Newmont Goldcorp Correlations

Stocks . USA . 
Stock . Newmont Goldcorp Corp
NEM Stock  USD 44.18  4.15  8.59%   
The current 90-days correlation between Newmont Goldcorp Corp and Agnico Eagle Mines is 0.8 (i.e., Very poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Newmont Goldcorp moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Newmont Goldcorp Corp moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Newmont Goldcorp Correlation With Market

Very weak diversification

The correlation between Newmont Goldcorp Corp and DJI is 0.48 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Newmont Goldcorp Corp and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Newmont Goldcorp 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 income.

Moving together with Newmont Stock

  0.9X United States SteelPairCorr
  0.61AG First Majestic SilverPairCorr
  0.93AU AngloGold Ashanti plcPairCorr
  0.63DC Dakota Gold CorpPairCorr
  0.74MT ArcelorMittal SA ADRPairCorr
  0.83OR Osisko Gold RoPairCorr
  0.66TX Ternium SA ADR Downward RallyPairCorr
  0.81HYMCL Hycroft Mining HoldingPairCorr
  0.94AEM Agnico Eagle MinesPairCorr
  0.89AGI Alamos GoldPairCorr
  0.69BTG B2Gold CorpPairCorr
  0.8DRD DRDGOLD Limited ADRPairCorr
  0.91EQX Equinox Gold CorpPairCorr
  0.67EXK Endeavour Silver CorpPairCorr
  0.91FNV Franco NevadaPairCorr
  0.81FSM Fortuna Silver MinesPairCorr
  0.92GFI Gold FieldsPairCorr
  0.9HMY Harmony Gold MiningPairCorr

Moving against Newmont Stock

  0.63WS Worthington SteelPairCorr
  0.55HYMCW Hycroft Mining HoldingPairCorr
  0.52DOW Dow IncPairCorr
  0.49IE Ivanhoe ElectricPairCorr
  0.44AA Alcoa CorpPairCorr
  0.43CE CelanesePairCorr
  0.7OLN OlinPairCorr
  0.38LXU Lsb IndustriesPairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Risk-Adjusted Indicators

There is a big difference between Newmont Stock performing well and Newmont Goldcorp 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 Newmont Goldcorp'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
PAAS  2.20  0.35  0.10  0.13  3.03 
(2.36)
 4.83 
(4.46)
 12.73 
AEM  1.48  0.51  0.24  0.53  2.06 
(1.68)
 3.84 
(2.31)
 9.76 
KGC  1.94  0.53  0.18  0.55  2.53 
(1.98)
 4.85 
(4.94)
 12.67 
WPM  1.46  0.51  0.21  0.42  2.09 
(1.53)
 2.99 
(2.53)
 7.60 
FNV  1.23  0.46  0.22  0.46  1.85 
(1.27)
 3.01 
(2.14)
 7.88 
GFI  2.10  0.79  0.27  1.06  2.73 
(2.39)
 4.48 
(3.04)
 11.38 
RGLD  1.13  0.37  0.19  0.42  1.74 
(1.07)
 2.04 
(2.49)
 8.62 
SAND  1.73  0.48  0.19  0.55  2.43 
(1.88)
 3.98 
(3.39)
 10.97 
BTG  2.33  0.30  0.10  0.24  3.30 
(2.39)
 5.07 
(4.17)
 18.27 
IAG  2.63  0.40  0.08  0.20  4.19 
(2.45)
 4.90 
(6.69)
 17.49 

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