New Gold Correlations

NGD Stock

USD 3.01 0.53 14.97%

The current 90-days correlation between New Gold and Eldorado Gold Corp is 0.72 (i.e., Poor diversification). The correlation of New 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.

New Gold Correlation With Market

Very weak diversification

The correlation between New Gold and DJI is 0.41 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding New Gold 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 New 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.

For information on how to trade New Stock refer to our How to Trade New Stock guide.

Moving together with New Stock

0.83	X	United States Steel	Pair Corr
0.8	AG	First Majestic Silver	Pair Corr
0.91	AU	AngloGold Ashanti plc	Pair Corr
0.9	OR	Osisko Gold Ro	Pair Corr
0.69	TX	Ternium SA ADR Downward Rally	Pair Corr
0.65	HYMCL	Hycroft Mining Holding	Pair Corr
0.86	AEM	Agnico Eagle Mines	Pair Corr
0.85	AGI	Alamos Gold	Pair Corr
0.68	BTG	B2Gold Corp	Pair Corr
0.85	DRD	DRDGOLD Limited ADR	Pair Corr
0.67	EGO	Eldorado Gold Corp	Pair Corr
0.69	EQX	Equinox Gold Corp	Pair Corr
0.61	EXK	Endeavour Silver Corp	Pair Corr
0.87	FNV	Franco Nevada	Pair Corr
0.94	FSM	Fortuna Silver Mines	Pair Corr
0.85	GFI	Gold Fields	Pair Corr
0.92	HMY	Harmony Gold Mining	Pair Corr

Moving against New Stock

0.62	HYMCW	Hycroft Mining Holding	Pair Corr
0.6	WS	Worthington Steel	Pair Corr
0.59	DOW	Dow Inc	Pair Corr
0.48	AA	Alcoa Corp	Pair Corr
0.38	CLF	Cleveland Cliffs	Pair Corr
0.36	IE	Ivanhoe Electric	Pair Corr
0.34	CMC	Commercial Metals	Pair Corr
0.59	OLN	Olin	Pair Corr
0.46	LXU	Lsb Industries	Pair Corr
0.46	PFH	Prudential Financial 4125	Pair Corr
0.43	HUN	Huntsman	Pair Corr
0.32	HLP	Hongli Group Ordinary	Pair Corr

Related Correlations Analysis

	EGO	KGC	HMY	CDE	FSM	PAAS	IAG	FTCO	GAU
EGO		0.45	0.48	0.13	0.65	0.18	0.34	-0.21	0.02	EGO
KGC	0.45		0.94	0.24	0.88	0.86	0.79	0.12	0.11	KGC
HMY	0.48	0.94		0.08	0.86	0.82	0.7	0.03	0.02	HMY
CDE	0.13	0.24	0.08		0.27	0.11	0.63	0.53	0.21	CDE
FSM	0.65	0.88	0.86	0.27		0.78	0.66	-0.07	0.26	FSM
PAAS	0.18	0.86	0.82	0.11	0.78		0.62	0.06	0.38	PAAS
IAG	0.34	0.79	0.7	0.63	0.66	0.62		0.54	0.13	IAG
FTCO	-0.21	0.12	0.03	0.53	-0.07	0.06	0.54		0.08	FTCO
GAU	0.02	0.11	0.02	0.21	0.26	0.38	0.13	0.08		GAU
	EGO	KGC	HMY	CDE	FSM	PAAS	IAG	FTCO	GAU

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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

HMY	+ 0.94	KGC
FSM	+ 0.88	KGC
PAAS	+ 0.86	KGC
FSM	+ 0.86	HMY
PAAS	+ 0.82	HMY
IAG	+ 0.79	KGC

High negative correlations

FTCO	- 0.21	EGO
FTCO	- 0.07	FSM

Risk-Adjusted Indicators

There is a big difference between New Stock performing well and New 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 New 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
EGO	2.18	0.32	0.09	0.23	3.82	(1.98)	4.64	(5.86)	16.79
KGC	1.94	0.53	0.18	0.55	2.53	(1.98)	4.85	(4.94)	12.67
HMY	2.56	0.90	0.25	0.90	3.00	(2.73)	5.10	(4.36)	13.50
CDE	3.32	0.11	0.00	(0.09)	0.00	0.00	6.90	(7.90)	18.88
FSM	2.86	0.62	0.14	0.37	3.97	(2.86)	6.76	(6.28)	16.63
PAAS	2.20	0.35	0.10	0.13	3.03	(2.36)	4.83	(4.46)	12.73
IAG	2.63	0.40	0.08	0.20	4.19	(2.45)	4.90	(6.69)	17.49
FTCO	1.45	0.02	0.00	(0.09)	0.00	0.00	3.38	(3.13)	11.56
GAU	2.85	(0.05)	0.00	(0.23)	0.00	0.00	6.03	(7.14)	17.91

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