Fjordland Exploration Correlations
| FEX Stock | CAD 0.01 0.00 0.00% |
The current 90-days correlation between Fjordland Exploration and Foraco International SA is 0.04 (i.e., Significant diversification). The correlation of Fjordland Exploration 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.
Fjordland Exploration Correlation With Market
Very good diversification
The correlation between Fjordland Exploration and DJI is -0.28 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fjordland Exploration and DJI in the same portfolio, assuming nothing else is changed.
Fjordland |
The ability to find closely correlated positions to Fjordland Exploration could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Fjordland Exploration 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 Fjordland Exploration - 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 Fjordland Exploration to buy it.
Moving together with Fjordland Stock
| 0.69 | ORE | Orezone Gold Corp | PairCorr |
| 0.71 | INFM | Infinico Metals Corp | PairCorr |
| 0.7 | HPQ | HPQ Silicon Resources | PairCorr |
Moving against Fjordland Stock
Related Correlations Analysis
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