Barrick Gold Correlations

GOLD Stock

USD 18.87 0.41 2.13%

The current 90-days correlation between Barrick Gold Corp and Agnico Eagle Mines is 0.79 (i.e., Poor diversification). The correlation of Barrick 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.

Barrick Gold Correlation With Market

Modest diversification

The correlation between Barrick Gold Corp and DJI is 0.21 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Barrick Gold Corp 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 Barrick Gold Corp. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in bureau of economic analysis.

Moving together with Barrick Stock

0.87	AU	AngloGold Ashanti plc	Pair Corr
0.91	AEM	Agnico Eagle Mines	Pair Corr
0.81	BTG	B2Gold Corp	Pair Corr
0.87	EQX	Equinox Gold Corp	Pair Corr
0.93	GFI	Gold Fields	Pair Corr
0.75	KGC	Kinross Gold	Pair Corr
0.87	NEM	Newmont Goldcorp Corp	Pair Corr
0.98	WPM	Wheaton Precious Metals	Pair Corr
0.94	PAAS	Pan American Silver	Pair Corr
0.9	SAND	Sandstorm Gold	Pair Corr
0.76	X	United States Steel	Pair Corr
0.67	CX	Cemex SAB de	Pair Corr
0.9	DC	Dakota Gold Corp	Pair Corr
0.86	MP	MP Materials Corp	Pair Corr
0.94	MT	ArcelorMittal SA ADR	Pair Corr
0.79	NC	NACCO Industries	Pair Corr
0.73	TX	Ternium SA ADR	Pair Corr

Moving against Barrick Stock

0.87	EU	enCore Energy Corp	Pair Corr
0.87	FF	FutureFuel Corp	Pair Corr
0.77	CF	CF Industries Holdings	Pair Corr
0.76	CE	Celanese	Pair Corr
0.7	CC	Chemours	Pair Corr
0.63	AA	Alcoa Corp	Pair Corr
0.61	IE	Ivanhoe Electric	Pair Corr
0.88	FEAM	5E Advanced Materials	Pair Corr
0.87	AMR	Alpha Metallurgical	Pair Corr
0.86	FMST	Foremost Lithium Resource	Pair Corr
0.85	ASH	Ashland Global Holdings	Pair Corr
0.78	WTTR	Select Energy Services	Pair Corr
0.77	TT	Trane Technologies plc	Pair Corr
0.75	ALB	Albemarle Corp	Pair Corr
0.74	FBIN	Fortune Brands Innov	Pair Corr
0.71	NX	Quanex Building Products	Pair Corr

Related Correlations Analysis

	AEM	PAAS	WPM	KGC	NEM	GFI	FNV	BTG	IAG	RGLD
AEM		0.98	0.95	0.93	0.94	0.99	0.99	0.66	0.68	0.92	AEM
PAAS	0.98		0.96	0.9	0.94	0.96	0.96	0.73	0.68	0.93	PAAS
WPM	0.95	0.96		0.8	0.88	0.97	0.95	0.8	0.5	0.96	WPM
KGC	0.93	0.9	0.8		0.92	0.89	0.91	0.52	0.85	0.75	KGC
NEM	0.94	0.94	0.88	0.92		0.92	0.91	0.61	0.77	0.87	NEM
GFI	0.99	0.96	0.97	0.89	0.92		0.98	0.71	0.61	0.93	GFI
FNV	0.99	0.96	0.95	0.91	0.91	0.98		0.71	0.63	0.9	FNV
BTG	0.66	0.73	0.8	0.52	0.61	0.71	0.71		0.19	0.75	BTG
IAG	0.68	0.68	0.5	0.85	0.77	0.61	0.63	0.19		0.46	IAG
RGLD	0.92	0.93	0.96	0.75	0.87	0.93	0.9	0.75	0.46		RGLD
	AEM	PAAS	WPM	KGC	NEM	GFI	FNV	BTG	IAG	RGLD

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Risk-Adjusted Indicators

There is a big difference between Barrick Stock performing well and Barrick Gold 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 Barrick 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
AEM	1.42	0.39	0.22	0.64	1.62	(1.62)	3.84	(2.31)	9.76
PAAS	2.02	0.28	0.13	0.63	2.23	(2.27)	4.83	(4.14)	11.48
WPM	1.36	0.37	0.24	0.54	1.36	(1.46)	2.98	(2.54)	7.59
KGC	1.93	0.39	0.14	0.66	2.45	(1.97)	4.85	(4.94)	12.67
NEM	1.57	0.31	0.16	0.42	1.90	(1.71)	3.61	(3.35)	9.47
GFI	1.94	0.67	0.39	4.21	1.51	(2.36)	4.18	(2.64)	10.30
FNV	1.10	0.44	0.33	0.93	1.04	(1.26)	3.01	(2.14)	7.88
BTG	2.10	0.30	0.15	3.04	2.32	(2.33)	5.07	(3.11)	13.12
IAG	2.37	0.27	0.08	0.40	3.14	(2.40)	4.83	(5.30)	17.49
RGLD	1.15	0.15	0.09	0.19	1.68	(1.09)	2.04	(2.49)	8.62

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