New Found Correlations

NFG Stock

CAD 2.38 0.12 5.31%

The current 90-days correlation between New Found Gold and Q Gold Resources is -0.21 (i.e., Very good diversification). The correlation of New Found 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.

New Found Correlation With Market

Significant diversification

The correlation between New Found Gold 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 New Found Gold and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with New Stock

0.9	ORE	Orezone Gold Corp	Pair Corr
0.84	INFM	Infinico Metals Corp	Pair Corr
0.62	TKU	Tarku Resources	Pair Corr

Moving against New Stock

0.88	WMT	Walmart Inc CDR	Pair Corr
0.82	AMZN	Amazon CDR	Pair Corr
0.74	ARX	ARC Resources	Pair Corr
0.7	GOOG	Alphabet CDR	Pair Corr
0.58	AAPL	Apple Inc CDR	Pair Corr
0.41	MSFT	Microsoft Corp CDR	Pair Corr
0.4	NVDA	NVIDIA CDR	Pair Corr
0.37	META	Meta Platforms CDR	Pair Corr
0.34	BRK	Berkshire Hathaway CDR	Pair Corr
0.89	ENS-PA	E Split Corp	Pair Corr
0.89	TCS	TECSYS Inc	Pair Corr
0.87	ERE-UN	European Residential Real	Pair Corr
0.84	LB	Laurentian Bank	Pair Corr
0.83	PRU	Perseus Mining	Pair Corr
0.82	RY-PM	Royal Bank	Pair Corr
0.79	NICU	Magna Mining	Pair Corr
0.74	RY	Royal Bank	Pair Corr
0.72	DFN	Dividend 15 Split	Pair Corr
0.65	MOON	Blue Moon Zinc	Pair Corr
0.65	RX	Biosyent	Pair Corr
0.63	VBNK	VersaBank	Pair Corr
0.63	ORA	Aura Minerals	Pair Corr
0.93	Y	Yellow Pages Limited	Pair Corr
0.85	FFH-PF	Fairfax Financial	Pair Corr
0.84	DBO	D Box Technologies	Pair Corr
0.83	NOA	North American Const	Pair Corr
0.83	EIT-UN	Canoe EIT Income	Pair Corr
0.76	ET	Evertz Technologies	Pair Corr
0.72	OM	Osisko Metals	Pair Corr
0.69	EIF	Exchange Income	Pair Corr

Related Correlations Analysis

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Be your own money manager

Our tools can tell you how much better you can do entering a position in New Found 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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New Found Corporate Management

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

Ronald Hampton	Chief Officer	Profile
Kenneth Bsc	Geologist	Profile
Janet Francis	Corporate Secretary	Profile
Melissa PGeo	Vice Exploration	Profile

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