GoldMining Correlations

GLDG Stock

USD 0.87 0.03 3.33%

The current 90-days correlation between GoldMining and Gold Royalty Corp is 0.4 (i.e., Very weak diversification). The correlation of GoldMining 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.

GoldMining Correlation With Market

Good diversification

The correlation between GoldMining and DJI is -0.02 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding GoldMining 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 GoldMining. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in unemployment.

For more detail on how to invest in GoldMining Stock please use our How to Invest in GoldMining guide.

Moving together with GoldMining Stock

0.72	AG	First Majestic Silver Aggressive Push	Pair Corr
0.64	OR	Osisko Gold Ro	Pair Corr
0.73	TX	Ternium SA ADR	Pair Corr
0.65	BTG	B2Gold Corp Aggressive Push	Pair Corr
0.75	EXK	Endeavour Silver Corp	Pair Corr
0.66	FSM	Fortuna Silver Mines	Pair Corr
0.65	GAU	Galiano Gold	Pair Corr

Related Correlations Analysis

	GROY	UROY	MTA	EQX	SILV
GROY		-0.36	0.83	0.9	0.23	GROY
UROY	-0.36		0.12	-0.25	-0.65	UROY
MTA	0.83	0.12		0.81	-0.17	MTA
EQX	0.9	-0.25	0.81		0.13	EQX
SILV	0.23	-0.65	-0.17	0.13		SILV
	GROY	UROY	MTA	EQX	SILV

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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

EQX	+ 0.9	GROY
MTA	+ 0.83	GROY
EQX	+ 0.81	MTA
SILV	+ 0.23	GROY
SILV	+ 0.13	EQX
MTA	+ 0.12	UROY

High negative correlations

SILV	- 0.65	UROY
UROY	- 0.36	GROY
EQX	- 0.25	UROY
SILV	- 0.17	MTA

Risk-Adjusted Indicators

There is a big difference between GoldMining Stock performing well and GoldMining 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 GoldMining'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
GROY	2.19	0.35	0.16	1.07	2.33	(2.52)	4.26	(3.79)	15.13
UROY	2.86	(0.30)	0.00	(0.39)	0.00	0.00	5.39	(6.98)	20.08
MTA	2.58	0.23	0.10	0.34	2.68	(2.94)	6.69	(4.40)	14.48
EQX	2.77	0.31	0.12	1.15	2.95	(3.23)	5.78	(4.71)	17.72
SILV	2.70	0.20	0.10	(2.66)	2.99	(2.92)	7.36	(4.41)	15.24

GoldMining Corporate Management

Katherine Arblaster	Social Environment	Profile
BCom BComm	Member Corp	Profile
Alastair Still	Chief Officer	Profile
Amir Adnani	Founder Chairman	Profile
YongJae LLB	General Counsel	Profile
Tim Smith	VP GoldMining	Profile

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