Nickel Mines Correlations

NICMF Stock

USD 0.41 0.01 2.50%

The current 90-days correlation between Nickel Mines Limited and IGO Limited is -0.03 (i.e., Good diversification). The correlation of Nickel Mines 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.

Nickel Mines Correlation With Market

Modest diversification

The correlation between Nickel Mines Limited and DJI is 0.24 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nickel Mines Limited and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Nickel Mines could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Nickel Mines 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 Nickel Mines - 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 Nickel Mines Limited to buy it.

Moving together with Nickel Pink Sheet

0.64	CAT	Caterpillar	Pair Corr
0.65	HPQ	HP Inc	Pair Corr
0.61	DIS	Walt Disney	Pair Corr
0.72	MSFT	Microsoft Aggressive Push	Pair Corr

Moving against Nickel Pink Sheet

0.61	TRV	The Travelers Companies	Pair Corr
0.61	JNJ	Johnson Johnson Sell-off Trend	Pair Corr
0.57	RIO	Rio Tinto ADR	Pair Corr
0.57	WM	Waste Management	Pair Corr
0.52	MCD	McDonalds	Pair Corr
0.49	MMM	3M Company	Pair Corr
0.41	INTC	Intel Sell-off Trend	Pair Corr
0.36	XOM	Exxon Mobil Corp Earnings Call Next Week	Pair Corr
0.34	RTPPF	Rio Tinto Group	Pair Corr
0.31	HROWM	Harrow Health, 11875	Pair Corr

Related Correlations Analysis

	IIDDY	QNICF	MALRF	SRGXF	IPGDF	MSMGF	CCOB	LMMFF	MALRY	PMMCF
IIDDY		0.32	0.57	-0.1	0.46	0.03	0.0	0.64	0.62	0.0	IIDDY
QNICF	0.32		0.48	-0.25	0.49	0.06	0.0	0.58	0.47	0.17	QNICF
MALRF	0.57	0.48		-0.09	0.71	-0.48	0.0	0.81	0.96	0.17	MALRF
SRGXF	-0.1	-0.25	-0.09		0.12	-0.01	0.0	0.1	0.0	-0.2	SRGXF
IPGDF	0.46	0.49	0.71	0.12		-0.2	0.0	0.76	0.72	0.19	IPGDF
MSMGF	0.03	0.06	-0.48	-0.01	-0.2		0.0	-0.24	-0.39	0.07	MSMGF
CCOB	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	CCOB
LMMFF	0.64	0.58	0.81	0.1	0.76	-0.24	0.0		0.85	0.22	LMMFF
MALRY	0.62	0.47	0.96	0.0	0.72	-0.39	0.0	0.85		0.24	MALRY
PMMCF	0.0	0.17	0.17	-0.2	0.19	0.07	0.0	0.22	0.24		PMMCF
	IIDDY	QNICF	MALRF	SRGXF	IPGDF	MSMGF	CCOB	LMMFF	MALRY	PMMCF

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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

MALRY	+ 0.96	MALRF
MALRY	+ 0.85	LMMFF
LMMFF	+ 0.81	MALRF
LMMFF	+ 0.76	IPGDF
MALRY	+ 0.72	IPGDF
IPGDF	+ 0.71	MALRF

High negative correlations

MSMGF	- 0.48	MALRF
MALRY	- 0.39	MSMGF
SRGXF	- 0.25	QNICF
LMMFF	- 0.24	MSMGF
MSMGF	- 0.2	IPGDF
PMMCF	- 0.2	SRGXF

Risk-Adjusted Indicators

There is a big difference between Nickel Pink Sheet performing well and Nickel Mines 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 Nickel Mines' 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
IIDDY	1.18	(0.45)	0.00	(7.31)	0.00	0.00	0.00	(4.66)	22.49
QNICF	4.61	(0.26)	0.00	(0.15)	0.00	0.00	0.00	(15.38)	191.17
MALRF	1.64	(0.65)	0.00	(7.69)	0.00	0.00	2.58	(6.45)	23.32
SRGXF	3.46	0.37	0.07	1.27	4.07	(5.31)	10.27	(9.59)	23.39
IPGDF	1.22	(0.31)	0.00	(4.64)	0.00	0.00	1.97	(7.97)	19.48
MSMGF	3.82	0.00	0.01	(0.08)	5.26	(9.03)	11.37	(13.77)	37.58
CCOB	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
LMMFF	2.85	(0.72)	0.00	0.55	0.00	0.00	6.14	(5.94)	66.54
MALRY	3.07	(0.61)	0.00	(1.05)	0.00	0.00	4.33	(7.44)	25.95
PMMCF	5.84	0.76	0.04	0.31	7.61	(18.17)	18.18	(10.45)	67.15

Be your own money manager

Our tools can tell you how much better you can do entering a position in Nickel Mines 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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Nickel Mines Corporate Management

Christopher Shepherd	Chief Officer	Profile
Norman BEcon	Ex Chairman	Profile
Fanfan Zhao	Chief Officer	Profile
BCom CPA	Company Sec	Profile
Justin Werner	MD Director	Profile

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