New Found Correlations

NFGC Stock

USD 1.18 0.04 3.51%

The current 90-days correlation between New Found Gold and Lion One Metals is -0.03 (i.e., Good diversification). The correlation of New Found 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.

New Found Correlation With Market

Average diversification

The correlation between New Found Gold and DJI is 0.13 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding New Found Gold and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with New Stock

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

Moving together with New Stock

0.73	DC	Dakota Gold Corp	Pair Corr
0.82	HYMCW	Hycroft Mining Holding	Pair Corr
0.7	IAUX	I 80 Gold Earnings Call This Week	Pair Corr

Moving against New Stock

0.77	EGO	Eldorado Gold Corp Buyout Trend	Pair Corr
0.77	HMY	Harmony Gold Mining Buyout Trend	Pair Corr
0.76	AU	AngloGold Ashanti plc Buyout Trend	Pair Corr
0.74	DRD	DRDGOLD Limited ADR	Pair Corr
0.74	IDR	Idaho Strategic Resources	Pair Corr
0.73	GFI	Gold Fields Buyout Trend	Pair Corr
0.73	KGC	Kinross Gold Earnings Call This Week	Pair Corr
0.73	WPM	Wheaton Precious Metals Earnings Call This Week	Pair Corr
0.72	OR	Osisko Gold Ro Earnings Call This Week	Pair Corr
0.72	AGI	Alamos Gold Buyout Trend	Pair Corr
0.71	AEM	Agnico Eagle Mines	Pair Corr
0.71	FNV	Franco Nevada	Pair Corr
0.71	FSM	Fortuna Silver Mines Potential Growth	Pair Corr
0.7	NGD	New Gold Aggressive Push	Pair Corr
0.65	NEM	Newmont Goldcorp Corp	Pair Corr
0.64	VGZ	Vista Gold	Pair Corr
0.62	CNL	Collective Mining	Pair Corr
0.62	ODV	Osisko Development Corp Buyout Trend	Pair Corr
0.53	IAG	IAMGold Earnings Call This Week	Pair Corr
0.49	BTG	B2Gold Corp	Pair Corr
0.47	PZG	Paramount Gold Nevada Earnings Call This Week	Pair Corr
0.33	THM	International Tower Hill Earnings Call This Week	Pair Corr
0.81	SAND	Sandstorm Gold	Pair Corr
0.78	ARMN	Aris Mining Earnings Call This Week	Pair Corr
0.78	CMCL	Caledonia Mining Earnings Call This Week	Pair Corr
0.77	ORLA	Orla Mining Earnings Call This Week	Pair Corr
0.77	RGLD	Royal Gold	Pair Corr
0.64	X	United States Steel	Pair Corr
0.57	HYMC	Hycroft Mining Holding	Pair Corr
0.54	CTGO	Contango ORE Earnings Call This Week	Pair Corr

Related Correlations Analysis

	SICNF	TLRS	IRVRF	LOMLF	NFLDF	MGDPF	KNTNF	EQX	CTGO	ORLA
SICNF		0.0	0.41	0.09	0.68	0.0	-0.5	0.44	-0.32	-0.56	SICNF
TLRS	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	TLRS
IRVRF	0.41	0.0		0.3	0.43	0.0	-0.22	0.54	-0.31	-0.22	IRVRF
LOMLF	0.09	0.0	0.3		0.04	0.0	0.32	0.36	0.32	0.25	LOMLF
NFLDF	0.68	0.0	0.43	0.04		0.0	-0.66	0.29	-0.47	-0.7	NFLDF
MGDPF	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	MGDPF
KNTNF	-0.5	0.0	-0.22	0.32	-0.66	0.0		0.27	0.78	0.97	KNTNF
EQX	0.44	0.0	0.54	0.36	0.29	0.0	0.27		0.24	0.21	EQX
CTGO	-0.32	0.0	-0.31	0.32	-0.47	0.0	0.78	0.24		0.8	CTGO
ORLA	-0.56	0.0	-0.22	0.25	-0.7	0.0	0.97	0.21	0.8		ORLA
	SICNF	TLRS	IRVRF	LOMLF	NFLDF	MGDPF	KNTNF	EQX	CTGO	ORLA

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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

ORLA	+ 0.97	KNTNF
ORLA	+ 0.8	CTGO
CTGO	+ 0.78	KNTNF
NFLDF	+ 0.68	SICNF
EQX	+ 0.54	IRVRF
EQX	+ 0.44	SICNF

High negative correlations

ORLA	- 0.7	NFLDF
KNTNF	- 0.66	NFLDF
ORLA	- 0.56	SICNF
KNTNF	- 0.5	SICNF
CTGO	- 0.47	NFLDF
CTGO	- 0.32	SICNF

Risk-Adjusted Indicators

There is a big difference between New Stock performing well and New Found 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 New Found'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
SICNF	6.75	(0.27)	0.00	2.25	0.00	0.00	17.83	(14.61)	53.03
TLRS	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
IRVRF	4.43	0.28	0.03	0.11	5.29	(8.87)	12.50	(11.11)	40.97
LOMLF	3.73	0.01	0.00	(0.11)	0.00	0.00	10.00	(9.52)	31.02
NFLDF	6.98	0.00	0.01	(0.04)	7.68	(10.48)	16.67	(14.29)	44.23
MGDPF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
KNTNF	2.05	0.57	0.21	0.88	2.62	(2.18)	4.85	(4.90)	15.16
EQX	2.54	0.12	0.05	0.03	3.01	(2.79)	4.95	(4.75)	15.07
CTGO	3.49	0.59	0.16	0.64	3.61	(3.81)	8.06	(5.66)	18.81
ORLA	3.00	1.01	0.25	0.81	3.22	(3.33)	6.97	(4.95)	20.89

New Found Corporate Management

Fiona PGeo	VP Development	Profile
Ronald Hampton	Chief Officer	Profile
Kenneth Bsc	Geologist	Profile
Janet Francis	Corporate Secretary	Profile
Jared Saunders	Vice Sustainability	Profile

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