Nexa Resources Correlations

NEXA Stock

USD 5.97 0.28 4.48%

The current 90-days correlation between Nexa Resources SA and Standard Lithium is 0.32 (i.e., Weak diversification). The correlation of Nexa Resources 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.

Nexa Resources Correlation With Market

Modest diversification

The correlation between Nexa Resources SA and DJI is 0.25 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nexa Resources SA and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Nexa Stock

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Nexa Resources SA. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in consumer price index.

Moving together with Nexa Stock

0.71	PEX	Peel Mining	Pair Corr
0.71	IMI	Infinity Mining	Pair Corr
0.82	601121	Xinjiang Baodi Mining	Pair Corr
0.72	000603	Shengda Mining	Pair Corr
0.84	THR	Thor Mining PLC	Pair Corr
0.78	ECOR	Ecora Resources plc	Pair Corr
0.64	VML	Vital Metals	Pair Corr
0.81	TI	Titan Mining Corp Split	Pair Corr
0.74	EDV	Endeavour Mining Corp	Pair Corr
0.88	NAU	NevGold Corp	Pair Corr
0.79	CMET	Capital Metals PLC	Pair Corr

Moving against Nexa Stock

0.76	POW	Power Metal Resources	Pair Corr
0.74	DY6	DY6 Metals	Pair Corr
0.49	RAJMET	Rajnandini Metal	Pair Corr
0.45	BMM	Bayan Mining	Pair Corr
0.38	CNL	Collective Mining	Pair Corr
0.65	GBE	Globe Metals Mining	Pair Corr
0.38	SVML	Sovereign Metals	Pair Corr

Related Correlations Analysis

	SLI	CMP	LAR	TMQ	MTUS	GTI	SGML	TMC	GSM	IAUX
SLI		0.07	0.85	0.87	0.34	0.23	0.45	0.94	0.87	0.71	SLI
CMP	0.07		-0.08	-0.13	-0.39	0.19	0.64	0.16	0.13	-0.23	CMP
LAR	0.85	-0.08		0.86	0.28	0.05	0.34	0.83	0.71	0.64	LAR
TMQ	0.87	-0.13	0.86		0.37	0.26	0.12	0.85	0.76	0.68	TMQ
MTUS	0.34	-0.39	0.28	0.37		0.15	-0.19	0.29	0.53	0.35	MTUS
GTI	0.23	0.19	0.05	0.26	0.15		0.05	0.21	0.39	-0.24	GTI
SGML	0.45	0.64	0.34	0.12	-0.19	0.05		0.48	0.41	0.2	SGML
TMC	0.94	0.16	0.83	0.85	0.29	0.21	0.48		0.88	0.67	TMC
GSM	0.87	0.13	0.71	0.76	0.53	0.39	0.41	0.88		0.5	GSM
IAUX	0.71	-0.23	0.64	0.68	0.35	-0.24	0.2	0.67	0.5		IAUX
	SLI	CMP	LAR	TMQ	MTUS	GTI	SGML	TMC	GSM	IAUX

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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

TMC	+ 0.94	SLI
GSM	+ 0.88	TMC
TMQ	+ 0.87	SLI
GSM	+ 0.87	SLI
TMQ	+ 0.86	LAR
LAR	+ 0.85	SLI

High negative correlations

MTUS	- 0.39	CMP
IAUX	- 0.24	GTI
IAUX	- 0.23	CMP
SGML	- 0.19	MTUS
TMQ	- 0.13	CMP
LAR	- 0.08	CMP

Risk-Adjusted Indicators

There is a big difference between Nexa Stock performing well and Nexa Resources 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 Nexa Resources' 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
SLI	3.97	0.34	0.05	0.95	5.22	(4.33)	9.25	(9.50)	40.36
CMP	1.85	(0.17)	0.00	(0.04)	0.00	0.00	3.28	(3.41)	11.16
LAR	4.31	0.46	0.10	0.31	4.57	(5.01)	11.02	(7.46)	36.13
TMQ	9.65	3.04	0.42	2.90	5.61	(14.20)	10.62	(9.74)	231.19
MTUS	1.65	(0.08)	(0.03)	0.01	1.97	(1.84)	3.95	(3.59)	9.79
GTI	6.46	(2.60)	0.00	(0.34)	0.00	0.00	8.46	(9.59)	86.41
SGML	5.04	0.15	0.04	0.13	6.39	(5.35)	11.06	(10.13)	30.69
TMC	4.14	(0.04)	0.00	0.04	4.85	(4.95)	8.95	(9.48)	30.35
GSM	2.29	(0.19)	0.00	(0.03)	0.00	0.00	5.30	(5.46)	19.22
IAUX	2.98	0.70	0.18	1.28	3.22	(3.56)	7.69	(4.55)	19.07

Nexa Resources Corporate Management

Valdecir Botassini	Senior Vice President Project Development & Execution	Profile
Diego Cabrera	Director	Profile
Leonardo Coelho	Senior Vice President - Mining	Profile
Edward Ruiz	Independent Director	Profile

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