Barrick Mining Correlations

B Stock

USD 35.11 0.25 0.71%

The current 90-days correlation between Barrick Mining and Graco Inc is 0.08 (i.e., Significant diversification). The correlation of Barrick Mining 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.

Barrick Mining Correlation With Market

Average diversification

The correlation between Barrick Mining and DJI is 0.13 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Barrick Mining and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Barrick Stock

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Barrick Mining. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in bureau of labor statistics.

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

Moving together with Barrick Stock

0.7	AA	Alcoa Corp	Pair Corr
0.87	AG	First Majestic Silver Upward Rally	Pair Corr
0.94	AU	AngloGold Ashanti plc	Pair Corr
0.81	DC	Dakota Gold Corp	Pair Corr
0.63	MT	ArcelorMittal SA ADR	Pair Corr
0.89	NG	NovaGold Resources	Pair Corr
0.95	OR	Osisko Gold Ro	Pair Corr
0.91	SA	Seabridge Gold	Pair Corr
0.86	TX	Ternium SA ADR	Pair Corr
0.96	AEM	Agnico Eagle Mines	Pair Corr
0.91	AGI	Alamos Gold	Pair Corr
0.96	BTG	B2Gold Corp Aggressive Push	Pair Corr
0.98	CDE	Coeur Mining Aggressive Push	Pair Corr
0.67	CLF	Cleveland Cliffs	Pair Corr
0.85	CMC	Commercial Metals	Pair Corr
0.83	CNL	Collective Mining	Pair Corr
0.97	DRD	DRDGOLD Limited ADR	Pair Corr
0.72	DVS	Dolly Varden Silver	Pair Corr
0.97	EGO	Eldorado Gold Corp	Pair Corr
0.97	EQX	Equinox Gold Corp	Pair Corr
0.85	EXK	Endeavour Silver Corp Upward Rally	Pair Corr
0.96	FNV	Franco Nevada	Pair Corr
0.92	FRD	Friedman Industries	Pair Corr
0.94	FSM	Fortuna Silver Mines Aggressive Push	Pair Corr
0.94	GAU	Galiano Gold	Pair Corr
0.97	GFI	Gold Fields	Pair Corr
0.69	GGB	Gerdau SA ADR	Pair Corr
0.9	HBM	Hudbay Minerals	Pair Corr

Moving against Barrick Stock

0.73	CE	Celanese	Pair Corr
0.55	RS	Reliance Steel Aluminum	Pair Corr
0.42	IE	Ivanhoe Electric	Pair Corr
0.42	DOW	Dow Inc	Pair Corr
0.34	HYMCL	Hycroft Mining Holding	Pair Corr

Related Correlations Analysis

	HLIO	NPO	OFLX	LXFR	HURC	GGG	IEX	ITT	FELE	IR
HLIO		0.89	0.21	0.81	-0.36	-0.17	-0.74	0.88	0.85	-0.66	HLIO
NPO	0.89		0.12	0.68	-0.05	-0.16	-0.64	0.83	0.9	-0.52	NPO
OFLX	0.21	0.12		0.51	0.1	0.56	0.26	0.19	0.31	0.37	OFLX
LXFR	0.81	0.68	0.51		-0.3	0.08	-0.47	0.89	0.72	-0.29	LXFR
HURC	-0.36	-0.05	0.1	-0.3		0.35	0.48	-0.26	-0.06	0.53	HURC
GGG	-0.17	-0.16	0.56	0.08	0.35		0.62	-0.21	0.05	0.6	GGG
IEX	-0.74	-0.64	0.26	-0.47	0.48	0.62		-0.7	-0.52	0.9	IEX
ITT	0.88	0.83	0.19	0.89	-0.26	-0.21	-0.7		0.76	-0.53	ITT
FELE	0.85	0.9	0.31	0.72	-0.06	0.05	-0.52	0.76		-0.42	FELE
IR	-0.66	-0.52	0.37	-0.29	0.53	0.6	0.9	-0.53	-0.42		IR
	HLIO	NPO	OFLX	LXFR	HURC	GGG	IEX	ITT	FELE	IR

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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

FELE	+ 0.9	NPO
IR	+ 0.9	IEX
NPO	+ 0.89	HLIO
ITT	+ 0.89	LXFR
ITT	+ 0.88	HLIO
FELE	+ 0.85	HLIO

High negative correlations

IEX	- 0.74	HLIO
ITT	- 0.7	IEX
IR	- 0.66	HLIO
IEX	- 0.64	NPO
IR	- 0.53	ITT
FELE	- 0.52	IEX

Risk-Adjusted Indicators

There is a big difference between Barrick Stock performing well and Barrick Mining 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 Barrick Mining'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
HLIO	2.29	0.67	0.39	0.55	1.33	(2.92)	4.54	(2.84)	34.54
NPO	1.51	0.09	0.10	0.19	1.37	(1.76)	3.49	(2.77)	7.63
OFLX	1.95	0.10	(0.02)	(1.26)	2.15	(2.32)	4.43	(3.68)	13.36
LXFR	1.64	0.16	0.09	0.25	1.84	(1.65)	3.95	(2.70)	10.02
HURC	1.99	0.10	0.05	0.23	2.13	(2.31)	4.76	(3.56)	16.10
GGG	0.87	(0.16)	(0.13)	0.00	1.04	(0.96)	2.00	(1.67)	5.18
IEX	1.27	(0.33)	0.00	(0.08)	0.00	0.00	2.70	(2.40)	13.92
ITT	1.07	0.14	0.13	0.26	0.83	(1.28)	2.54	(1.43)	9.97
FELE	1.19	(0.02)	0.03	0.12	1.11	(1.40)	2.78	(1.90)	7.02
IR	1.50	(0.26)	(0.04)	0.02	2.37	(1.59)	2.98	(2.34)	13.95

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