DRDGOLD Limited Correlations

DRD Stock

USD 11.37 0.08 0.70%

The current 90-days correlation between DRDGOLD Limited ADR and SSR Mining is 0.49 (i.e., Very weak diversification). The correlation of DRDGOLD Limited 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.

DRDGOLD Limited Correlation With Market

Good diversification

The correlation between DRDGOLD Limited ADR and DJI is -0.02 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding DRDGOLD Limited ADR and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in DRDGOLD Limited ADR. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in metropolitan statistical area.

Moving together with DRDGOLD Stock

0.66	X	United States Steel	Pair Corr
0.83	MT	ArcelorMittal SA ADR	Pair Corr
0.77	WLKP	Westlake Chemical	Pair Corr
0.92	HMY	Harmony Gold Mining Earnings Call Today	Pair Corr
0.87	IDR	Idaho Strategic Resources	Pair Corr
0.7	GOLD	Barrick Gold Corp	Pair Corr
0.81	GROY	Gold Royalty Corp	Pair Corr
0.85	SAND	Sandstorm Gold	Pair Corr
0.88	AU	AngloGold Ashanti plc	Pair Corr

Moving against DRDGOLD Stock

0.51	SIM	Grupo Simec SAB	Pair Corr
0.38	EGO	Eldorado Gold Corp	Pair Corr
0.37	CE	Celanese	Pair Corr
0.32	WS	Worthington Steel	Pair Corr
0.79	ZKIN	ZK International	Pair Corr
0.61	EU	enCore Energy Corp	Pair Corr
0.5	VHI	Valhi Inc Earnings Call This Week	Pair Corr
0.5	FF	FutureFuel Corp	Pair Corr
0.47	ASTL	Algoma Steel Group	Pair Corr
0.33	TROX	Tronox Holdings PLC	Pair Corr

Related Correlations Analysis

	OR	EGO	SSRM	IDR	AU	HMY	KGC	PAAS	SAND
OR		0.23	0.08	0.73	0.42	0.46	0.44	0.66	0.62	OR
EGO	0.23		-0.68	-0.13	-0.6	-0.48	-0.52	-0.25	-0.43	EGO
SSRM	0.08	-0.68		0.49	0.83	0.73	0.76	0.69	0.68	SSRM
IDR	0.73	-0.13	0.49		0.8	0.86	0.79	0.91	0.82	IDR
AU	0.42	-0.6	0.83	0.8		0.94	0.96	0.86	0.89	AU
HMY	0.46	-0.48	0.73	0.86	0.94		0.94	0.87	0.87	HMY
KGC	0.44	-0.52	0.76	0.79	0.96	0.94		0.82	0.88	KGC
PAAS	0.66	-0.25	0.69	0.91	0.86	0.87	0.82		0.88	PAAS
SAND	0.62	-0.43	0.68	0.82	0.89	0.87	0.88	0.88		SAND
	OR	EGO	SSRM	IDR	AU	HMY	KGC	PAAS	SAND

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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

KGC	+ 0.96	AU
HMY	+ 0.94	AU
KGC	+ 0.94	HMY
PAAS	+ 0.91	IDR
SAND	+ 0.89	AU
SAND	+ 0.88	KGC

High negative correlations

SSRM	- 0.68	EGO
AU	- 0.6	EGO
KGC	- 0.52	EGO
HMY	- 0.48	EGO
SAND	- 0.43	EGO
PAAS	- 0.25	EGO

Risk-Adjusted Indicators

There is a big difference between DRDGOLD Stock performing well and DRDGOLD Limited 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 DRDGOLD Limited'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
OR	1.27	(0.06)	0.00	(0.29)	0.00	0.00	3.07	(3.06)	7.47
EGO	2.09	(0.15)	0.00	(0.26)	0.00	0.00	4.42	(5.25)	16.79
SSRM	2.61	0.96	0.38	1.53	1.93	(3.11)	7.69	(4.55)	18.11
IDR	2.94	0.11	0.03	0.14	3.26	(3.71)	6.33	(5.75)	18.58
AU	2.03	0.46	0.21	1.12	1.85	(2.36)	5.09	(3.16)	10.55
HMY	2.20	0.26	0.10	0.53	2.53	(2.34)	4.92	(4.39)	13.79
KGC	1.95	0.29	0.11	1.86	2.41	(2.04)	4.85	(4.83)	12.67
PAAS	2.03	0.13	0.05	0.70	2.35	(2.17)	5.01	(3.94)	12.09
SAND	1.50	0.18	0.07	0.42	2.25	(1.49)	3.18	(3.65)	11.26

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