Franco Nevada Correlations

FNV Stock

USD 155.53 1.28 0.83%

The current 90-days correlation between Franco Nevada and Royal Gold is 0.71 (i.e., Poor diversification). The correlation of Franco Nevada 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.

Franco Nevada Correlation With Market

Modest diversification

The correlation between Franco Nevada and DJI is 0.26 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Franco Nevada 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 Franco Nevada. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

For more information on how to buy Franco Stock please use our How to Invest in Franco Nevada guide.

Moving together with Franco Stock

0.98	AGI	Alamos Gold Sell-off Trend	Pair Corr
0.92	HMY	Harmony Gold Mining	Pair Corr
0.61	IAG	IAMGold	Pair Corr
0.9	KGC	Kinross Gold Aggressive Push	Pair Corr
0.81	NGD	New Gold	Pair Corr
0.89	X	United States Steel	Pair Corr
0.96	AU	AngloGold Ashanti plc	Pair Corr
0.69	CX	Cemex SAB de	Pair Corr
0.85	DC	Dakota Gold Corp	Pair Corr
0.95	MP	MP Materials Corp	Pair Corr
0.87	MT	ArcelorMittal SA ADR	Pair Corr
0.7	NB	NioCorp Developments	Pair Corr
0.86	NC	NACCO Industries	Pair Corr
0.82	VALE	Vale SA ADR Aggressive Push	Pair Corr

Moving against Franco Stock

0.81	IE	Ivanhoe Electric	Pair Corr
0.8	EU	enCore Energy Corp	Pair Corr
0.8	NX	Quanex Building Products	Pair Corr
0.76	FF	FutureFuel Corp	Pair Corr
0.69	AA	Alcoa Corp	Pair Corr
0.61	CE	Celanese	Pair Corr
0.57	CF	CF Industries Holdings	Pair Corr
0.56	CC	Chemours	Pair Corr
0.54	OC	Owens Corning	Pair Corr
0.39	EGO	Eldorado Gold Corp	Pair Corr
0.86	NEXA	Nexa Resources SA	Pair Corr
0.77	TT	Trane Technologies plc	Pair Corr
0.71	WS	Worthington Steel	Pair Corr
0.71	HYMCW	Hycroft Mining Holding	Pair Corr
0.65	MTRN	Materion	Pair Corr
0.58	MEOH	Methanex	Pair Corr
0.48	METC	Ramaco Resources	Pair Corr
0.43	USGOW	US GoldMining Warrant	Pair Corr
0.41	ELBM	Electra Battery Materials	Pair Corr
0.33	NEWP	New Pacific Metals	Pair Corr
0.33	WDFC	WD 40 Company	Pair Corr
0.32	MTAL	Metals Acquisition	Pair Corr

Related Correlations Analysis

	RGLD	AEM	PAAS	SAND	WPM	SA	OR	NEM	KGC	FSM
RGLD		0.87	0.91	0.83	0.93	0.02	0.55	0.84	0.7	0.63	RGLD
AEM	0.87		0.97	0.95	0.95	-0.06	0.56	0.93	0.92	0.71	AEM
PAAS	0.91	0.97		0.95	0.96	0.06	0.64	0.93	0.89	0.77	PAAS
SAND	0.83	0.95	0.95		0.93	-0.01	0.64	0.91	0.88	0.76	SAND
WPM	0.93	0.95	0.96	0.93		-0.15	0.5	0.87	0.79	0.67	WPM
SA	0.02	-0.06	0.06	-0.01	-0.15		0.62	0.13	0.16	0.42	SA
OR	0.55	0.56	0.64	0.64	0.5	0.62		0.72	0.66	0.8	OR
NEM	0.84	0.93	0.93	0.91	0.87	0.13	0.72		0.91	0.72	NEM
KGC	0.7	0.92	0.89	0.88	0.79	0.16	0.66	0.91		0.74	KGC
FSM	0.63	0.71	0.77	0.76	0.67	0.42	0.8	0.72	0.74		FSM
	RGLD	AEM	PAAS	SAND	WPM	SA	OR	NEM	KGC	FSM

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

PAAS	+ 0.97	AEM
WPM	+ 0.96	PAAS
SAND	+ 0.95	AEM
WPM	+ 0.95	AEM
SAND	+ 0.95	PAAS
WPM	+ 0.93	RGLD

High negative correlations

SA	- 0.15	WPM
SA	- 0.06	AEM
SA	- 0.01	SAND

Risk-Adjusted Indicators

There is a big difference between Franco Stock performing well and Franco Nevada 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 Franco Nevada'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
RGLD	1.21	0.06	0.05	0.03	1.93	(1.11)	2.04	(2.49)	8.62
AEM	1.48	0.34	0.19	0.53	1.78	(1.62)	3.84	(2.45)	9.76
PAAS	2.08	0.22	0.10	0.43	2.41	(2.27)	4.83	(4.46)	11.48
SAND	1.57	0.27	0.12	0.66	2.26	(1.61)	3.51	(3.39)	10.97
WPM	1.42	0.32	0.18	0.43	1.59	(1.46)	2.98	(2.72)	7.59
SA	2.58	(0.10)	0.00	(0.18)	0.00	0.00	4.77	(5.52)	20.98
OR	1.43	0.01	0.04	(0.02)	1.79	(1.43)	2.98	(3.06)	7.66
NEM	1.63	0.26	0.13	0.32	2.01	(1.71)	3.61	(3.35)	9.47
KGC	2.02	0.29	0.10	0.43	2.62	(2.00)	4.85	(4.94)	12.67
FSM	2.80	0.35	0.10	0.44	3.48	(2.87)	6.76	(5.87)	16.63

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