Metalla Royalty Correlations

MTA Stock

USD 3.78 0.23 5.74%

The current 90-days correlation between Metalla Royalty Streaming and Gold Royalty Corp is 0.51 (i.e., Very weak diversification). The correlation of Metalla Royalty 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.

Metalla Royalty Correlation With Market

Very good diversification

The correlation between Metalla Royalty Streaming and DJI is -0.29 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Metalla Royalty Streaming and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Metalla Stock

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Metalla Royalty Streaming. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in estimate.

Moving together with Metalla Stock

0.72	HL	Hecla Mining	Pair Corr
0.82	ASM	Avino Silver Gold Downward Rally	Pair Corr
0.9	BVN	Compania de Minas Earnings Call This Week	Pair Corr
0.95	MUX	McEwen Mining	Pair Corr
0.86	PLG	Platinum Group Metals	Pair Corr
0.79	LODE	Comstock Mining	Pair Corr
0.91	SBSW	Sibanye Gold	Pair Corr
0.74	SLSR	Solaris Resources	Pair Corr
0.83	TFPM	Triple Flag Precious	Pair Corr
0.89	B	Barrick Mining Earnings Call This Week	Pair Corr
0.78	X	United States Steel	Pair Corr
0.61	AA	Alcoa Corp	Pair Corr
0.96	AG	First Majestic Silver	Pair Corr
0.79	AU	AngloGold Ashanti plc	Pair Corr
0.65	CE	Celanese	Pair Corr
0.66	CF	CF Industries Holdings	Pair Corr
0.93	DC	Dakota Gold Corp	Pair Corr
0.64	DD	Dupont De Nemours	Pair Corr
0.89	IE	Ivanhoe Electric	Pair Corr
0.74	MP	MP Materials Corp Trending	Pair Corr
0.63	NG	NovaGold Resources	Pair Corr
0.83	OR	Osisko Gold Ro	Pair Corr
0.79	RS	Reliance Steel Aluminum Earnings Call This Week	Pair Corr
0.96	SA	Seabridge Gold	Pair Corr
0.76	TX	Ternium SA ADR	Pair Corr
0.67	WS	Worthington Steel	Pair Corr
0.78	VAPE	Vape Holdings Symbol Change	Pair Corr
0.75	ECVT	Ecovyst	Pair Corr

Moving against Metalla Stock

0.48	ITRG	Integra Resources Corp	Pair Corr
0.78	FEAM	5E Advanced Materials	Pair Corr
0.57	AMR	Alpha Metallurgical	Pair Corr
0.53	WLKP	Westlake Chemical	Pair Corr
0.36	AVD	American Vanguard	Pair Corr

Related Correlations Analysis

	GROY	EXK	PLG	NEWP	EMX	OR	EQX
GROY		0.93	0.89	0.85	0.9	0.9	-0.44	GROY
EXK	0.93		0.89	0.86	0.91	0.83	-0.34	EXK
PLG	0.89	0.89		0.95	0.86	0.91	-0.13	PLG
NEWP	0.85	0.86	0.95		0.88	0.92	-0.13	NEWP
EMX	0.9	0.91	0.86	0.88		0.88	-0.38	EMX
OR	0.9	0.83	0.91	0.92	0.88		-0.19	OR
EQX	-0.44	-0.34	-0.13	-0.13	-0.38	-0.19		EQX
	GROY	EXK	PLG	NEWP	EMX	OR	EQX

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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

NEWP	+ 0.95	PLG
EXK	+ 0.93	GROY
OR	+ 0.92	NEWP
EMX	+ 0.91	EXK
OR	+ 0.91	PLG
EMX	+ 0.9	GROY

High negative correlations

EQX	- 0.44	GROY
EQX	- 0.38	EMX
EQX	- 0.34	EXK
EQX	- 0.19	OR
EQX	- 0.13	NEWP
EQX	- 0.13	PLG

Risk-Adjusted Indicators

There is a big difference between Metalla Stock performing well and Metalla Royalty 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 Metalla Royalty'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
GROY	2.39	0.83	0.16	(0.50)	2.45	(2.89)	5.56	(3.90)	14.70
EXK	2.96	0.56	0.10	(0.77)	2.91	(3.63)	7.57	(5.21)	18.77
PLG	3.35	0.50	0.09	3.08	3.90	(3.88)	7.97	(5.47)	25.75
NEWP	3.12	0.72	0.13	(0.80)	2.89	(4.18)	9.60	(5.76)	23.79
EMX	1.86	0.50	0.16	(1.93)	1.78	(2.23)	3.95	(3.70)	10.19
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

Metalla Royalty Corporate Executives

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

	William Tsang	Chief Financial Officer	Profile
	Bill Tsang	Chief Financial Officer	Profile

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