon Indstrias Metalrgicas and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Nordon Stock

0.83	ITUB3	Ita Unibanco Holding	Pair Corr
0.78	ITUB4	Ita Unibanco Holding	Pair Corr

Moving against Nordon Stock

0.92	EXXO34	Exxon Mobil	Pair Corr
0.86	TSMC34	Taiwan Semiconductor	Pair Corr
0.75	AAPL34	Apple Inc	Pair Corr
0.58	SNEC34	Sony Group Split	Pair Corr
0.38	TMCO34	Toyota Motor	Pair Corr
0.32	BABA34	Alibaba Group Holding	Pair Corr

Related Correlations Analysis

	LUPA3	RCSL4	VTLT11	LSAG11	FRAS3	W1DC34	BTLG11	PLPL3	HBTS5	BVAR11
LUPA3		-0.08	0.51	0.39	0.32	-0.44	0.55	0.48	0.42	-0.19	LUPA3
RCSL4	-0.08		-0.36	-0.76	0.52	0.25	-0.51	0.39	-0.66	0.74	RCSL4
VTLT11	0.51	-0.36		0.74	-0.13	-0.78	0.8	0.4	0.53	-0.42	VTLT11
LSAG11	0.39	-0.76	0.74		-0.21	-0.53	0.77	0.1	0.67	-0.67	LSAG11
FRAS3	0.32	0.52	-0.13	-0.21		0.0	-0.25	0.69	-0.5	0.46	FRAS3
W1DC34	-0.44	0.25	-0.78	-0.53	0.0		-0.49	-0.44	-0.29	0.25	W1DC34
BTLG11	0.55	-0.51	0.8	0.77	-0.25	-0.49		0.22	0.69	-0.56	BTLG11
PLPL3	0.48	0.39	0.4	0.1	0.69	-0.44	0.22		-0.3	0.29	PLPL3
HBTS5	0.42	-0.66	0.53	0.67	-0.5	-0.29	0.69	-0.3		-0.81	HBTS5
BVAR11	-0.19	0.74	-0.42	-0.67	0.46	0.25	-0.56	0.29	-0.81		BVAR11
	LUPA3	RCSL4	VTLT11	LSAG11	FRAS3	W1DC34	BTLG11	PLPL3	HBTS5	BVAR11

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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

BTLG11	+ 0.8	VTLT11
BTLG11	+ 0.77	LSAG11
BVAR11	+ 0.74	RCSL4
LSAG11	+ 0.74	VTLT11
PLPL3	+ 0.69	FRAS3
HBTS5	+ 0.69	BTLG11

High negative correlations

BVAR11	- 0.81	HBTS5
W1DC34	- 0.78	VTLT11
LSAG11	- 0.76	RCSL4
BVAR11	- 0.67	LSAG11
HBTS5	- 0.66	RCSL4
BVAR11	- 0.56	BTLG11

Risk-Adjusted Indicators

There is a big difference between Nordon Stock performing well and Nordon Indstrias 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 Nordon Indstrias' 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
LUPA3	1.63	(0.19)	0.00	(1.09)	0.00	0.00	3.52	(4.11)	17.30
RCSL4	4.81	1.05	0.11	(1.24)	6.22	(5.75)	13.33	(8.86)	49.02
VTLT11	0.75	(0.25)	0.00	(1.34)	0.00	0.00	1.41	(1.44)	10.69
LSAG11	1.07	(0.18)	0.00	(0.39)	0.00	0.00	2.21	(2.59)	6.83
FRAS3	1.02	0.06	(0.02)	0.49	1.35	(1.11)	2.37	(2.72)	6.85
W1DC34	0.70	0.31	0.00	(1.41)	0.00	0.00	0.00	0.00	18.40
BTLG11	0.76	(0.20)	0.00	4.81	0.00	0.00	1.20	(2.15)	6.17
PLPL3	1.80	(0.13)	0.00	(0.36)	0.00	0.00	3.33	(3.90)	13.45
HBTS5	1.77	(0.51)	0.00	7.04	0.00	0.00	4.99	(6.25)	20.48
BVAR11	0.39	0.12	0.00	(0.21)	0.00	0.00	0.28	0.00	10.26

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Our tools can tell you how much better you can do entering a position in Nordon Indstrias 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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