Taseko Mines Correlations

TGB Stock

USD 3.22 0.01 0.31%

The current 90-days correlation between Taseko Mines and Copper Mountain Mining is 0.22 (i.e., Modest diversification). The correlation of Taseko Mines 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.

Taseko Mines Correlation With Market

Average diversification

The correlation between Taseko Mines and DJI is 0.12 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Taseko Mines and DJI in the same portfolio, assuming nothing else is changed.

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Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Taseko Mines. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in price.

For information on how to trade Taseko Stock refer to our How to Trade Taseko Stock guide.

Moving together with Taseko Stock

0.82	B	Barrick Mining Earnings Call This Week	Pair Corr
0.72	AA	Alcoa Corp	Pair Corr
0.69	MT	ArcelorMittal SA ADR	Pair Corr
0.85	RS	Reliance Steel Aluminum Earnings Call This Week	Pair Corr
0.82	TX	Ternium SA ADR	Pair Corr
0.72	WS	Worthington Steel	Pair Corr
0.83	GGB	Gerdau SA ADR	Pair Corr
0.88	NUE	Nucor Corp Earnings Call Tomorrow	Pair Corr
0.75	PFH	Prudential Financial 4125	Pair Corr
0.88	PKX	POSCO Holdings Earnings Call This Week	Pair Corr
0.82	KALU	Kaiser Aluminum Earnings Call This Week	Pair Corr
0.82	ASTL	Algoma Steel Group	Pair Corr
0.81	CENX	Century Aluminum	Pair Corr
0.77	X	United States Steel	Pair Corr
0.95	AG	First Majestic Silver	Pair Corr
0.74	AU	AngloGold Ashanti plc	Pair Corr
0.73	CE	Celanese	Pair Corr
0.73	CF	CF Industries Holdings	Pair Corr
0.63	CX	Cemex SAB de Earnings Call This Week	Pair Corr
0.93	DC	Dakota Gold Corp	Pair Corr
0.74	DD	Dupont De Nemours	Pair Corr
0.9	EU	enCore Energy Corp	Pair Corr
0.71	HL	Hecla Mining	Pair Corr
0.91	IE	Ivanhoe Electric	Pair Corr
0.75	MP	MP Materials Corp Trending	Pair Corr
0.81	NC	NACCO Industries	Pair Corr

Moving against Taseko Stock

0.64	SID	Companhia Siderurgica	Pair Corr
0.48	BAK	Braskem SA Class	Pair Corr

Related Correlations Analysis

	CPPMF	HBM	ERO	FQVLF	NXG	VGZ	NGD	NG	NAK
CPPMF		0.61	0.51	0.56	0.5	-0.09	0.6	0.57	0.57	CPPMF
HBM	0.61		0.9	0.97	0.93	0.24	0.89	0.5	0.7	HBM
ERO	0.51	0.9		0.89	0.89	0.32	0.91	0.43	0.44	ERO
FQVLF	0.56	0.97	0.89		0.92	0.23	0.82	0.6	0.7	FQVLF
NXG	0.5	0.93	0.89	0.92		0.29	0.84	0.49	0.57	NXG
VGZ	-0.09	0.24	0.32	0.23	0.29		0.28	-0.02	-0.05	VGZ
NGD	0.6	0.89	0.91	0.82	0.84	0.28		0.34	0.52	NGD
NG	0.57	0.5	0.43	0.6	0.49	-0.02	0.34		0.61	NG
NAK	0.57	0.7	0.44	0.7	0.57	-0.05	0.52	0.61		NAK
	CPPMF	HBM	ERO	FQVLF	NXG	VGZ	NGD	NG	NAK

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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

FQVLF	+ 0.97	HBM
NXG	+ 0.93	HBM
NXG	+ 0.92	FQVLF
NGD	+ 0.91	ERO
ERO	+ 0.9	HBM
NGD	+ 0.89	HBM

High negative correlations

VGZ	- 0.09	CPPMF
NAK	- 0.05	VGZ
NG	- 0.02	VGZ

Risk-Adjusted Indicators

There is a big difference between Taseko Stock performing well and Taseko Mines 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 Taseko Mines' 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
CPPMF	5.67	0.74	0.07	(2.61)	5.56	(10.55)	10.30	(8.33)	66.67
HBM	1.75	0.45	0.23	0.80	1.26	(2.00)	3.96	(2.60)	12.35
ERO	2.40	0.41	0.11	1.47	2.53	(2.83)	6.48	(4.08)	20.72
FQVLF	1.92	0.46	0.27	0.66	1.34	(2.52)	5.12	(2.72)	11.14
NXG	1.02	0.18	0.11	0.37	1.10	(1.16)	3.08	(1.90)	6.89
VGZ	3.15	0.39	0.04	(0.67)	3.97	(3.92)	7.95	(5.74)	31.71
NGD	2.33	0.48	0.07	(0.27)	2.55	(2.81)	4.48	(3.65)	27.66
NG	3.68	1.03	0.26	1.12	3.07	(4.28)	7.95	(5.97)	50.71
NAK	5.35	0.44	0.04	1.03	8.84	(6.22)	11.34	(11.71)	56.99

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