DRDGOLD Limited Correlations

DRD Stock

USD 13.75 0.24 1.78%

The current 90-days correlation between DRDGOLD Limited ADR and Centerra Gold is 0.74 (i.e., Poor diversification). The correlation of DRDGOLD Limited 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.

DRDGOLD Limited Correlation With Market

Significant diversification

The correlation between DRDGOLD Limited ADR and DJI is 0.07 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding DRDGOLD Limited ADR and DJI in the same portfolio, assuming nothing else is changed.

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Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in DRDGOLD Limited ADR. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in metropolitan statistical area.

Moving against DRDGOLD Stock

0.72	RS	Reliance Steel Aluminum Earnings Call This Week	Pair Corr
0.67	WS	Worthington Steel	Pair Corr
0.66	NUE	Nucor Corp Earnings Call Today	Pair Corr
0.61	PKX	POSCO Holdings Earnings Call This Week	Pair Corr
0.56	TX	Ternium SA ADR	Pair Corr
0.54	AA	Alcoa Corp	Pair Corr
0.54	PFH	Prudential Financial 4125	Pair Corr
0.52	GGB	Gerdau SA ADR	Pair Corr
0.48	MT	ArcelorMittal SA ADR	Pair Corr
0.48	ZEUS	Olympic Steel	Pair Corr
0.47	B	Barrick Mining Earnings Call Tomorrow	Pair Corr
0.44	VHI	Valhi Inc	Pair Corr
0.68	ASTL	Algoma Steel Group	Pair Corr
0.68	EU	enCore Energy Corp	Pair Corr
0.67	IE	Ivanhoe Electric	Pair Corr
0.64	NC	NACCO Industries	Pair Corr
0.63	CE	Celanese	Pair Corr
0.59	AG	First Majestic Silver	Pair Corr
0.59	DC	Dakota Gold Corp	Pair Corr
0.58	X	United States Steel	Pair Corr
0.57	MP	MP Materials Corp Trending	Pair Corr
0.55	CX	Cemex SAB de Earnings Call This Week	Pair Corr
0.52	KALU	Kaiser Aluminum Earnings Call Tomorrow	Pair Corr
0.51	DD	Dupont De Nemours	Pair Corr
0.49	CC	Chemours Earnings Call This Week	Pair Corr
0.48	CENX	Century Aluminum	Pair Corr
0.48	FF	FutureFuel Corp	Pair Corr
0.38	CF	CF Industries Holdings	Pair Corr
0.36	AU	AngloGold Ashanti plc	Pair Corr

Related Correlations Analysis

	AGI	BTG	CGAU	EGO	FSM	GFI	HMY	OR	SSRM
AGI		0.29	0.3	0.36	0.34	0.35	0.28	0.03	0.08	AGI
BTG	0.29		0.81	0.87	0.78	0.82	-0.35	0.79	0.92	BTG
CGAU	0.3	0.81		0.75	0.57	0.72	-0.23	0.77	0.82	CGAU
EGO	0.36	0.87	0.75		0.84	0.93	-0.13	0.63	0.78	EGO
FSM	0.34	0.78	0.57	0.84		0.89	-0.08	0.62	0.69	FSM
GFI	0.35	0.82	0.72	0.93	0.89		0.04	0.7	0.72	GFI
HMY	0.28	-0.35	-0.23	-0.13	-0.08	0.04		-0.28	-0.5	HMY
OR	0.03	0.79	0.77	0.63	0.62	0.7	-0.28		0.86	OR
SSRM	0.08	0.92	0.82	0.78	0.69	0.72	-0.5	0.86		SSRM
	AGI	BTG	CGAU	EGO	FSM	GFI	HMY	OR	SSRM

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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

GFI	+ 0.93	EGO
SSRM	+ 0.92	BTG
GFI	+ 0.89	FSM
EGO	+ 0.87	BTG
SSRM	+ 0.86	OR
FSM	+ 0.84	EGO

High negative correlations

SSRM	- 0.5	HMY
HMY	- 0.35	BTG
OR	- 0.28	HMY
HMY	- 0.23	CGAU
HMY	- 0.13	EGO
HMY	- 0.08	FSM

Risk-Adjusted Indicators

There is a big difference between DRDGOLD Stock performing well and DRDGOLD Limited 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 DRDGOLD Limited'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
AGI	1.94	(0.33)	0.00	(0.45)	0.00	0.00	3.79	(3.93)	13.99
BTG	1.83	(0.05)	(0.05)	(0.01)	2.36	(1.86)	4.00	(3.85)	11.21
CGAU	1.95	(0.01)	(0.03)	0.11	2.69	(2.03)	2.66	(4.07)	24.56
EGO	1.69	0.19	(0.03)	(0.04)	2.40	(1.65)	4.10	(3.00)	16.24
FSM	2.33	0.09	(0.04)	0.01	3.22	(2.65)	4.63	(4.78)	19.81
GFI	2.19	0.25	(0.02)	(0.05)	3.43	(1.93)	3.79	(5.09)	18.39
HMY	2.50	(0.06)	0.00	0.17	0.00	0.00	4.34	(5.76)	16.37
OR	1.68	0.17	0.06	0.39	2.08	(1.87)	3.39	(2.59)	11.17
SSRM	2.34	0.16	0.03	0.49	3.23	(2.40)	4.49	(5.14)	16.31

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