NovaGold Resources Correlations

NG Stock  USD 3.39  0.03  0.88%   
The current 90-days correlation between NovaGold Resources and Seabridge Gold is 0.63 (i.e., Poor diversification). The correlation of NovaGold 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.

NovaGold Resources Correlation With Market

Average diversification

The correlation between NovaGold Resources and DJI is 0.15 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding NovaGold Resources and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in NovaGold Resources. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in price.
For more detail on how to invest in NovaGold Stock please use our How to Invest in NovaGold Resources guide.

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Related Correlations Analysis

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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   
AEMNGD
IAGNGD
AEMIAG
IAGSA
EGOSA
NGDSA
  
High negative correlations   
AEMEGO
IAGEGO
AEMSA

Risk-Adjusted Indicators

There is a big difference between NovaGold Stock performing well and NovaGold 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 NovaGold 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.