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 against Elray Pink Sheet

0.77	AJG	Arthur J Gallagher	Pair Corr
0.63	VLKPF	Volkswagen AG VZO	Pair Corr
0.59	LNW	Light Wonder	Pair Corr
0.58	NIABY	NIBE Industrier AB	Pair Corr
0.56	PAA	Plains All American	Pair Corr
0.5	ARLUF	Aristocrat Leisure	Pair Corr
0.47	SARMF	Southern Arc Minerals	Pair Corr
0.46	DKNG	DraftKings	Pair Corr
0.43	NRPI	NRP Stone	Pair Corr
0.42	RIO	Rio Tinto ADR	Pair Corr
0.41	GMVHY	Entain DRC PLC	Pair Corr
0.41	ASCCY	Asics Corp ADR	Pair Corr
0.4	HTWSF	Helios Towers plc	Pair Corr
0.39	AMSYF	ArcelorMittal SA	Pair Corr
0.32	GMVHF	Entain Plc	Pair Corr
0.31	PPL	PPL Corporation	Pair Corr
0.74	KMBIF	Kambi Group plc	Pair Corr
0.72	ARLSF	Argo Living Soils	Pair Corr
0.61	NUVR	New Ulm Telecom	Pair Corr
0.54	PRSI	Portsmouth Square	Pair Corr
0.44	SEPJF	Spectris plc	Pair Corr
0.43	AONNY	Aeon Co	Pair Corr
0.43	SAGE	Sage Therapeutic	Pair Corr
0.41	RITM-PC	Rithm Capital Corp	Pair Corr

Related Correlations Analysis

	ACEL	LNW	EVRI	INSE	IGT	RSI	GMBL	PDYPY	LTRYW	EBET
ACEL		0.12	0.31	0.75	0.39	0.26	0.0	0.0	0.3	0.0	ACEL
LNW	0.12		0.68	0.4	0.29	-0.45	0.0	0.0	0.76	0.0	LNW
EVRI	0.31	0.68		0.76	-0.11	0.17	0.0	0.0	0.41	0.0	EVRI
INSE	0.75	0.4	0.76		0.09	0.44	0.0	0.0	0.3	0.0	INSE
IGT	0.39	0.29	-0.11	0.09		-0.39	0.0	0.0	0.52	0.0	IGT
RSI	0.26	-0.45	0.17	0.44	-0.39		0.0	0.0	-0.45	0.0	RSI
GMBL	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	GMBL
PDYPY	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	PDYPY
LTRYW	0.3	0.76	0.41	0.3	0.52	-0.45	0.0	0.0		0.0	LTRYW
EBET	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		EBET
	ACEL	LNW	EVRI	INSE	IGT	RSI	GMBL	PDYPY	LTRYW	EBET

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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

LTRYW	+ 0.76	LNW
INSE	+ 0.76	EVRI
INSE	+ 0.75	ACEL
EVRI	+ 0.68	LNW
LTRYW	+ 0.52	IGT
RSI	+ 0.44	INSE

High negative correlations

LTRYW	- 0.45	RSI
RSI	- 0.45	LNW
RSI	- 0.39	IGT
IGT	- 0.11	EVRI
EBET	- 0.0	LTRYW
EBET	- 0.0	PDYPY

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 Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
ACEL	1.47	(0.33)	0.00	(7.10)	0.00	0.00	2.90	(3.56)	12.11
LNW	1.56	0.27	0.14	0.17	1.68	(1.73)	4.28	(3.06)	15.12
EVRI	0.14	0.01	0.44	0.01	0.15	(0.17)	0.29	(0.22)	1.32
INSE	1.87	0.15	0.03	0.00	2.85	(1.73)	4.23	(4.15)	12.37
IGT	1.27	(0.11)	0.00	(0.29)	0.00	0.00	1.86	(2.32)	6.02
RSI	2.96	(0.05)	0.00	(0.12)	0.00	0.00	6.02	(9.77)	21.43
GMBL	0.00	0.00	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	0.00	0.00
LTRYW	13.73	4.23	0.29	1.36	11.95	(17.00)	33.33	(19.53)	90.89
EBET	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

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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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