Newmont Goldcorp Correlations

NEM Stock

USD 41.94 0.10 0.24%

The current 90-days correlation between Newmont Goldcorp Corp and Agnico Eagle Mines is 0.58 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Newmont Goldcorp moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Newmont Goldcorp Corp moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Newmont Goldcorp Correlation With Market

Significant diversification

The correlation between Newmont Goldcorp Corp and DJI is 0.09 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Newmont Goldcorp Corp 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 Newmont Goldcorp Corp. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in income.

Moving together with Newmont Stock

0.83	BAK	Braskem SA Class	Pair Corr
0.91	DOW	Dow Inc Fiscal Year End 23rd of January 2025	Pair Corr
0.81	EGO	Eldorado Gold Corp	Pair Corr
0.81	PFH	Prudential Financial 4125	Pair Corr
0.82	PKX	POSCO Holdings	Pair Corr
0.92	GOLD	Barrick Gold Corp	Pair Corr
0.68	GURE	Gulf Resources	Pair Corr
0.73	CSTM	Constellium Nv	Pair Corr
0.71	AU	AngloGold Ashanti plc	Pair Corr
0.88	CE	Celanese	Pair Corr
0.74	CX	Cemex SAB de	Pair Corr
0.73	HL	Hecla Mining	Pair Corr
0.77	NB	NioCorp Developments	Pair Corr

Moving against Newmont Stock

0.82	KALU	Kaiser Aluminum	Pair Corr
0.51	AA	Alcoa Corp Fiscal Year End 15th of January 2025	Pair Corr
0.46	MSB	Mesabi Trust	Pair Corr
0.38	X	United States Steel	Pair Corr
0.37	ZEUS	Olympic Steel	Pair Corr
0.76	CENX	Century Aluminum	Pair Corr
0.52	MP	MP Materials Corp	Pair Corr
0.45	AUST	Austin Gold Corp	Pair Corr
0.39	IE	Ivanhoe Electric	Pair Corr
0.32	MT	ArcelorMittal SA ADR	Pair Corr
0.31	CC	Chemours	Pair Corr
0.84	WS	Worthington Steel	Pair Corr
0.8	ECVT	Ecovyst Potential Growth	Pair Corr

Related Correlations Analysis

	PAAS	AEM	KGC	WPM	FNV	GFI	RGLD	SAND	BTG	IAG
PAAS		0.77	0.93	0.85	0.71	0.86	0.91	0.55	0.65	0.75	PAAS
AEM	0.77		0.81	0.96	0.91	0.77	0.86	0.78	0.71	0.85	AEM
KGC	0.93	0.81		0.85	0.72	0.84	0.92	0.62	0.68	0.75	KGC
WPM	0.85	0.96	0.85		0.91	0.85	0.9	0.74	0.73	0.86	WPM
FNV	0.71	0.91	0.72	0.91		0.83	0.72	0.85	0.85	0.7	FNV
GFI	0.86	0.77	0.84	0.85	0.83		0.79	0.71	0.83	0.66	GFI
RGLD	0.91	0.86	0.92	0.9	0.72	0.79		0.54	0.58	0.84	RGLD
SAND	0.55	0.78	0.62	0.74	0.85	0.71	0.54		0.86	0.61	SAND
BTG	0.65	0.71	0.68	0.73	0.85	0.83	0.58	0.86		0.55	BTG
IAG	0.75	0.85	0.75	0.86	0.7	0.66	0.84	0.61	0.55		IAG
	PAAS	AEM	KGC	WPM	FNV	GFI	RGLD	SAND	BTG	IAG

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Risk-Adjusted Indicators

There is a big difference between Newmont Stock performing well and Newmont Goldcorp 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 Newmont Goldcorp'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
PAAS	2.15	0.11	0.01	0.46	2.16	(2.53)	6.05	(3.94)	14.73
AEM	1.42	0.11	(0.02)	(0.39)	1.83	(1.55)	3.08	(3.02)	11.66
KGC	2.01	0.16	0.02	1.31	2.72	(2.08)	5.41	(4.01)	18.27
WPM	1.44	0.04	(0.04)	(1.07)	2.13	(1.36)	2.78	(3.39)	10.53
FNV	1.22	(0.01)	(0.07)	0.07	1.73	(1.17)	2.46	(2.61)	8.26
GFI	2.02	0.09	(0.01)	(2.68)	2.48	(2.25)	4.52	(3.77)	14.93
RGLD	1.23	0.04	(0.03)	0.35	1.69	(1.18)	2.44	(2.76)	7.40
SAND	1.70	0.04	(0.03)	0.32	2.38	(1.77)	3.33	(2.56)	15.60
BTG	2.08	0.05	(0.01)	0.24	2.24	(2.48)	3.90	(4.09)	17.88
IAG	2.59	0.20	0.03	1.34	3.21	(2.90)	6.95	(4.35)	25.09

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