NewMed Energy Correlations

NWMD Stock   1,129  11.00  0.96%   
The current 90-days correlation between NewMed Energy and Nice is 0.04 (i.e., Significant diversification). The correlation of NewMed Energy 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.

NewMed Energy Correlation With Market

Good diversification

The correlation between NewMed Energy and DJI is -0.1 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding NewMed Energy and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to NewMed Energy could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace NewMed Energy 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 NewMed Energy - 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 NewMed Energy to buy it.

Moving together with NewMed Stock

  0.85GOLD Gold BondPairCorr
  0.93LUMI Bank Leumi LePairCorr
  0.72ICL ICL Israel ChemicalsPairCorr
  0.98MZTF Mizrahi TefahotPairCorr
  0.97AZRG Azrieli GroupPairCorr
  0.96ESLT Elbit SystemsPairCorr
  0.93DSCT Israel Discount BankPairCorr
  0.94RATI Ratio Oil ExplorationsPairCorr
  0.93KDST KadimastemPairCorr
  0.85SCOP Scope Metals GroupPairCorr
  0.9FTAL Fattal 1998 HoldingsPairCorr
  0.82SEFA Nala Digital CommercePairCorr
  0.95AUGN Augwind Energy TechPairCorr
  0.86CDEV Cohen DevPairCorr
  0.62YHNF M YochananofPairCorr
  0.74GLPL Golan PlasticPairCorr
  0.62NZHT Netz HotelsPairCorr
  0.82RLCO Ralco AgenciesPairCorr
  0.82FOX Fox WizelPairCorr
  0.89OVRS Overseas Commerce Earnings Call This WeekPairCorr
  0.62CRMT CarmitPairCorr
  0.85ISCN Israel CanadaPairCorr
  0.91MLSR MelisronPairCorr
  0.88ASHG Ashtrom GroupPairCorr
  0.93ALTF Altshuler Shaham FinPairCorr
  0.93DLEKG Delek GroupPairCorr
  0.62KLIL Klil IndustriesPairCorr
  0.94ALBA Al Bad MassuotPairCorr
  0.84CMDR Computer DirectPairCorr
  0.86PHOE Phoenix HoldingsPairCorr
  0.7AFHL Afcon HoldingsPairCorr

Related Correlations Analysis

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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   
DSCTLUMI
RATILUMI
RATIDSCT
AZRGMZTF
DSCTMZTF
RATIMZTF
  
High negative correlations   
ORAICL
ORAGOLD

Risk-Adjusted Indicators

There is a big difference between NewMed Stock performing well and NewMed Energy 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 NewMed Energy'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
NICE  1.82 (0.05) 0.00  0.09  0.00 
 3.73 
 21.85 
GOLD  1.13  0.49  0.27 (0.97) 0.88 
 4.04 
 8.05 
LUMI  1.18  0.37  0.23  8.21  1.12 
 2.55 
 5.36 
ICL  1.92  0.25  0.11 (0.35) 1.81 
 5.63 
 11.77 
MZTF  1.13  0.27  0.21 (2.21) 0.94 
 2.77 
 5.51 
AZRG  1.47  0.28  0.15 (0.68) 1.39 
 3.76 
 9.70 
ESLT  1.25  0.39  0.28 (3.26) 0.93 
 3.87 
 8.80 
DSCT  1.30  0.38  0.24  6.12  1.17 
 2.59 
 7.16 
ORA  1.05 (0.14) 0.00 (0.55) 0.00 
 2.04 
 9.28 
RATI  1.41  0.34  0.22  1.44  1.17 
 3.55 
 8.86 

NewMed Energy Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with NewMed Energy stock to make a market-neutral strategy. Peer analysis of NewMed Energy could also be used in its relative valuation, which is a method of valuing NewMed Energy by comparing valuation metrics with similar companies.
 Risk & Return  Correlation