Erdene Resource Correlations

ERD Stock  CAD 0.68  0.03  4.62%   
The current 90-days correlation between Erdene Resource Deve and Kore Mining is 0.12 (i.e., Average diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Erdene Resource moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Erdene Resource Development moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Erdene Resource Correlation With Market

Average diversification

The correlation between Erdene Resource Development and DJI is 0.18 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Erdene Resource Development and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Erdene Resource could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Erdene Resource 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 Erdene Resource - 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 Erdene Resource Development to buy it.

Moving together with Erdene Stock

  0.88ORE Orezone Gold CorpPairCorr
  0.66JPM JPMorgan ChasePairCorr
  0.75TD Toronto Dominion BankPairCorr

Moving against Erdene Stock

  0.46IE Ivanhoe EnergyPairCorr
  0.44INFM Infinico Metals CorpPairCorr
  0.44RY Royal BankPairCorr
  0.33GOOG Alphabet CDRPairCorr
  0.31NBLC Nobel29 Resources CorpPairCorr

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   
CCMKORE
GPGKORE
GPGCCM
  
High negative correlations   
CMDKORE
CMDCCM
CMDGPG

Risk-Adjusted Indicators

There is a big difference between Erdene Stock performing well and Erdene Resource 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 Erdene Resource'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.

Be your own money manager

Our tools can tell you how much better you can do entering a position in Erdene Resource 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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