Fortuna Silver Correlations

FSM Stock

USD 6.46 0.08 1.22%

The current 90-days correlation between Fortuna Silver Mines and IAMGold is 0.01 (i.e., Significant diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Fortuna Silver moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Fortuna Silver Mines moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Fortuna Silver Correlation With Market

Very weak diversification

The correlation between Fortuna Silver Mines and DJI is 0.43 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fortuna Silver Mines 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 Fortuna Silver 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 state.

Moving together with Fortuna Stock

0.91	AU	AngloGold Ashanti plc	Pair Corr
0.88	AEM	Agnico Eagle Mines Earnings Call This Week	Pair Corr
0.84	AGI	Alamos Gold Earnings Call This Week	Pair Corr
0.76	BTG	B2Gold Corp Aggressive Push	Pair Corr
0.77	EGO	Eldorado Gold Corp Earnings Call This Week	Pair Corr
0.86	GFI	Gold Fields	Pair Corr
0.89	HMY	Harmony Gold Mining	Pair Corr
0.62	IAG	IAMGold Aggressive Push	Pair Corr
0.77	IDR	Idaho Strategic Resources	Pair Corr
0.9	KGC	Kinross Gold Aggressive Push	Pair Corr
0.76	GOLD	Barrick Gold Corp Aggressive Push	Pair Corr
0.7	PAAS	Pan American Silver	Pair Corr
0.74	X	United States Steel	Pair Corr
0.76	AG	First Majestic Silver Aggressive Push	Pair Corr
0.7	MP	MP Materials Corp	Pair Corr
0.72	NC	NACCO Industries	Pair Corr

Moving against Fortuna Stock

0.63	ZKIN	ZK International	Pair Corr
0.62	OLN	Olin Earnings Call This Week	Pair Corr
0.54	AA	Alcoa Corp	Pair Corr
0.67	EU	enCore Energy Corp	Pair Corr
0.66	FF	FutureFuel Corp	Pair Corr
0.6	KALU	Kaiser Aluminum Earnings Call This Week	Pair Corr
0.6	CC	Chemours	Pair Corr
0.56	CF	CF Industries Holdings Earnings Call This Week	Pair Corr
0.47	DD	Dupont De Nemours	Pair Corr
0.43	CE	Celanese	Pair Corr
0.32	IE	Ivanhoe Electric Trending	Pair Corr
0.7	HYMCW	Hycroft Mining Holding	Pair Corr
0.62	ECVT	Ecovyst	Pair Corr
0.6	WS	Worthington Steel	Pair Corr
0.59	NX	Quanex Building Products	Pair Corr
0.56	OC	Owens Corning Earnings Call This Week	Pair Corr
0.49	TT	Trane Technologies plc	Pair Corr

Related Correlations Analysis

	PAAS	HMY	IAG	KGC	SAND	IAUX	ODV	OR	WPM
PAAS		0.59	0.55	0.6	0.68	0.43	-0.23	0.64	0.82	PAAS
HMY	0.59		0.68	0.96	0.92	-0.22	0.21	0.83	0.84	HMY
IAG	0.55	0.68		0.73	0.6	-0.1	0.41	0.79	0.48	IAG
KGC	0.6	0.96	0.73		0.93	-0.15	0.26	0.85	0.84	KGC
SAND	0.68	0.92	0.6	0.93		-0.06	0.08	0.87	0.92	SAND
IAUX	0.43	-0.22	-0.1	-0.15	-0.06		-0.56	-0.15	0.23	IAUX
ODV	-0.23	0.21	0.41	0.26	0.08	-0.56		0.35	-0.21	ODV
OR	0.64	0.83	0.79	0.85	0.87	-0.15	0.35		0.72	OR
WPM	0.82	0.84	0.48	0.84	0.92	0.23	-0.21	0.72		WPM
	PAAS	HMY	IAG	KGC	SAND	IAUX	ODV	OR	WPM

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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

KGC	+ 0.96	HMY
SAND	+ 0.93	KGC
SAND	+ 0.92	HMY
WPM	+ 0.92	SAND
OR	+ 0.87	SAND
OR	+ 0.85	KGC

High negative correlations

ODV	- 0.56	IAUX
ODV	- 0.23	PAAS
IAUX	- 0.22	HMY
WPM	- 0.21	ODV
OR	- 0.15	IAUX
IAUX	- 0.15	KGC

Risk-Adjusted Indicators

There is a big difference between Fortuna Stock performing well and Fortuna Silver 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 Fortuna Silver'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
PAAS	2.41	0.41	0.15	(6.08)	2.96	(2.82)	5.02	(4.46)	18.76
HMY	2.82	1.11	0.30	0.99	2.89	(3.14)	9.12	(4.36)	20.76
IAG	2.71	0.44	0.11	(3.15)	4.13	(2.62)	5.24	(6.69)	22.39
KGC	2.01	0.59	0.19	0.67	2.50	(2.12)	5.15	(4.95)	12.87
SAND	1.95	0.66	0.24	0.99	2.20	(2.25)	4.34	(3.39)	14.90
IAUX	3.77	0.19	0.04	0.26	4.06	(5.15)	8.57	(7.14)	19.33
ODV	2.68	0.10	0.04	0.15	2.99	(3.13)	5.41	(4.62)	13.94
OR	1.67	0.32	0.19	6.62	1.67	(1.84)	3.80	(2.41)	11.65
WPM	1.55	0.63	0.26	0.79	1.95	(1.76)	4.40	(2.53)	14.13

Fortuna Silver Corporate Management

Alfredo Sillau	Independent Director	Profile
Linda Desaulniers	Corporate Officer	Profile
BSc BSc	Chief Officer	Profile
Eric PGeo	Senior Services	Profile
Kate Harcourt	Director	Profile
PGradDip BAppScGeol	Senior Exploration	Profile

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