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

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Moving against Elray Pink Sheet

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  0.5ARLUF Aristocrat LeisurePairCorr
  0.5AJG Arthur J GallagherPairCorr
  0.47SARMF Southern Arc MineralsPairCorr
  0.46DKNG DraftKingsPairCorr
  0.45JGLDF Japan Gold CorpPairCorr
  0.43NRPI NRP StonePairCorr
  0.4HTWSF Helios Towers plcPairCorr
  0.37LNW Light WonderPairCorr
  0.36PAA Plains All AmericanPairCorr
  0.31PPL PPL CorporationPairCorr
  0.31VLKPF Volkswagen AG VZOPairCorr
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  0.73SAFRF Safran SAPairCorr
  0.72ARLSF Argo Living SoilsPairCorr
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  0.69SDVKF Sandvik ABPairCorr
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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   
INSEACEL
INSEEVRI
EVRILNW
LTRYWEVRI
LTRYWLNW
RSIACEL
  
High negative correlations   
LTRYWRSI
RSILNW
RSIIGT
EBETLTRYW
EBETPDYPY
LTRYWPDYPY

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  1.42 (0.11) 0.00 (0.29) 0.00 
 3.08 
 12.11 
LNW  1.58  0.43  0.25  0.40  1.51 
 4.76 
 15.12 
EVRI  0.14  0.01  0.44  0.04  0.15 
 0.29 
 1.32 
INSE  1.88  0.22  0.08  0.20  2.70 
 5.02 
 12.37 
IGT  1.20  0.05  0.09  0.24  1.43 
 2.92 
 6.02 
RSI  2.91 (0.36) 0.00  0.41  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  12.94  2.74  0.24 (0.78) 11.42 
 33.33 
 90.89 
EBET  0.00  0.00  0.00  0.00  0.00 
 0.00 
 0.00 

Be your own money manager

Our tools can tell you how much better you can do entering a position in Elray Resources 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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