Barrick Gold Correlations

GOLD Stock

USD 18.09 0.18 0.99%

The current 90-days correlation between Barrick Gold Corp and Agnico Eagle Mines is 0.8 (i.e., Very 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

0.71	X	United States Steel	Pair Corr
0.84	MT	ArcelorMittal SA ADR	Pair Corr
0.7	RS	Reliance Steel Aluminum	Pair Corr
0.8	CLF	Cleveland Cliffs	Pair Corr
0.73	IDR	Idaho Strategic Resources	Pair Corr
0.79	NUE	Nucor Corp Sell-off Trend	Pair Corr
0.77	GROY	Gold Royalty Corp	Pair Corr
0.64	SAND	Sandstorm Gold	Pair Corr
0.72	AUST	Austin Gold Corp	Pair Corr
0.8	STLD	Steel Dynamics	Pair Corr

Moving against Barrick Stock

0.65	ZKIN	ZK International	Pair Corr
0.62	FF	FutureFuel Corp	Pair Corr
0.36	CF	CF Industries Holdings	Pair Corr

Related Correlations Analysis

	AEM	PAAS	WPM	KGC	NEM	GFI	FNV	BTG	IAG	RGLD
AEM		0.85	0.84	0.96	0.84	0.97	0.98	-0.14	0.94	0.46	AEM
PAAS	0.85		0.91	0.77	0.92	0.84	0.79	0.24	0.77	0.77	PAAS
WPM	0.84	0.91		0.73	0.92	0.83	0.77	0.32	0.77	0.76	WPM
KGC	0.96	0.77	0.73		0.75	0.94	0.97	-0.24	0.95	0.33	KGC
NEM	0.84	0.92	0.92	0.75		0.87	0.79	0.25	0.74	0.78	NEM
GFI	0.97	0.84	0.83	0.94	0.87		0.97	-0.14	0.9	0.44	GFI
FNV	0.98	0.79	0.77	0.97	0.79	0.97		-0.21	0.94	0.33	FNV
BTG	-0.14	0.24	0.32	-0.24	0.25	-0.14	-0.21		-0.21	0.67	BTG
IAG	0.94	0.77	0.77	0.95	0.74	0.9	0.94	-0.21		0.37	IAG
RGLD	0.46	0.77	0.76	0.33	0.78	0.44	0.33	0.67	0.37		RGLD
	AEM	PAAS	WPM	KGC	NEM	GFI	FNV	BTG	IAG	RGLD

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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

FNV	+ 0.98	AEM
GFI	+ 0.97	AEM
FNV	+ 0.97	KGC
FNV	+ 0.97	GFI
KGC	+ 0.96	AEM
IAG	+ 0.95	KGC

High negative correlations

BTG	- 0.24	KGC
IAG	- 0.21	BTG
BTG	- 0.21	FNV
BTG	- 0.14	GFI
BTG	- 0.14	AEM

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	1.56	0.38	0.20	0.69	1.68	(1.78)	4.20	(2.45)	9.75
PAAS	2.14	0.20	0.08	1.85	2.33	(2.34)	5.69	(3.94)	12.66
WPM	1.52	0.26	0.13	0.41	1.76	(1.61)	3.25	(2.72)	8.29
KGC	1.95	0.30	0.11	0.58	2.41	(2.04)	4.85	(4.83)	12.67
NEM	1.44	0.18	0.10	2.27	1.72	(1.57)	3.49	(2.53)	8.92
GFI	1.87	0.54	0.31	1.13	1.45	(2.28)	4.16	(2.63)	9.79
FNV	1.24	0.32	0.21	0.60	1.26	(1.41)	3.30	(2.33)	7.89
BTG	1.94	0.11	0.05	2.61	2.15	(2.12)	3.68	(3.33)	10.31
IAG	2.42	0.28	0.08	0.69	3.08	(2.64)	5.15	(5.30)	17.49
RGLD	1.29	0.10	0.06	(0.77)	1.77	(1.26)	2.87	(2.49)	10.29

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