Northern Ocean Correlations
| NOL Stock | NOK 8.51 0.09 1.05% |
The current 90-days correlation between Northern Ocean and Deep Value Driller is 0.18 (i.e., Average diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Northern Ocean moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Northern Ocean moves in either direction, the perfectly negatively correlated security will move in the opposite direction.
Northern Ocean Correlation With Market
Significant diversification
The correlation between Northern Ocean and DJI is 0.02 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Northern Ocean and DJI in the same portfolio, assuming nothing else is changed.
Northern |
The ability to find closely correlated positions to Northern Ocean could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Northern Ocean 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 Northern Ocean - 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 Northern Ocean to buy it.
Moving together with Northern Stock
| 0.92 | ODL | Odfjell Drilling | PairCorr |
| 0.83 | DVD | Deep Value Driller | PairCorr |
| 0.78 | NHY | Norsk Hydro ASA | PairCorr |
| 0.62 | ELK | Elkem ASA | PairCorr |
| 0.8 | ORK | Orkla ASA | PairCorr |
| 0.93 | VEI | Veidekke ASA | PairCorr |
| 0.86 | WAWI | Wallenius Wilhelmsen | PairCorr |
| 0.69 | LYTIX | Lytix Biopharma AS | PairCorr |
| 0.85 | BIEN | Bien Sparebank ASA | PairCorr |
| 0.85 | DELIA | Dellia Grp ASA | PairCorr |
| 0.61 | BONHR | Bonheur | PairCorr |
| 0.76 | NAS | Norwegian Air Shuttle | PairCorr |
| 0.83 | AURG | Aurskog Sparebank | PairCorr |
| 0.93 | NORAM | NorAm Drilling AS | PairCorr |
| 0.68 | GOD | Goodtech | PairCorr |
| 0.71 | OKEA | Okea ASA | PairCorr |
| 0.76 | TRMED | Thor Medical ASA | PairCorr |
Moving against Northern Stock
| 0.76 | TEL | Telenor ASA | PairCorr |
| 0.53 | ENTRA | Entra ASA | PairCorr |
| 0.5 | EQNR | Equinor ASA | PairCorr |
| 0.36 | DDRIL | Dolphin Drilling | PairCorr |
| 0.33 | VAR | Var Energi ASA | PairCorr |
Related Correlations Analysis
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
| High negative correlations
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Risk-Adjusted Indicators
There is a big difference between Northern Stock performing well and Northern Ocean 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 Northern Ocean'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| DVD | 1.30 | 0.11 | 0.02 | 5.51 | 1.65 | 2.48 | 8.55 | |||
| OKEA | 1.83 | 0.20 | 0.06 | 3.93 | 1.92 | 3.14 | 11.82 | |||
| OTL | 1.27 | (0.09) | 0.00 | (0.20) | 0.00 | 2.53 | 6.17 | |||
| PRS | 2.52 | (0.06) | 0.00 | (0.27) | 0.00 | 5.29 | 14.71 | |||
| REACH | 1.65 | (0.25) | 0.00 | 0.92 | 0.00 | 3.33 | 15.02 | |||
| PEN | 1.37 | (0.25) | 0.00 | (3.40) | 0.00 | 2.40 | 9.65 | |||
| NORAM | 1.26 | 0.38 | 0.20 | (0.42) | 0.97 | 2.86 | 9.12 | |||
| DDRIL | 2.42 | 0.00 | 0.00 | 0.09 | 0.00 | 4.26 | 24.61 | |||
| ABL | 1.11 | 0.03 | (0.01) | 0.15 | 1.26 | 2.55 | 6.93 | |||
| QEC | 1.53 | (0.17) | 0.00 | (1.75) | 0.00 | 3.16 | 8.06 |
Northern Ocean 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 Northern Ocean stock to make a market-neutral strategy. Peer analysis of Northern Ocean could also be used in its relative valuation, which is a method of valuing Northern Ocean by comparing valuation metrics with similar companies.
| Risk & Return | Correlation |
Northern Ocean Corporate Management
Elected by the shareholders, the Northern Ocean's board of directors comprises two types of representatives: Northern Ocean inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Northern. The board's role is to monitor Northern Ocean's management team and ensure that shareholders' interests are well served. Northern Ocean's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Northern Ocean's outside directors are responsible for providing unbiased perspectives on the board's policies.
| Scott McReaken | Chief Officer | Profile | |
| Jonas Ytreland | Chief Officer | Profile | |
| Michael Ferguson | Director Operations | Profile | |
| Olav Sirevag | Chief Officer | Profile |