GoldMining Correlations

GLDG Stock

USD 0.77 0.01 1.32%

The current 90-days correlation between GoldMining and GoldMining is 0.26 (i.e., Modest diversification). The correlation of GoldMining 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.

GoldMining Correlation With Market

Very good diversification

The correlation between GoldMining and DJI is -0.35 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding GoldMining and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with GoldMining Stock

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in GoldMining. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in unemployment.

For more detail on how to invest in GoldMining Stock please use our How to Invest in GoldMining guide.

Moving together with GoldMining Stock

0.64	AGI	Alamos Gold	Pair Corr
0.75	DRD	DRDGOLD Limited ADR	Pair Corr
0.73	EQX	Equinox Gold Corp	Pair Corr

Moving against GoldMining Stock

0.77	CE	Celanese	Pair Corr
0.76	CMC	Commercial Metals	Pair Corr
0.73	AA	Alcoa Corp	Pair Corr
0.73	MT	ArcelorMittal SA ADR	Pair Corr
0.72	RS	Reliance Steel Aluminum Earnings Call This Week	Pair Corr
0.72	TX	Ternium SA ADR	Pair Corr
0.61	CDE	Coeur Mining	Pair Corr
0.6	IE	Ivanhoe Electric	Pair Corr
0.55	WS	Worthington Steel	Pair Corr
0.54	DC	Dakota Gold Corp	Pair Corr
0.49	OR	Osisko Gold Ro	Pair Corr
0.44	AG	First Majestic Silver	Pair Corr
0.44	SA	Seabridge Gold	Pair Corr
0.36	NG	NovaGold Resources	Pair Corr
0.35	BTG	B2Gold Corp	Pair Corr
0.31	AU	AngloGold Ashanti plc	Pair Corr
0.78	ERO	Ero Copper Corp	Pair Corr
0.76	HBM	Hudbay Minerals	Pair Corr
0.76	LXU	Lsb Industries	Pair Corr
0.74	FCX	Freeport McMoran Copper Earnings Call This Week	Pair Corr
0.71	GGB	Gerdau SA ADR	Pair Corr
0.65	MAG	MAG Silver Corp	Pair Corr
0.5	LUD	Luda Technology Group Upward Rally	Pair Corr
0.44	DVS	Dolly Varden Silver	Pair Corr
0.42	EXK	Endeavour Silver Corp	Pair Corr
0.32	NEM	Newmont Goldcorp Corp Earnings Call This Week	Pair Corr

Related Correlations Analysis

	GOLD	FSM	OR	EQX	KNTNF	GROY	UROY	MTA
GOLD		-0.27	-0.62	0.67	-0.64	-0.7	-0.8	-0.6	GOLD
FSM	-0.27		0.66	0.15	0.78	0.67	0.53	0.76	FSM
OR	-0.62	0.66		-0.19	0.85	0.9	0.83	0.83	OR
EQX	0.67	0.15	-0.19		-0.23	-0.44	-0.49	-0.36	EQX
KNTNF	-0.64	0.78	0.85	-0.23		0.89	0.85	0.81	KNTNF
GROY	-0.7	0.67	0.9	-0.44	0.89		0.9	0.92	GROY
UROY	-0.8	0.53	0.83	-0.49	0.85	0.9		0.8	UROY
MTA	-0.6	0.76	0.83	-0.36	0.81	0.92	0.8		MTA
	GOLD	FSM	OR	EQX	KNTNF	GROY	UROY	MTA

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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

MTA	+ 0.92	GROY
GROY	+ 0.9	OR
UROY	+ 0.9	GROY
GROY	+ 0.89	KNTNF
KNTNF	+ 0.85	OR
UROY	+ 0.85	KNTNF

High negative correlations

UROY	- 0.8	GOLD
GROY	- 0.7	GOLD
KNTNF	- 0.64	GOLD
OR	- 0.62	GOLD
MTA	- 0.6	GOLD
UROY	- 0.49	EQX

Risk-Adjusted Indicators

There is a big difference between GoldMining Stock performing well and GoldMining 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 GoldMining'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
GOLD	1.46	0.00	0.00	0.00	0.00	0.00	3.88	(3.45)	11.21
FSM	2.33	0.09	(0.04)	0.01	3.22	(2.65)	4.63	(4.78)	19.81
OR	1.69	0.43	0.07	(0.29)	2.06	(1.86)	3.39	(2.59)	11.17
EQX	2.16	0.02	0.00	0.11	0.00	0.00	3.99	(5.06)	14.17
KNTNF	1.69	0.35	0.05	(0.26)	1.81	(1.87)	4.00	(3.15)	10.80
GROY	2.39	0.83	0.16	(0.50)	2.45	(2.89)	5.56	(3.90)	14.70
UROY	2.73	0.71	0.16	(14.23)	2.95	(3.13)	5.46	(4.45)	27.42
MTA	2.40	0.46	0.07	(0.36)	2.36	(2.81)	5.51	(4.40)	12.42

GoldMining Corporate Management

Katherine Arblaster	Social Environment	Profile
BCom BComm	Member Corp	Profile
Alastair Still	Chief Officer	Profile
Amir Adnani	Founder Chairman	Profile
YongJae LLB	General Counsel	Profile
Tim Smith	VP GoldMining	Profile

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