Elray Resources Correlations

ELRA Stock  USD 0.0003  0.00  0.00%   
The correlation of Elray Resources 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.

Elray Resources Correlation With Market

Good diversification

The correlation between Elray Resources and DJI is -0.03 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Elray Resources and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Elray Resources could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Elray Resources 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 Elray Resources - 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 Elray Resources to buy it.

Moving together with Elray Pink Sheet

  0.64CHHE China Health IndustriesPairCorr

Moving against Elray Pink Sheet

  0.77AJG Arthur J GallagherPairCorr
  0.71ORLA Orla MiningPairCorr
  0.67PPL PPL CorporationPairCorr
  0.66AMSYF ArcelorMittal SAPairCorr
  0.63VLKPF Volkswagen AG VZOPairCorr
  0.59LNW Light WonderPairCorr
  0.59SNWV SANUWAVE Health, Common Earnings Call This WeekPairCorr
  0.58MURGY Muenchener Rueckver GesPairCorr
  0.56PAA Plains All American Sell-off TrendPairCorr
  0.55ASCCY Asics Corp ADRPairCorr
  0.47JGLDF Japan Gold CorpPairCorr
  0.45NIABY NIBE Industrier ABPairCorr
  0.42RIO Rio Tinto ADRPairCorr
  0.39ARLUF Aristocrat LeisurePairCorr
  0.38DKNG DraftKingsPairCorr
  0.32NRPI NRP StonePairCorr
  0.31RILYZ B Riley FinancialPairCorr
  0.73SAFRF Safran SAPairCorr
  0.73RITM-PC Rithm Capital CorpPairCorr
  0.73SCGLY Societe Generale ADRPairCorr
  0.72ARLSF Argo Living SoilsPairCorr
  0.7KMBIF Kambi Group plcPairCorr
  0.69SDVKF Sandvik ABPairCorr
  0.68NODB North Dallas BankPairCorr
  0.68NCBDF BANDAI NAMCO HoldingsPairCorr

Related Correlations Analysis

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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   
LTRYWLNW
LTRYWEVRI
INSEEVRI
INSEACEL
EVRILNW
RSIACEL
  
High negative correlations   
RSILNW
LTRYWRSI
IGTEVRI
RSIIGT
RSIEVRI
LTRYWIGT

Risk-Adjusted Indicators

There is a big difference between Elray Pink Sheet performing well and Elray Resources 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 Elray Resources' 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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
ACEL  1.47 (0.33) 0.00 (7.10) 0.00 
 2.90 
 12.11 
LNW  1.56  0.27  0.14  0.17  1.68 
 4.28 
 15.12 
EVRI  0.14  0.01  0.44  0.01  0.15 
 0.29 
 1.32 
INSE  1.87  0.15  0.03  0.00  2.85 
 4.23 
 12.37 
IGT  1.27 (0.11) 0.00 (0.29) 0.00 
 1.86 
 6.02 
RSI  2.89 (0.05) 0.00 (0.12) 0.00 
 4.96 
 21.43 
GMBL  0.00  0.00  0.00  0.00  0.00 
 0.00 
 0.00 
PDYPY  0.00  0.00  0.00  0.00  0.00 
 0.00 
 0.00 
LTRYW  12.90  2.73  0.23 (1.48) 11.29 
 33.33 
 90.89 
EBET  0.00  0.00  0.00  0.00  0.00 
 0.00 
 0.00 

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