Newcore Gold Correlations

NCAUF Stock

USD 0.44 0.02 4.76%

The current 90-days correlation between Newcore Gold and Agnico Eagle Mines is 0.48 (i.e., Very weak diversification). The correlation of Newcore 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.

Newcore Gold Correlation With Market

Significant diversification

The correlation between Newcore Gold and DJI is 0.02 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Newcore Gold and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Newcore 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 Newcore 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 Newcore 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 Newcore Gold to buy it.

Moving together with Newcore OTC Stock

0.78	NEM	Newmont Goldcorp Corp	Pair Corr
0.86	AEM	Agnico Eagle Mines Sell-off Trend	Pair Corr
0.75	ZIJMF	Zijin Mining Group	Pair Corr
0.91	WPM	Wheaton Precious Metals	Pair Corr
0.88	GOLD	Barrick Gold Corp	Pair Corr
0.82	AU	AngloGold Ashanti plc	Pair Corr
0.73	AAGH	America Great Health	Pair Corr
0.75	NVRO	Nevro Corp	Pair Corr
0.71	BAOB	Baraboo Bancorporation	Pair Corr
0.84	TCTZF	Tencent Holdings Downward Rally	Pair Corr
0.73	AXSM	Axsome Therapeutics	Pair Corr
0.67	IBM	International Business	Pair Corr
0.76	KO	Coca Cola	Pair Corr
0.71	TRV	The Travelers Companies	Pair Corr
0.78	T	ATT Inc Earnings Call This Week	Pair Corr
0.79	JNJ	Johnson Johnson	Pair Corr
0.65	MCD	McDonalds	Pair Corr

Moving against Newcore OTC Stock

0.74	STI	Solidion Technology	Pair Corr
0.79	MSFT	Microsoft	Pair Corr
0.77	DIS	Walt Disney	Pair Corr
0.63	CAT	Caterpillar	Pair Corr
0.59	AA	Alcoa Corp	Pair Corr
0.48	MRK	Merck Company	Pair Corr
0.37	BA	Boeing	Pair Corr

Related Correlations Analysis

	AEM	WPM	NEM	KGC	GFI
AEM		0.95	0.93	0.92	0.99	AEM
WPM	0.95		0.87	0.79	0.95	WPM
NEM	0.93	0.87		0.91	0.91	NEM
KGC	0.92	0.79	0.91		0.88	KGC
GFI	0.99	0.95	0.91	0.88		GFI
	AEM	WPM	NEM	KGC	GFI

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Risk-Adjusted Indicators

There is a big difference between Newcore OTC Stock performing well and Newcore Gold OTC Stock 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 Newcore 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	1.48	0.34	0.19	0.53	1.78	(1.62)	3.84	(2.45)	9.76
WPM	1.42	0.32	0.18	0.43	1.59	(1.46)	2.98	(2.72)	7.59
NEM	1.63	0.26	0.13	0.32	2.01	(1.71)	3.61	(3.35)	9.47
KGC	2.02	0.29	0.10	0.43	2.62	(2.00)	4.85	(4.94)	12.67
GFI	2.00	0.61	0.34	5.18	1.65	(2.37)	4.16	(2.75)	10.28

Be your own money manager

Our tools can tell you how much better you can do entering a position in Newcore Gold 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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