Barrick Gold Correlations

GOLD Stock

USD 18.18 0.06 0.33%

The current 90-days correlation between Barrick Gold Corp and Agnico Eagle Mines is 0.84 (i.e., Very poor diversification). The correlation of Barrick Gold 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 Gold Correlation With Market

Average diversification

The correlation between Barrick Gold Corp and DJI is 0.15 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Barrick Gold Corp and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Barrick Gold Corp. 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 economic analysis.

Moving together with Barrick Stock

0.76	AU	AngloGold Ashanti plc	Pair Corr
0.9	NEM	Newmont Goldcorp Corp Aggressive Push	Pair Corr
0.79	PKX	POSCO Holdings	Pair Corr
0.61	CSTM	Constellium Nv	Pair Corr
0.91	CE	Celanese	Pair Corr
0.62	CX	Cemex SAB de	Pair Corr
0.76	HL	Hecla Mining	Pair Corr

Moving against Barrick Stock

0.69	CMC	Commercial Metals	Pair Corr
0.68	RS	Reliance Steel Aluminum	Pair Corr
0.42	AA	Alcoa Corp Fiscal Year End 15th of January 2025	Pair Corr
0.34	MT	ArcelorMittal SA ADR	Pair Corr
0.75	KALU	Kaiser Aluminum	Pair Corr
0.7	CENX	Century Aluminum	Pair Corr
0.57	STLD	Steel Dynamics Fiscal Year End 28th of January 2025	Pair Corr
0.39	USAP	Universal Stainless Alloy	Pair Corr
0.78	WS	Worthington Steel	Pair Corr
0.67	NC	NACCO Industries	Pair Corr
0.53	OC	Owens Corning	Pair Corr
0.44	NX	Quanex Building Products Fiscal Year End 12th of December 2024	Pair Corr
0.43	MP	MP Materials Corp	Pair Corr
0.42	TT	Trane Technologies plc	Pair Corr

Related Correlations Analysis

	AEM	PAAS	WPM	KGC	NEM	GFI	FNV	BTG	IAG	RGLD
AEM		0.78	0.97	0.78	0.15	0.78	0.94	0.72	0.76	0.85	AEM
PAAS	0.78		0.85	0.93	-0.08	0.86	0.72	0.67	0.68	0.92	PAAS
WPM	0.97	0.85		0.84	0.1	0.83	0.91	0.73	0.78	0.91	WPM
KGC	0.78	0.93	0.84		-0.03	0.84	0.73	0.72	0.59	0.92	KGC
NEM	0.15	-0.08	0.1	-0.03		0.26	0.27	0.35	-0.04	-0.05	NEM
GFI	0.78	0.86	0.83	0.84	0.26		0.82	0.82	0.63	0.81	GFI
FNV	0.94	0.72	0.91	0.73	0.27	0.82		0.82	0.69	0.75	FNV
BTG	0.72	0.67	0.73	0.72	0.35	0.82	0.82		0.61	0.63	BTG
IAG	0.76	0.68	0.78	0.59	-0.04	0.63	0.69	0.61		0.69	IAG
RGLD	0.85	0.92	0.91	0.92	-0.05	0.81	0.75	0.63	0.69		RGLD
	AEM	PAAS	WPM	KGC	NEM	GFI	FNV	BTG	IAG	RGLD

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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

WPM	+ 0.97	AEM
FNV	+ 0.94	AEM
KGC	+ 0.93	PAAS
RGLD	+ 0.92	PAAS
RGLD	+ 0.92	KGC
FNV	+ 0.91	WPM

High negative correlations

NEM	- 0.08	PAAS
RGLD	- 0.05	NEM
IAG	- 0.04	NEM
NEM	- 0.03	KGC

Risk-Adjusted Indicators

There is a big difference between Barrick Stock performing well and Barrick Gold 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 Gold'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
AEM	1.35	0.04	(0.04)	(0.29)	1.77	(1.53)	3.08	(2.69)	11.67
PAAS	2.20	0.07	0.01	0.21	2.29	(2.56)	6.05	(4.04)	14.73
WPM	1.39	0.04	(0.02)	0.37	2.00	(1.33)	2.78	(3.16)	10.53
KGC	1.98	0.13	0.02	0.54	2.63	(2.09)	5.41	(3.82)	18.27
NEM	1.54	(0.28)	0.00	(0.61)	0.00	0.00	2.51	(3.20)	18.92
GFI	2.19	(0.09)	0.00	1.03	0.00	0.00	4.52	(5.41)	14.93
FNV	1.23	(0.04)	(0.06)	(0.02)	1.77	(1.16)	2.46	(2.61)	8.26
BTG	2.09	0.04	(0.02)	(2.40)	2.26	(2.51)	3.90	(4.09)	17.88
IAG	2.56	0.17	0.02	3.21	3.08	(2.91)	6.95	(4.26)	25.09
RGLD	1.23	0.05	(0.01)	0.25	1.64	(1.18)	2.44	(2.62)	7.40

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