NexGen Energy Correlations

Stocks . USA . 
Stock . NexGen Energy
NXE Stock  USD 8.44  0.13  1.56%   
The current 90-days correlation between NexGen Energy and Uranium Energy Corp is 0.79 (i.e., Poor diversification). The correlation of NexGen 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.

NexGen Energy Correlation With Market

Modest diversification

The correlation between NexGen Energy and DJI is 0.23 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding NexGen Energy and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in NexGen Energy. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in interest.
For information on how to trade NexGen Stock refer to our How to Trade NexGen Stock guide.

Moving together with NexGen Stock

  0.98CCJ Cameco Corp Potential GrowthPairCorr
  0.98DNN Denison Mines CorpPairCorr
  0.83LEU Centrus EnergyPairCorr
  0.97UEC Uranium Energy Corp Earnings Call Next WeekPairCorr
  0.88URG Ur EnergyPairCorr
  0.81UROY Uranium Royalty CorpPairCorr
  0.96UUUU Energy Fuels Buyout TrendPairCorr
  0.75AE Adams Resources EnergyPairCorr
  0.76AM Antero Midstream PartnersPairCorr
  0.69AR Antero Resources Corp Potential GrowthPairCorr
  0.88EE Excelerate EnergyPairCorr
  0.73ET Energy Transfer LP Aggressive PushPairCorr
  0.73HP Helmerich and PaynePairCorr
  0.69NC NACCO IndustriesPairCorr
  0.69PR Permian ResourcesPairCorr
  0.81TS Tenaris SA ADRPairCorr
  0.71DLNG Dynagas LNG PartnersPairCorr
  0.87DMLP Dorchester MineralsPairCorr
  0.87VNOM Viper Energy UtPairCorr
  0.82EFXT EnerflexPairCorr

Moving against NexGen Stock

  0.72EC Ecopetrol SA ADR Sell-off TrendPairCorr
  0.63DINO HF Sinclair CorpPairCorr
  0.63BP BP PLC ADRPairCorr
  0.51E Eni SpA ADRPairCorr
  0.46DK Delek EnergyPairCorr
  0.44SD SandRidge EnergyPairCorr
  0.42NE Noble plcPairCorr
  0.36TK TeekayPairCorr
  0.79BPT BP Prudhoe BayPairCorr
  0.77BRN Barnwell IndustriesPairCorr
  0.7BRY Berry Petroleum CorpPairCorr
  0.58WFRD Weatherford InternationalPairCorr
  0.5BROGW Brooge Energy LimitedPairCorr
  0.5BTE Baytex Energy CorpPairCorr
  0.48ENSV EnservcoPairCorr
  0.48APA APA CorporationPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between NexGen Stock performing well and NexGen 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 NexGen 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.

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