Novagold Resources Correlations

NG
 Stock
  

USD 5.72  0.11  1.89%   

The correlation of Novagold Resources is a statistical measure of how it moves in relation to other equities. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Novagold Resources moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Novagold Resources moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Additionally, see Correlation Analysis.
  
The ability to find closely correlated positions to Novagold Resources could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Novagold Resources 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 Novagold Resources - 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 Novagold Resources to buy it.

Moving together with Novagold Resources

+0.83NEMNewmontPairCorr
+0.91AEMAgnico-Eagle MinesPairCorr
+0.94WPMWheaton Precious MetalsPairCorr
+0.69NCMGYNewcrest MiningPairCorr
+0.83NCMGFNEWCREST MININGPairCorr
+0.93GFIGold FieldsPairCorr
+0.74SUSuncor Energy Earnings Call  This WeekPairCorr
+0.72CASYCaseys General StorPairCorr
+0.74MRKMerck CompanyPairCorr

Moving against Novagold Resources

-0.62POOSFPOSEIDON CONCEPTS CORPPairCorr

Related Correlations

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Be your own money manager

Our tools can tell you how much better you can do entering a position in Novagold Resources 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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Novagold Resources Corporate Directors

Novagold Resources corporate directors refer to members of a Novagold Resources board of directors. The board of directors generally takes responsibility for the Novagold Resources' affairs and long-term direction of the entity. A corporate director does not make decisions for the corporation on his own. As a member of the board of directors, she or he must function as a part of a group that makes decisions on behalf of the business only by the board of directors' meetings. To pass a resolution, a majority of Novagold Resources' board members must vote for the resolution. The Novagold Resources board of directors' duties also include the election, removal, and supervision of officers, including the adoption, amendment, and repeal of bylaws.
Markus Faber - Independent DirectorProfile
Ethan Schutt - Independent DirectorProfile
Kalidas Madhavpeddi - Independent DirectorProfile
Rick Nieuwenhuyse - DirectorProfile

Invested in Novagold Resources?

The danger of trading Novagold Resources is mainly related to its market volatility and company specific events. As an investor, you must understand the concept of risk-adjusted return before you start trading. The most common way to measure the risk of Novagold Resources is by using the Sharpe ratio. The ratio expresses how much excess return you acquire for the extra volatility you endure for holding a more risker asset than Novagold Resources. The Shape ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile Novagold Resources is, you must compare it to a benchmark. Traditionally, the risk-free rate of return is the rate of return on the shortest-dated U.S. Treasury, such as a 3-year bond.
Additionally, see Correlation Analysis. Note that the Novagold Resources information on this page should be used as a complementary analysis to other Novagold Resources' statistical models used to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try Watchlist Optimization module to optimize watchlists to build efficient portfolio or rebalance existing positions based on mean-variance optimization algorithm.

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When running Novagold Resources price analysis, check to measure Novagold Resources' market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy Novagold Resources is operating at the current time. Most of Novagold Resources' value examination focuses on studying past and present price action to predict the probability of Novagold Resources' future price movements. You can analyze the entity against its peers and financial market as a whole to determine factors that move Novagold Resources' price. Additionally, you may evaluate how the addition of Novagold Resources to your portfolios can decrease your overall portfolio volatility.
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Is Novagold Resources' industry expected to grow? Or is there an opportunity to expand the business' product line in the future? Factors like these will boost the valuation of Novagold Resources. If investors know Novagold will grow in the future, the company's valuation will be higher. The financial industry is built on trying to define current growth potential and future valuation accurately. All the valuation information about Novagold Resources listed above have to be considered, but the key to understanding future value is determining which factors weigh more heavily than others.
Market Capitalization
1.9 B
Return On Assets
(0.07) 
Return On Equity
(0.80) 
The market value of Novagold Resources is measured differently than its book value, which is the value of Novagold that is recorded on the company's balance sheet. Investors also form their own opinion of Novagold Resources' value that differs from its market value or its book value, called intrinsic value, which is Novagold Resources' true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because Novagold Resources' market value can be influenced by many factors that don't directly affect Novagold Resources' underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between Novagold Resources' value and its price as these two are different measures arrived at by different means. Investors typically determine Novagold Resources value by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Novagold Resources' price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.