Gossan Resources Correlations

GSR Stock

EUR 0.01 0 36.36%

The current 90-days correlation between Gossan Resources and MCEWEN MINING INC is 0.2 (i.e., Modest diversification). The correlation of Gossan Resources 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.

Gossan Resources Correlation With Market

Significant diversification

The correlation between Gossan Resources and DJI is 0.06 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Gossan Resources and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Gossan Resources could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Gossan Resources when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Gossan Resources - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Gossan Resources to buy it.

Moving against Gossan Stock

0.49	HX1A	HEXINDO ADIPERKASA	Pair Corr
0.48	HX1A	HEXINDO ADIPERKASA	Pair Corr
0.44	DBPD	Xtrackers ShortDAX	Pair Corr
0.42	8GCA	Glencore plc	Pair Corr
0.42	T9Q	TOTAL BANGUN PERSAD	Pair Corr
0.41	8GC	Glencore PLC	Pair Corr
0.41	I7G	Ipsen SA	Pair Corr
0.36	3IB	PT Indo Tambangraya	Pair Corr

Related Correlations Analysis

	US8	UTDI	VHY	CVB	CHWD	EUH	RSM0
US8		-0.7	-0.08	-0.76	-0.08	-0.56	0.44	US8
UTDI	-0.7		-0.25	0.69	-0.18	0.56	0.02	UTDI
VHY	-0.08	-0.25		0.24	0.23	0.05	-0.46	VHY
CVB	-0.76	0.69	0.24		0.13	0.47	-0.31	CVB
CHWD	-0.08	-0.18	0.23	0.13		0.48	-0.53	CHWD
EUH	-0.56	0.56	0.05	0.47	0.48		-0.51	EUH
RSM0	0.44	0.02	-0.46	-0.31	-0.53	-0.51		RSM0
	US8	UTDI	VHY	CVB	CHWD	EUH	RSM0

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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

CVB	+ 0.69	UTDI
EUH	+ 0.56	UTDI
EUH	+ 0.48	CHWD
EUH	+ 0.47	CVB
RSM0	+ 0.44	US8
CVB	+ 0.24	VHY

High negative correlations

CVB	- 0.76	US8
UTDI	- 0.7	US8
EUH	- 0.56	US8
RSM0	- 0.53	CHWD
RSM0	- 0.51	EUH
RSM0	- 0.46	VHY

Risk-Adjusted Indicators

There is a big difference between Gossan Stock performing well and Gossan Resources 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 Gossan Resources' 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
US8	2.41	(0.10)	0.00	(0.17)	0.00	0.00	5.19	(6.72)	15.74
UTDI	1.75	0.28	0.18	(4.23)	1.72	(2.27)	4.59	(2.89)	12.74
VHY	1.64	(0.02)	0.00	(0.12)	0.00	0.00	4.02	(3.31)	13.67
CVB	1.85	0.08	0.02	0.13	2.48	(7.68)	6.25	(5.56)	22.29
CHWD	0.61	(0.02)	0.00	(0.31)	0.00	0.00	1.12	(1.12)	4.37
EUH	1.00	0.45	0.00	(2.49)	0.00	0.00	0.00	0.00	35.42
RSM0	2.56	(0.01)	0.00	(0.09)	0.00	0.00	5.61	(4.17)	16.23

Be your own money manager

Our tools can tell you how much better you can do entering a position in Gossan Resources without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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