Royal Gold Correlations

RGLD Stock

USD 154.76 0.11 0.07%

The current 90-days correlation between Royal Gold and Wheaton Precious Metals is 0.82 (i.e., Very poor diversification). The correlation of Royal 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.

Royal Gold Correlation With Market

Modest diversification

The correlation between Royal Gold and DJI is 0.28 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Royal Gold and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Royal Gold. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in bureau of economic analysis.

For information on how to trade Royal Stock refer to our How to Trade Royal Stock guide.

Moving together with Royal Stock

0.69	X	United States Steel Sell-off Trend	Pair Corr
0.8	AU	AngloGold Ashanti plc	Pair Corr
0.79	DC	Dakota Gold Corp	Pair Corr
0.88	MT	ArcelorMittal SA ADR	Pair Corr
0.65	RS	Reliance Steel Aluminum	Pair Corr
0.71	TX	Ternium SA ADR	Pair Corr
0.61	WLKP	Westlake Chemical	Pair Corr
0.85	AEM	Agnico Eagle Mines Sell-off Trend	Pair Corr
0.87	AGI	Alamos Gold	Pair Corr
0.74	BTG	B2Gold Corp Aggressive Push	Pair Corr
0.84	DRD	DRDGOLD Limited ADR	Pair Corr
0.83	EQX	Equinox Gold Corp Sell-off Trend	Pair Corr
0.68	EXK	Endeavour Silver Corp	Pair Corr
0.8	FNV	Franco Nevada	Pair Corr
0.62	FSM	Fortuna Silver Mines	Pair Corr
0.84	GFI	Gold Fields	Pair Corr
0.74	HMY	Harmony Gold Mining	Pair Corr

Moving against Royal Stock

0.63	CE	Celanese	Pair Corr
0.48	IE	Ivanhoe Electric	Pair Corr
0.47	HYMCW	Hycroft Mining Holding	Pair Corr
0.46	AA	Alcoa Corp	Pair Corr
0.44	DOW	Dow Inc	Pair Corr
0.61	OLN	Olin	Pair Corr
0.57	ODV	Osisko Development Corp Earnings Call This Week	Pair Corr
0.39	ERO	Ero Copper Corp	Pair Corr
0.31	HBM	Hudbay Minerals	Pair Corr

Related Correlations Analysis

	WPM	AEM	SAND	OR	FNV	PAAS	SSRM	DRD	AGI	SA
WPM		0.94	0.92	0.47	0.93	0.96	0.97	0.92	0.98	-0.17	WPM
AEM	0.94		0.95	0.52	0.98	0.96	0.92	0.9	0.97	-0.09	AEM
SAND	0.92	0.95		0.6	0.94	0.94	0.88	0.84	0.94	-0.05	SAND
OR	0.47	0.52	0.6		0.45	0.62	0.36	0.35	0.44	0.64	OR
FNV	0.93	0.98	0.94	0.45		0.93	0.93	0.91	0.98	-0.2	FNV
PAAS	0.96	0.96	0.94	0.62	0.93		0.91	0.86	0.95	0.05	PAAS
SSRM	0.97	0.92	0.88	0.36	0.93	0.91		0.9	0.97	-0.29	SSRM
DRD	0.92	0.9	0.84	0.35	0.91	0.86	0.9		0.95	-0.25	DRD
AGI	0.98	0.97	0.94	0.44	0.98	0.95	0.97	0.95		-0.22	AGI
SA	-0.17	-0.09	-0.05	0.64	-0.2	0.05	-0.29	-0.25	-0.22		SA
	WPM	AEM	SAND	OR	FNV	PAAS	SSRM	DRD	AGI	SA

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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

AGI	+ 0.98	WPM
FNV	+ 0.98	AEM
AGI	+ 0.98	FNV
SSRM	+ 0.97	WPM
AGI	+ 0.97	AEM
AGI	+ 0.97	SSRM

High negative correlations

SA	- 0.29	SSRM
SA	- 0.25	DRD
SA	- 0.22	AGI
SA	- 0.2	FNV
SA	- 0.17	WPM
SA	- 0.09	AEM

Risk-Adjusted Indicators

There is a big difference between Royal Stock performing well and Royal Gold 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 Royal 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
WPM	1.46	0.37	0.22	0.52	1.55	(1.53)	3.00	(2.72)	7.92
AEM	1.51	0.41	0.23	0.65	1.73	(1.68)	3.84	(2.45)	9.76
SAND	1.61	0.32	0.15	0.86	2.25	(1.69)	3.54	(3.39)	11.26
OR	1.47	0.07	0.08	0.21	1.75	(1.48)	3.07	(3.06)	7.66
FNV	1.18	0.41	0.30	0.80	1.19	(1.32)	3.01	(2.23)	7.88
PAAS	2.12	0.29	0.13	0.58	2.43	(2.31)	4.83	(4.46)	11.48
SSRM	2.59	0.70	0.26	0.80	2.33	(2.87)	6.76	(4.55)	17.06
DRD	2.78	0.63	0.25	(1.76)	2.52	(3.17)	7.64	(5.11)	15.23
AGI	1.66	0.48	0.25	1.05	1.74	(1.81)	3.91	(3.38)	9.71
SA	2.63	(0.02)	0.00	(0.12)	0.00	0.00	4.77	(5.52)	20.98

Royal Gold Corporate Management

Laura JD	Corporate VP	Profile
David Esq	Corporate VP	Profile
Paul Libner	CFO Treasurer	Profile
Alistair Baker	VP Devel	Profile
Martin PEng	Senior Operations	Profile

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