Denison Mines Correlations

DML Stock  CAD 2.15  0.02  0.92%   
The current 90-days correlation between Denison Mines Corp and Energy Fuels is 0.83 (i.e., Very poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Denison Mines moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Denison Mines Corp moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Denison Mines Correlation With Market

Significant diversification

The correlation between Denison Mines Corp and DJI is 0.05 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Denison Mines Corp and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Denison Mines could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Denison Mines 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 Denison Mines - 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 Denison Mines Corp to buy it.

Moving together with Denison Stock

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  0.64MSFT Microsoft Corp CDRPairCorr
  0.68NVDA NVIDIA CDRPairCorr
  0.67AMZN Amazon CDRPairCorr
  0.77GOOG Alphabet CDRPairCorr
  0.84AVGO BroadcomPairCorr
  0.89TSLA Tesla Inc CDRPairCorr

Moving against Denison Stock

  0.85DOL DollaramaPairCorr
  0.74BRK Berkshire Hathaway CDRPairCorr
  0.69SMD Strategic MetalsPairCorr
  0.68LLY Eli LillyPairCorr
  0.61ENB-PFV Enbridge Pref 5PairCorr
  0.61ENB-PFU Enbridge Pref LPairCorr
  0.55APM Andean Precious MetalsPairCorr
  0.54SM Sierra Madre GoldPairCorr
  0.49SAGE Sage Potash CorpPairCorr
  0.48VCU Vizsla Copper CorpPairCorr
  0.4PPL Pembina Pipeline CorpPairCorr
  0.31CM-PS Canadian Imperial BankPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Denison Stock performing well and Denison Mines 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 Denison Mines' 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.

Be your own money manager

Our tools can tell you how much better you can do entering a position in Denison Mines 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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Denison Mines Corporate Management

Elected by the shareholders, the Denison Mines' board of directors comprises two types of representatives: Denison Mines inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Denison. The board's role is to monitor Denison Mines' management team and ensure that shareholders' interests are well served. Denison Mines' inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Denison Mines' outside directors are responsible for providing unbiased perspectives on the board's policies.
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