DRDGOLD Correlations

DRD Stock

1,770 17.00 0.97%

The current 90-days correlation between DRDGOLD Limited and HomeChoice Investments is -0.11 (i.e., Good diversification). The correlation of DRDGOLD 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.

DRDGOLD Correlation With Market

Good diversification

The correlation between DRDGOLD Limited and DJI is -0.03 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding DRDGOLD Limited and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with DRDGOLD Stock

0.91	GFI	Gold Fields	Pair Corr
0.79	SSW	Sibanye Stillwater	Pair Corr
0.79	HAR	Harmony Gold Mining Earnings Call This Week	Pair Corr
0.88	PAN	Pan African Resources	Pair Corr
0.72	HMN	Hammerson PLC Split	Pair Corr
0.69	S32	South32	Pair Corr

Moving against DRDGOLD Stock

0.82	OAO	Oando PLC	Pair Corr
0.37	FSR	Firstrand	Pair Corr

Related Correlations Analysis

	BTI	HIL	WBC	HCI	KIO	EMH	SBPP	ABSP
BTI		-0.74	0.25	0.06	-0.47	0.15	-0.25	-0.13	BTI
HIL	-0.74		-0.27	0.06	0.4	-0.06	0.37	0.05	HIL
WBC	0.25	-0.27		0.53	-0.41	-0.3	0.72	0.85	WBC
HCI	0.06	0.06	0.53		-0.43	-0.12	0.52	0.47	HCI
KIO	-0.47	0.4	-0.41	-0.43		-0.01	-0.04	-0.13	KIO
EMH	0.15	-0.06	-0.3	-0.12	-0.01		-0.19	-0.32	EMH
SBPP	-0.25	0.37	0.72	0.52	-0.04	-0.19		0.86	SBPP
ABSP	-0.13	0.05	0.85	0.47	-0.13	-0.32	0.86		ABSP
	BTI	HIL	WBC	HCI	KIO	EMH	SBPP	ABSP

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

ABSP	+ 0.86	SBPP
ABSP	+ 0.85	WBC
SBPP	+ 0.72	WBC
HCI	+ 0.53	WBC
SBPP	+ 0.52	HCI
ABSP	+ 0.47	HCI

High negative correlations

HIL	- 0.74	BTI
KIO	- 0.47	BTI
KIO	- 0.43	HCI
KIO	- 0.41	WBC
ABSP	- 0.32	EMH
EMH	- 0.3	WBC

Risk-Adjusted Indicators

There is a big difference between DRDGOLD Stock performing well and DRDGOLD 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 DRDGOLD'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
BTI	0.85	0.11	(0.03)	(0.59)	1.19	(0.85)	1.63	(1.88)	5.77
HIL	1.45	(0.07)	0.00	(0.38)	0.00	0.00	5.60	(5.33)	24.87
WBC	1.36	0.58	0.33	(34.37)	0.88	(1.74)	3.69	(2.18)	7.28
HCI	1.13	(0.12)	0.00	2.99	0.00	0.00	2.16	(2.59)	8.46
KIO	1.92	(0.18)	0.00	(0.26)	0.00	0.00	3.42	(4.18)	15.22
EMH	1.44	0.12	0.01	0.33	2.78	(4.96)	4.17	(0.30)	30.76
SBPP	0.78	0.16	0.00	(0.43)	0.98	(0.89)	1.78	(1.33)	8.37
ABSP	0.73	0.10	(0.03)	(1.17)	0.94	(0.81)	1.66	(1.63)	6.71

Be your own money manager

Our tools can tell you how much better you can do entering a position in DRDGOLD 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.

Did you try this?

Run Bonds Directory Now

Bonds Directory

Find actively traded corporate debentures issued by US companies

All Next

Launch Module

DRDGOLD Corporate Management

Elected by the shareholders, the DRDGOLD's board of directors comprises two types of representatives: DRDGOLD inside directors who are chosen from within the company, and outside directors, selected externally and held independent of DRDGOLD. The board's role is to monitor DRDGOLD's management team and ensure that shareholders' interests are well served. DRDGOLD'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, DRDGOLD's outside directors are responsible for providing unbiased perspectives on the board's policies.

Francois Bouwer	Group Accountant	Profile
Henry MDP	Managing Limited	Profile
Kevin Kruger	Managing Limited	Profile
Henriette Hooijer	Financial Limited	Profile
Mark Burrell	Financial Limited	Profile
MBA BTech	Chief Officer	Profile

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC