Agnico Eagle Correlations
| AEM Stock | USD 63.35 2.46 3.74% |
The correlation of Agnico Eagle 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 Agnico Eagle moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Agnico Eagle Mines 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.
Good diversification
The correlation between Agnico Eagle Mines and NYA is -0.01 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Agnico Eagle Mines and NYA in the same portfolio, assuming nothing else is changed.
Agnico |
The ability to find closely correlated positions to Agnico Eagle could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Agnico Eagle 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 Agnico Eagle - 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 Agnico Eagle Mines to buy it.
Moving together with Agnico Stock
| 0.94 | AU | AngloGold Ashanti plc Financial Report 28th of June 2024 | PairCorr |
| 0.81 | DC | Dakota Gold Corp | PairCorr |
| 0.87 | NG | NovaGold Resources | PairCorr |
| 0.79 | OR | Osisko Gold Ro Earnings Call Next Week | PairCorr |
| 0.96 | SA | Seabridge Gold Financial Report 20th of May 2024 | PairCorr |
| 0.98 | AGI | Alamos Gold | PairCorr |
| 0.95 | CDE | Coeur Mining Financial Report 8th of May 2024 | PairCorr |
| 0.81 | DRD | DRDGOLD Limited ADR | PairCorr |
| 0.92 | EGO | Eldorado Gold Corp | PairCorr |
| 0.85 | EQX | Equinox Gold Corp Earnings Call Next Week | PairCorr |
| 0.96 | FNV | Franco Nevada Earnings Call Tomorrow | PairCorr |
| 0.94 | FSM | Fortuna Silver Mines Financial Report 20th of May 2024 | PairCorr |
| 0.93 | GAU | Galiano Gold Financial Report 2nd of May 2024 | PairCorr |
| 0.93 | GFI | Gold Fields | PairCorr |
| 0.98 | HMY | Harmony Gold Mining | PairCorr |
| 0.98 | IAG | IAMGold Financial Report 9th of May 2024 | PairCorr |
Moving against Agnico Stock
Related Correlations Analysis
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Risk-Adjusted Indicators
There is a big difference between Agnico Stock performing well and Agnico Eagle 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 Agnico Eagle'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| WPM | 1.52 | 0.15 | 0.04 | (0.94) | 2.00 | 3.61 | 10.45 | |||
| NEM | 1.91 | 0.27 | 0.07 | (0.78) | 2.36 | 4.62 | 16.29 | |||
| KGC | 1.88 | 0.23 | 0.06 | (0.49) | 2.19 | 4.20 | 11.44 | |||
| GFI | 2.31 | 0.13 | 0.01 | (0.13) | 3.57 | 4.89 | 16.01 | |||
| GOLD | 1.55 | 0.09 | 0.02 | 0.59 | 1.95 | 3.39 | 9.57 | |||
| PAAS | 2.20 | 0.49 | 0.17 | (1.05) | 2.14 | 4.74 | 11.32 | |||
| FNV | 1.39 | 0.14 | 0.06 | 1.13 | 1.43 | 2.80 | 6.48 | |||
| RGLD | 1.51 | 0.07 | 0.00 | (0.21) | 1.77 | 2.94 | 11.62 | |||
| SAND | 1.99 | 0.28 | 0.08 | (1.07) | 2.33 | 4.00 | 12.64 | |||
| OR | 1.41 | 0.07 | 0.00 | (0.17) | 1.67 | 3.28 | 10.28 |
Be your own money manager
Our tools can tell you how much better you can do entering a position in Agnico Eagle 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?
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Agnico Eagle Corporate Directors
Agnico Eagle corporate directors refer to members of an Agnico Eagle board of directors. The board of directors generally takes responsibility for the Agnico Eagle's affairs and long-term direction of the entity. A corporate director does not make decisions for the corporation on his own. As a member of the board of directors, she or he must function as a part of a group that makes decisions on behalf of the business only by the board of directors' meetings. To pass a resolution, a majority of Agnico Eagle's board members must vote for the resolution. The Agnico Eagle board of directors' duties also include the election, removal, and supervision of officers, including the adoption, amendment, and repeal of bylaws.| Mel Leiderman | Independent Director | Profile | |
| Leona Aglukkaq | Independent Director | Profile | |
| Pertti Voutilainen | Independent Director | Profile | |
| Robert Gemmell | Independent Director | Profile |
Already Invested in Agnico Eagle Mines?
The danger of trading Agnico Eagle Mines is mainly related to its market volatility and Company specific events. As an investor, you must understand the concept of risk-adjusted return before you start trading. The most common way to measure the risk of Agnico Eagle is by using the Sharpe ratio. The ratio expresses how much excess return you acquire for the extra volatility you endure for holding a more risker asset than Agnico Eagle. The Sharpe ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile Agnico Eagle Mines is, you must compare it to a benchmark. Traditionally, the risk-free rate of return is the rate of return on the shortest-dated U.S. Treasury, such as a 3-year bond.
When determining whether Agnico Eagle Mines is a strong investment it is important to analyze Agnico Eagle's competitive position within its industry, examining market share, product or service uniqueness, and competitive advantages. Beyond financials and market position, potential investors should also consider broader economic conditions, industry trends, and any regulatory or geopolitical factors that may impact Agnico Eagle's future performance. For an informed investment choice regarding Agnico Stock, refer to the following important reports: Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Agnico Eagle Mines. Also, note that the market value of any company could be tightly coupled with the direction of predictive economic indicators such as various price indices. Note that the Agnico Eagle Mines information on this page should be used as a complementary analysis to other Agnico Eagle's statistical models used to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
Complementary Tools for Agnico Stock analysis
When running Agnico Eagle's price analysis, check to measure Agnico Eagle's market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy Agnico Eagle is operating at the current time. Most of Agnico Eagle's value examination focuses on studying past and present price action to predict the probability of Agnico Eagle's future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move Agnico Eagle's price. Additionally, you may evaluate how the addition of Agnico Eagle to your portfolios can decrease your overall portfolio volatility.
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Is Agnico Eagle's industry expected to grow? Or is there an opportunity to expand the business' product line in the future? Factors like these will boost the valuation of Agnico Eagle. If investors know Agnico will grow in the future, the company's valuation will be higher. The financial industry is built on trying to define current growth potential and future valuation accurately. All the valuation information about Agnico Eagle listed above have to be considered, but the key to understanding future value is determining which factors weigh more heavily than others.
The market value of Agnico Eagle Mines is measured differently than its book value, which is the value of Agnico that is recorded on the company's balance sheet. Investors also form their own opinion of Agnico Eagle's value that differs from its market value or its book value, called intrinsic value, which is Agnico Eagle's true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because Agnico Eagle's market value can be influenced by many factors that don't directly affect Agnico Eagle's underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between Agnico Eagle's value and its price as these two are different measures arrived at by different means. Investors typically determine if Agnico Eagle is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Agnico Eagle's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.