New Graham Number from 2010 to 2024
| NGD Stock | CAD 4.07 0.31 7.08% |
Graham Number | First Reported 2010-12-31 | Previous Quarter 1.56061117 | Current Value 1.48 | Quarterly Volatility 3.22766533 |
Check New Gold financial statements over time to gain insight into future company performance. You can evaluate financial statements to find patterns among New Gold's main balance sheet or income statement drivers, such as Depreciation And Amortization of 246.9 M, Interest Expense of 6.7 M or Selling General Administrative of 19.5 M, as well as many indicators such as Price To Sales Ratio of 1.21, Dividend Yield of 0.0 or PTB Ratio of 1.21. New financial statements analysis is a perfect complement when working with New Gold Valuation or Volatility modules.
New | Graham Number |
Pair Trading with New Gold
One of the main advantages of trading using pair correlations is that every trade hedges away some risk. Because there are two separate transactions required, even if New Gold position performs unexpectedly, the other equity can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in New Gold will appreciate offsetting losses from the drop in the long position's value.Moving against New Stock
| 0.64 | BYD | Boyd Group Services | PairCorr |
| 0.47 | FDY | Faraday Copper Corp | PairCorr |
| 0.36 | IE | Ivanhoe Energy | PairCorr |
The ability to find closely correlated positions to New Gold 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 Gold 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 Gold - 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 Gold to buy it.
The correlation of New Gold 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 perfect positive correlation (i.e., a correlation coefficient of +1) implies that as New Gold moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if New Gold moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Correlation analysis and pair trading evaluation for New Gold can also be used as hedging techniques within a particular sector or industry or even over random equities to generate a better risk-adjusted return on your portfolios.Check out the analysis of New Gold Correlation against competitors. To learn how to invest in New Stock, please use our How to Invest in New Gold guide.You can also try the Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.