MCEWEN MINING Correlations

US8 Stock

16.30 0.30 1.88%

The current 90-days correlation between MCEWEN MINING INC and Fresnillo plc is -0.23 (i.e., Very good diversification). The correlation of MCEWEN MINING 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.

MCEWEN MINING Correlation With Market

Average diversification

The correlation between MCEWEN MINING INC and DJI is 0.14 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding MCEWEN MINING INC and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to MCEWEN MINING could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace MCEWEN MINING when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back MCEWEN MINING - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling MCEWEN MINING INC to buy it.

Moving together with MCEWEN Stock

0.83	X9C	Metalla Royalty Streaming	Pair Corr
0.75	SSU	Samsung Electronics	Pair Corr
0.74	SSUN	Samsung Electronics	Pair Corr
0.74	SSU	Samsung Electronics	Pair Corr
0.74	SSUN	Samsung Electronics	Pair Corr

Moving against MCEWEN Stock

0.67	BYRA	BANK RAKYAT IND	Pair Corr
0.65	BYRA	BANK RAKYAT IND	Pair Corr
0.57	BYRA	PT Bank Rakyat	Pair Corr
0.56	PQ9	BANK MANDIRI	Pair Corr
0.46	BYRA	PT Bank Rakyat	Pair Corr
0.43	DBPD	Xtrackers ShortDAX	Pair Corr

Related Correlations Analysis

	FNL	3N7A	94P	8SP	2DG	INVN	6HW	NOH1	TAX	CFS5
FNL		0.76	-0.04	-0.27	0.29	-0.6	-0.21	0.59	-0.39	-0.08	FNL
3N7A	0.76		-0.38	0.02	0.09	-0.52	-0.37	0.36	0.02	-0.26	3N7A
94P	-0.04	-0.38		0.01	0.06	0.29	0.4	0.35	-0.5	0.44	94P
8SP	-0.27	0.02	0.01		0.16	0.53	0.18	-0.33	0.54	-0.3	8SP
2DG	0.29	0.09	0.06	0.16		0.08	-0.02	0.01	0.19	-0.29	2DG
INVN	-0.6	-0.52	0.29	0.53	0.08		0.51	-0.31	0.32	0.09	INVN
6HW	-0.21	-0.37	0.4	0.18	-0.02	0.51		0.2	-0.31	0.22	6HW
NOH1	0.59	0.36	0.35	-0.33	0.01	-0.31	0.2		-0.64	0.26	NOH1
TAX	-0.39	0.02	-0.5	0.54	0.19	0.32	-0.31	-0.64		-0.58	TAX
CFS5	-0.08	-0.26	0.44	-0.3	-0.29	0.09	0.22	0.26	-0.58		CFS5
	FNL	3N7A	94P	8SP	2DG	INVN	6HW	NOH1	TAX	CFS5

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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

3N7A	+ 0.76	FNL
NOH1	+ 0.59	FNL
TAX	+ 0.54	8SP
INVN	+ 0.53	8SP
6HW	+ 0.51	INVN
CFS5	+ 0.44	94P

High negative correlations

TAX	- 0.64	NOH1
INVN	- 0.6	FNL
CFS5	- 0.58	TAX
INVN	- 0.52	3N7A
TAX	- 0.5	94P
TAX	- 0.39	FNL

Risk-Adjusted Indicators

There is a big difference between MCEWEN Stock performing well and MCEWEN MINING 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 MCEWEN MINING'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
FNL	3.60	0.45	0.07	(0.72)	4.32	(4.00)	7.88	(7.65)	26.04
3N7A	3.94	0.73	0.09	(0.61)	5.18	(4.27)	9.09	(7.56)	27.64
94P	1.86	0.09	0.02	0.50	2.20	(2.10)	4.56	(3.36)	14.39
8SP	1.22	0.00	0.00	0.06	0.00	0.00	2.10	(1.79)	22.96
2DG	2.95	0.10	0.00	(0.46)	3.62	(5.51)	6.90	(3.45)	23.03
INVN	2.36	(0.09)	0.00	0.36	0.00	0.00	4.62	(6.21)	17.77
6HW	0.26	(0.05)	0.00	(0.29)	0.00	0.00	1.04	(0.98)	6.09
NOH1	1.59	0.17	0.06	0.54	2.03	(1.70)	3.08	(3.85)	10.42
TAX	1.35	(0.30)	0.00	(3.21)	0.00	0.00	2.48	(3.88)	8.95
CFS5	3.59	0.51	0.04	(0.08)	5.28	(4.38)	5.72	(5.37)	45.52

Be your own money manager

Our tools can tell you how much better you can do entering a position in MCEWEN MINING without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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