Andromeda Metals Correlations

ANDMF Stock

USD 0.01 0 25.37%

The current 90-days correlation between Andromeda Metals and Element 25 Limited is 0.03 (i.e., Significant diversification). The correlation of Andromeda Metals 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.

Andromeda Metals Correlation With Market

Good diversification

The correlation between Andromeda Metals Limited and DJI is -0.09 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Andromeda Metals Limited and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Andromeda Metals could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Andromeda Metals 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 Andromeda Metals - 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 Andromeda Metals Limited to buy it.

Moving against Andromeda Pink Sheet

0.35	TLK	Telkom Indonesia Tbk	Pair Corr
0.5	GAYMF	Galway Metals	Pair Corr
0.38	ONON	On Holding	Pair Corr
0.35	UMAC	Unusual Machines	Pair Corr
0.37	TORO	Toro	Pair Corr
0.35	LRDC	Laredo Oil	Pair Corr

Related Correlations Analysis

	MMMKF	ELMTF	REMRF	HLOGF	DMNKF	IBATF	LLKKF	NBMFF	BLLYF	SNLGF
MMMKF		-0.74	-0.22	-0.5	0.0	0.75	-0.78	-0.57	-0.58	-0.53	MMMKF
ELMTF	-0.74		0.35	0.51	0.0	-0.52	0.65	0.67	0.72	0.52	ELMTF
REMRF	-0.22	0.35		0.34	0.0	-0.17	-0.05	0.5	0.64	0.81	REMRF
HLOGF	-0.5	0.51	0.34		0.0	-0.36	0.41	0.53	0.45	0.46	HLOGF
DMNKF	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	DMNKF
IBATF	0.75	-0.52	-0.17	-0.36	0.0		-0.79	-0.44	-0.36	-0.42	IBATF
LLKKF	-0.78	0.65	-0.05	0.41	0.0	-0.79		0.47	0.25	0.22	LLKKF
NBMFF	-0.57	0.67	0.5	0.53	0.0	-0.44	0.47		0.65	0.61	NBMFF
BLLYF	-0.58	0.72	0.64	0.45	0.0	-0.36	0.25	0.65		0.82	BLLYF
SNLGF	-0.53	0.52	0.81	0.46	0.0	-0.42	0.22	0.61	0.82		SNLGF
	MMMKF	ELMTF	REMRF	HLOGF	DMNKF	IBATF	LLKKF	NBMFF	BLLYF	SNLGF

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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

SNLGF	+ 0.82	BLLYF
SNLGF	+ 0.81	REMRF
IBATF	+ 0.75	MMMKF
BLLYF	+ 0.72	ELMTF
NBMFF	+ 0.67	ELMTF
LLKKF	+ 0.65	ELMTF

High negative correlations

LLKKF	- 0.79	IBATF
LLKKF	- 0.78	MMMKF
ELMTF	- 0.74	MMMKF
BLLYF	- 0.58	MMMKF
NBMFF	- 0.57	MMMKF
SNLGF	- 0.53	MMMKF

Risk-Adjusted Indicators

There is a big difference between Andromeda Pink Sheet performing well and Andromeda Metals 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 Andromeda Metals' 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
MMMKF	1.49	(0.81)	0.00	(1.19)	0.00	0.00	0.00	0.00	50.00
ELMTF	4.00	0.61	0.06	0.84	4.44	(9.48)	13.04	(10.53)	29.71
REMRF	3.31	0.31	0.06	0.27	3.69	(4.96)	9.52	(6.98)	19.73
HLOGF	9.84	1.15	0.06	(2.91)	10.75	(16.59)	33.33	(24.00)	69.05
DMNKF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
IBATF	6.11	(0.16)	0.00	0.22	0.00	0.00	10.00	(16.67)	40.83
LLKKF	7.33	1.79	0.19	1.91	7.85	(8.27)	20.07	(14.30)	44.40
NBMFF	11.32	1.73	0.10	0.61	11.58	(20.62)	28.57	(25.49)	105.63
BLLYF	8.50	1.25	0.10	1.90	9.79	(9.77)	26.47	(14.29)	57.24
SNLGF	5.81	2.52	0.34	1.31	4.22	(7.99)	16.00	(9.62)	79.15

Be your own money manager

Our tools can tell you how much better you can do entering a position in Andromeda Metals 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.

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