DRDGOLD Limited Correlations

DRD Stock

USD 14.21 0.36 2.47%

The current 90-days correlation between DRDGOLD Limited ADR and SSR Mining is 0.41 (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 -0.09 (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

0.86	AU	AngloGold Ashanti plc	Pair Corr
0.91	AEM	Agnico Eagle Mines	Pair Corr
0.79	BTG	B2Gold Corp	Pair Corr
0.79	EQX	Equinox Gold Corp	Pair Corr
0.94	GFI	Gold Fields	Pair Corr
0.76	KGC	Kinross Gold	Pair Corr
0.79	NEM	Newmont Goldcorp Corp	Pair Corr
0.93	WPM	Wheaton Precious Metals	Pair Corr
0.9	GOLD	Barrick Gold Corp	Pair Corr
0.89	PAAS	Pan American Silver	Pair Corr
0.87	SAND	Sandstorm Gold	Pair Corr
0.75	X	United States Steel	Pair Corr
0.67	AG	First Majestic Silver	Pair Corr
0.74	DC	Dakota Gold Corp	Pair Corr
0.86	MP	MP Materials Corp	Pair Corr
0.93	MT	ArcelorMittal SA ADR	Pair Corr
0.83	NC	NACCO Industries	Pair Corr
0.81	TX	Ternium SA ADR	Pair Corr

Moving against DRDGOLD Stock

0.92	EU	enCore Energy Corp	Pair Corr
0.85	FF	FutureFuel Corp	Pair Corr
0.72	CC	Chemours	Pair Corr
0.71	AA	Alcoa Corp	Pair Corr
0.69	CF	CF Industries Holdings	Pair Corr
0.68	CE	Celanese	Pair Corr
0.67	IE	Ivanhoe Electric	Pair Corr
0.92	ASH	Ashland Global Holdings	Pair Corr
0.9	AMR	Alpha Metallurgical	Pair Corr
0.88	WTTR	Select Energy Services	Pair Corr
0.82	FEAM	5E Advanced Materials	Pair Corr
0.8	FMST	Foremost Lithium Resource	Pair Corr
0.79	HYMCW	Hycroft Mining Holding	Pair Corr
0.78	NX	Quanex Building Products	Pair Corr
0.78	TT	Trane Technologies plc	Pair Corr
0.76	FBIN	Fortune Brands Innov	Pair Corr

Related Correlations Analysis

	OR	EGO	SSRM	IDR	AU	HMY	KGC	PAAS	SAND
OR		0.16	0.5	0.76	0.7	0.69	0.73	0.68	0.72	OR
EGO	0.16		-0.37	-0.14	-0.25	-0.2	-0.16	-0.22	-0.22	EGO
SSRM	0.5	-0.37		0.6	0.89	0.81	0.78	0.93	0.9	SSRM
IDR	0.76	-0.14	0.6		0.81	0.84	0.86	0.79	0.73	IDR
AU	0.7	-0.25	0.89	0.81		0.97	0.95	0.95	0.94	AU
HMY	0.69	-0.2	0.81	0.84	0.97		0.95	0.92	0.88	HMY
KGC	0.73	-0.16	0.78	0.86	0.95	0.95		0.9	0.89	KGC
PAAS	0.68	-0.22	0.93	0.79	0.95	0.92	0.9		0.95	PAAS
SAND	0.72	-0.22	0.9	0.73	0.94	0.88	0.89	0.95		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

HMY	+ 0.97	AU
KGC	+ 0.95	AU
PAAS	+ 0.95	AU
KGC	+ 0.95	HMY
SAND	+ 0.95	PAAS
SAND	+ 0.94	AU

High negative correlations

SSRM	- 0.37	EGO
AU	- 0.25	EGO
SAND	- 0.22	EGO
PAAS	- 0.22	EGO
HMY	- 0.2	EGO
KGC	- 0.16	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	1.37	0.12	0.10	0.44	1.61	(1.40)	2.98	(2.41)	7.66
EGO	1.99	0.03	0.02	0.01	3.48	(1.84)	4.42	(5.33)	16.79
SSRM	2.40	0.67	0.26	0.77	2.10	(2.70)	4.90	(4.30)	17.06
IDR	2.94	0.24	0.07	0.21	3.25	(3.78)	6.33	(6.47)	15.38
AU	2.03	0.61	0.30	1.53	1.75	(2.36)	4.73	(3.33)	12.42
HMY	2.25	0.59	0.22	1.64	2.32	(2.48)	5.01	(4.36)	13.50
KGC	1.93	0.39	0.14	0.66	2.45	(1.97)	4.85	(4.94)	12.67
PAAS	2.02	0.28	0.13	0.63	2.23	(2.27)	4.83	(4.14)	11.48
SAND	1.52	0.33	0.14	0.87	2.22	(1.59)	3.51	(3.39)	10.97

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