Equinox Gold Correlations

EQX Stock

USD 6.84 0.16 2.29%

The current 90-days correlation between Equinox Gold Corp and Coeur Mining is 0.69 (i.e., Poor diversification). The correlation of Equinox Gold 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Equinox Gold Correlation With Market

Significant diversification

The correlation between Equinox Gold Corp and DJI is 0.07 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Equinox Gold Corp 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 Equinox Gold Corp. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in producer price index.

Moving together with Equinox Stock

0.9	AGI	Alamos Gold	Pair Corr
0.91	HMY	Harmony Gold Mining	Pair Corr
0.75	IAG	IAMGold	Pair Corr
0.93	KGC	Kinross Gold Aggressive Push	Pair Corr
0.83	NGD	New Gold	Pair Corr
0.89	X	United States Steel	Pair Corr
0.95	AU	AngloGold Ashanti plc	Pair Corr
0.76	CX	Cemex SAB de	Pair Corr
0.86	DC	Dakota Gold Corp	Pair Corr
0.71	HL	Hecla Mining	Pair Corr
0.92	MP	MP Materials Corp	Pair Corr
0.79	MT	ArcelorMittal SA ADR	Pair Corr
0.77	NB	NioCorp Developments	Pair Corr
0.66	OR	Osisko Gold Ro	Pair Corr
0.64	RS	Reliance Steel Aluminum	Pair Corr
0.82	VALE	Vale SA ADR Aggressive Push	Pair Corr
0.68	HYMCL	Hycroft Mining Holding	Pair Corr

Moving against Equinox Stock

0.76	IE	Ivanhoe Electric Buyout Trend	Pair Corr
0.75	NX	Quanex Building Products	Pair Corr
0.66	FF	FutureFuel Corp	Pair Corr
0.53	AA	Alcoa Corp	Pair Corr
0.53	CE	Celanese	Pair Corr
0.47	CF	CF Industries Holdings	Pair Corr
0.4	CC	Chemours Potential Growth	Pair Corr
0.39	EU	enCore Energy Corp	Pair Corr
0.32	EGO	Eldorado Gold Corp	Pair Corr
0.71	NEXA	Nexa Resources SA	Pair Corr
0.67	WS	Worthington Steel	Pair Corr
0.58	HYMCW	Hycroft Mining Holding	Pair Corr
0.45	TT	Trane Technologies plc	Pair Corr
0.38	ELBM	Electra Battery Materials Buyout Trend	Pair Corr

Related Correlations Analysis

	CDE	BTG	SAND	PAAS	OR	WPM	FNV	RGLD	FSM	MGDPF
CDE		-0.14	0.16	0.16	0.69	-0.05	0.06	-0.05	0.52	0.0	CDE
BTG	-0.14		0.75	0.42	0.33	0.5	0.75	0.64	0.43	0.0	BTG
SAND	0.16	0.75		0.64	0.59	0.65	0.95	0.81	0.61	0.0	SAND
PAAS	0.16	0.42	0.64		0.68	0.96	0.65	0.7	0.79	0.0	PAAS
OR	0.69	0.33	0.59	0.68		0.58	0.5	0.47	0.82	0.0	OR
WPM	-0.05	0.5	0.65	0.96	0.58		0.67	0.75	0.72	0.0	WPM
FNV	0.06	0.75	0.95	0.65	0.5	0.67		0.86	0.57	0.0	FNV
RGLD	-0.05	0.64	0.81	0.7	0.47	0.75	0.86		0.53	0.0	RGLD
FSM	0.52	0.43	0.61	0.79	0.82	0.72	0.57	0.53		0.0	FSM
MGDPF	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		MGDPF
	CDE	BTG	SAND	PAAS	OR	WPM	FNV	RGLD	FSM	MGDPF

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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

WPM	+ 0.96	PAAS
FNV	+ 0.95	SAND
RGLD	+ 0.86	FNV
FSM	+ 0.82	OR
RGLD	+ 0.81	SAND
FSM	+ 0.79	PAAS

High negative correlations

BTG	- 0.14	CDE
RGLD	- 0.05	CDE
WPM	- 0.05	CDE
MGDPF	- 0.0	FSM
MGDPF	- 0.0	RGLD
MGDPF	- 0.0	FNV

Risk-Adjusted Indicators

There is a big difference between Equinox Stock performing well and Equinox Gold 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 Equinox Gold'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
CDE	3.03	0.06	0.00	(0.01)	0.00	0.00	6.90	(6.80)	18.88
BTG	2.14	0.42	0.19	2.43	2.26	(2.42)	5.07	(2.99)	13.12
SAND	1.55	0.43	0.19	1.04	2.21	(1.66)	3.51	(3.02)	10.97
PAAS	2.02	0.28	0.13	0.63	2.23	(2.27)	4.83	(4.14)	11.48
OR	1.37	0.12	0.10	0.44	1.61	(1.40)	2.98	(2.41)	7.66
WPM	1.36	0.37	0.24	0.54	1.36	(1.46)	2.98	(2.54)	7.59
FNV	1.10	0.51	0.37	1.15	0.89	(1.28)	3.01	(2.12)	7.88
RGLD	1.07	0.26	0.20	(0.96)	1.25	(1.09)	2.04	(2.08)	8.62
FSM	2.74	0.43	0.12	0.60	3.37	(2.83)	6.76	(5.87)	16.63
MGDPF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

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