Golden Metal Correlations

GMET Stock

31.00 0.50 1.64%

The correlation of Golden Metal 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Golden Metal Correlation With Market

Significant diversification

The correlation between Golden Metal Resources and DJI is 0.04 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Golden Metal Resources and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Golden Stock

0.63

0QYR

Panasonic Corp

Pair Corr

Moving against Golden Stock

0.69	CEY	Centamin PLC	Pair Corr
0.42	AAZ	Anglo Asian Mining	Pair Corr
0.41	CAML	Central Asia Metals	Pair Corr
0.38	ANTO	Antofagasta PLC	Pair Corr
0.34	ATYM	Atalaya Mining	Pair Corr

Related Correlations Analysis

	0QPS	ANTO	ATYM	FXPO	AMRQ	CAML	AAZ	MTL
0QPS		0.67	0.63	-0.95	-0.71	0.8	-0.39	-0.49	0QPS
ANTO	0.67		0.93	-0.55	-0.09	0.94	0.07	-0.22	ANTO
ATYM	0.63	0.93		-0.53	-0.14	0.91	0.03	-0.2	ATYM
FXPO	-0.95	-0.55	-0.53		0.76	-0.71	0.35	0.43	FXPO
AMRQ	-0.71	-0.09	-0.14	0.76		-0.28	0.7	0.52	AMRQ
CAML	0.8	0.94	0.91	-0.71	-0.28		0.01	-0.24	CAML
AAZ	-0.39	0.07	0.03	0.35	0.7	0.01		0.57	AAZ
MTL	-0.49	-0.22	-0.2	0.43	0.52	-0.24	0.57		MTL
	0QPS	ANTO	ATYM	FXPO	AMRQ	CAML	AAZ	MTL

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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

CAML	+ 0.94	ANTO
ATYM	+ 0.93	ANTO
CAML	+ 0.91	ATYM
CAML	+ 0.8	0QPS
AMRQ	+ 0.76	FXPO
AAZ	+ 0.7	AMRQ

High negative correlations

FXPO	- 0.95	0QPS
CAML	- 0.71	FXPO
AMRQ	- 0.71	0QPS
FXPO	- 0.55	ANTO
FXPO	- 0.53	ATYM
MTL	- 0.49	0QPS

Risk-Adjusted Indicators

There is a big difference between Golden Stock performing well and Golden Metal 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 Golden Metal'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
0QPS	0.86	(0.19)	0.00	7.86	0.00	0.00	1.44	(2.34)	5.27
ANTO	1.63	(0.01)	(0.04)	0.07	2.46	(1.52)	4.53	(3.79)	12.91
ATYM	1.65	(0.06)	0.00	(14.58)	0.00	0.00	3.97	(3.83)	11.16
FXPO	4.46	1.55	0.25	(0.80)	4.41	(5.27)	10.72	(7.25)	41.73
AMRQ	1.87	0.86	0.40	(8.69)	0.93	(2.65)	5.00	(2.56)	10.60
CAML	1.14	(0.01)	0.00	0.12	0.00	0.00	2.42	(2.66)	9.45
AAZ	2.25	0.38	0.08	(1.97)	2.32	(3.23)	5.73	(4.66)	16.37
MTL	2.46	0.06	(0.01)	20.21	2.80	(3.20)	5.61	(5.00)	20.11

Be your own money manager

Our tools can tell you how much better you can do entering a position in Golden Metal 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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