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

Significant diversification

The correlation between Elray Resources and DJI is 0.02 (i.e., Significant 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

0.65	NIABY	NIBE Industrier AB	Pair Corr
0.64	RIO	Rio Tinto ADR	Pair Corr
0.62	AJG	Arthur J Gallagher	Pair Corr
0.58	LNW	Light Wonder	Pair Corr
0.57	PPL	PPL Corporation	Pair Corr
0.56	ORLA	Orla Mining	Pair Corr
0.51	HTWSF	Helios Towers plc	Pair Corr
0.5	MURGY	Muenchener Rueckver Ges	Pair Corr
0.49	AMSYF	ArcelorMittal SA	Pair Corr
0.44	VLKPF	Volkswagen AG VZO	Pair Corr
0.43	JGLDF	Japan Gold Corp	Pair Corr
0.43	NRPI	NRP Stone	Pair Corr
0.42	DKNG	DraftKings	Pair Corr
0.42	PAA	Plains All American Sell-off Trend	Pair Corr
0.41	ARLUF	Aristocrat Leisure	Pair Corr
0.39	GMVHY	Entain DRC PLC	Pair Corr
0.38	RILYZ	B Riley Financial	Pair Corr
0.37	ASCCY	Asics Corp ADR	Pair Corr
0.36	GMVHF	Entain Plc	Pair Corr
0.33	06423AAJ2	US06423AAJ25	Pair Corr
0.71	KMBIF	Kambi Group plc	Pair Corr
0.69	SDVKF	Sandvik AB	Pair Corr
0.66	SAFRF	Safran SA	Pair Corr
0.6	AONNY	Aeon Co	Pair Corr
0.59	NODB	North Dallas Bank	Pair Corr
0.59	SCGLY	Societe Generale ADR	Pair Corr
0.57	RZB	Reinsurance Group	Pair Corr
0.57	NUVR	New Ulm Telecom	Pair Corr

Related Correlations Analysis

	ACEL	LNW	EVRI	INSE	IGT	RSI	GMBL	PDYPY	LTRYW	EBET
ACEL		0.12	0.31	0.75	0.39	0.49	0.0	0.0	0.01	0.0	ACEL
LNW	0.12		0.68	0.4	0.29	-0.54	0.0	0.0	0.84	0.0	LNW
EVRI	0.31	0.68		0.76	-0.11	-0.06	0.0	0.0	0.78	0.0	EVRI
INSE	0.75	0.4	0.76		0.09	0.42	0.0	0.0	0.41	0.0	INSE
IGT	0.39	0.29	-0.11	0.09		-0.07	0.0	0.0	-0.03	0.0	IGT
RSI	0.49	-0.54	-0.06	0.42	-0.07		0.0	0.0	-0.5	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	0.01	0.84	0.78	0.41	-0.03	-0.5	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

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Please upgrade your account to get full access to Macroaxis premium features

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	+ 0.84	LNW
LTRYW	+ 0.78	EVRI
INSE	+ 0.76	EVRI
INSE	+ 0.75	ACEL
EVRI	+ 0.68	LNW
RSI	+ 0.49	ACEL

High negative correlations

RSI	- 0.54	LNW
LTRYW	- 0.5	RSI
IGT	- 0.11	EVRI
RSI	- 0.07	IGT
RSI	- 0.06	EVRI
LTRYW	- 0.03	IGT

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	2.89	(0.05)	0.00	(0.12)	0.00	0.00	4.96	(8.51)	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	12.90	2.73	0.23	(1.48)	11.29	(16.48)	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

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.

Did you try this?

Run Fundamentals Comparison Now

Fundamentals Comparison

Compare fundamentals across multiple equities to find investing opportunities

All Next

Launch Module

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC