Micro Gold Correlations
| MGCUSD Commodity | 3,021 22.40 0.74% |
The current 90-days correlation between Micro Gold Futures and Lumber Futures is 0.1 (i.e., Average diversification). The correlation of Micro 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.
Micro Gold Correlation With Market
Significant diversification
The correlation between Micro Gold Futures 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 Micro Gold Futures and DJI in the same portfolio, assuming nothing else is changed.
Micro |
The ability to find closely correlated positions to Micro Gold could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Micro Gold 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 Micro Gold - 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 Micro Gold Futures to buy it.
Moving together with Micro Commodity
| 0.69 | BMYMP | Bristol Myers Squibb | PairCorr |
| 0.81 | BRK-A | Berkshire Hathaway | PairCorr |
| 0.76 | SKFOF | Sika AG | PairCorr |
| 0.88 | WM | Waste Management | PairCorr |
| 0.68 | SBUX | Starbucks | PairCorr |
| 0.74 | AIMDW | Ainos Inc | PairCorr |
| 0.82 | GTN | Gray Television | PairCorr |
| 0.86 | WVVI | Willamette Valley Earnings Call Today | PairCorr |
| 0.73 | GOODN | Gladstone Commercial Corp | PairCorr |
| 0.67 | GDXU | MicroSectors Gold Miners | PairCorr |
| 0.61 | BBEM | JP Morgan Exchange | PairCorr |
| 0.66 | EEMX | SPDR MSCI Emerging | PairCorr |
| 0.67 | GHMS | Goose Hollow Multi | PairCorr |
| 0.69 | MLPB | UBS AG London | PairCorr |
| 0.7 | ACWV | iShares MSCI Global | PairCorr |
| 0.7 | JMST | JPMorgan Ultra Short | PairCorr |
| 0.84 | DBIWX | Dws Global Macro | PairCorr |
| 0.7 | HTD | John Hancock Tax | PairCorr |
| 0.91 | SGDLX | Sprott Gold Equity | PairCorr |
| 0.68 | GIOIX | Guggenheim Macro Opp | PairCorr |
Moving against Micro Commodity
| 0.74 | MSFT | Microsoft | PairCorr |
| 0.66 | GOOG | Alphabet Class C | PairCorr |
| 0.6 | AAPL | Apple Inc | PairCorr |
| 0.57 | NVDA | NVIDIA | PairCorr |
| 0.46 | AMZN | Amazon Inc | PairCorr |
Related Correlations Analysis
| -0.35 | -0.76 | -0.09 | 0.56 | 0.54 | LBUSD | ||
| -0.35 | 0.48 | -0.15 | -0.2 | -0.52 | CTUSX | ||
| -0.76 | 0.48 | 0.04 | -0.53 | -0.69 | DXUSD | ||
| -0.09 | -0.15 | 0.04 | -0.24 | 0.38 | PAUSD | ||
| 0.56 | -0.2 | -0.53 | -0.24 | 0.34 | NGUSD | ||
| 0.54 | -0.52 | -0.69 | 0.38 | 0.34 | MGCUSD | ||
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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
| High negative correlations
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Risk-Adjusted Indicators
There is a big difference between Micro Commodity performing well and Micro Gold Commodity 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 Micro 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| LBUSD | 1.38 | 0.25 | 0.21 | (1.32) | 1.42 | 3.59 | 11.20 | |||
| CTUSX | 0.78 | (0.11) | 0.00 | 0.74 | 0.00 | 1.48 | 6.01 | |||
| DXUSD | 0.35 | (0.06) | 0.00 | (0.92) | 0.00 | 0.55 | 2.20 | |||
| PAUSD | 1.50 | 0.08 | 0.07 | 0.34 | 1.77 | 3.49 | 10.97 | |||
| NGUSD | 4.03 | 0.21 | 0.06 | (0.45) | 4.87 | 7.92 | 25.21 | |||
| MGCUSD | 0.64 | 0.21 | 0.32 | 3.34 | 0.52 | 1.62 | 4.36 |
Micro Gold Related Commodities
One prevalent trading approach among algorithmic traders in the commodities sector involves employing market-neutral strategies, wherein each trade is designed to hedge away specific risks. Given that this approach necessitates two distinct transactions, if one position underperforms unexpectedly, the other can potentially offset some of the losses. This method can be applied to commodities such as Micro Gold, pairing it with other commodities or financial instruments to create a balanced, market-neutral setup.
| Risk & Return | Correlation |