VanEck Gold Correlations

GDX Etf

USD 44.50 0.66 1.46%

The current 90-days correlation between VanEck Gold Miners and VanEck Junior Gold is 0.97 (i.e., Almost no diversification). The correlation of VanEck 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.

VanEck Gold Correlation With Market

Good diversification

The correlation between VanEck Gold Miners and DJI is -0.08 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding VanEck Gold Miners and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in VanEck Gold Miners. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in unemployment.

Moving together with VanEck Etf

0.95	SIL	Global X Silver	Pair Corr
0.94	SILJ	Amplify ETF Trust	Pair Corr
1.0	SGDM	Sprott Gold Miners	Pair Corr
0.98	SGDJ	Sprott Junior Gold	Pair Corr
0.99	GOAU	US Global GO	Pair Corr
0.98	GOEX	Global X Gold	Pair Corr
0.99	GDXU	MicroSectors Gold Miners	Pair Corr
0.92	JMST	JPMorgan Ultra Short	Pair Corr
0.85	BBEM	JP Morgan Exchange	Pair Corr
0.85	GHMS	Goose Hollow Multi	Pair Corr
0.89	ACWV	iShares MSCI Global	Pair Corr
0.61	JNJ	Johnson Johnson	Pair Corr
0.63	VZ	Verizon Communications	Pair Corr

Moving against VanEck Etf

0.41	OIH	VanEck Oil Services	Pair Corr
0.37	WTMF	WisdomTree Managed	Pair Corr
0.44	AXP	American Express	Pair Corr
0.43	HPQ	HP Inc	Pair Corr
0.43	MRK	Merck Company	Pair Corr
0.42	CAT	Caterpillar	Pair Corr
0.38	PFE	Pfizer Inc	Pair Corr
0.32	HD	Home Depot	Pair Corr

Related Correlations Analysis

	GDXJ	SLV	GLD	NEM	NUGT
GDXJ		0.72	0.64	0.65	1.0	GDXJ
SLV	0.72		0.96	0.94	0.72	SLV
GLD	0.64	0.96		0.94	0.66	GLD
NEM	0.65	0.94	0.94		0.67	NEM
NUGT	1.0	0.72	0.66	0.67		NUGT
	GDXJ	SLV	GLD	NEM	NUGT

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VanEck Gold Constituents Risk-Adjusted Indicators

There is a big difference between VanEck Etf performing well and VanEck Gold ETF 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 VanEck 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
GDXJ	1.60	0.40	0.24	(1.64)	1.76	(1.84)	3.86	(3.56)	9.27
SLV	0.98	0.12	0.13	3.05	1.20	(0.95)	2.57	(1.87)	4.87
GLD	0.65	0.19	0.30	(9.19)	0.54	(0.69)	1.55	(1.32)	3.22
NEM	1.57	0.31	0.16	0.42	1.90	(1.71)	3.61	(3.35)	9.47
NUGT	2.57	0.82	0.25	(2.87)	2.75	(2.82)	6.33	(5.40)	15.17

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