Sandstorm Gold Correlations

SAND Stock

USD 6.79 0.07 1.02%

The current 90-days correlation between Sandstorm Gold and Seabridge Gold is 0.63 (i.e., Poor diversification). The correlation of Sandstorm 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.

Sandstorm Gold Correlation With Market

Average diversification

The correlation between Sandstorm Gold Ltd 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 Sandstorm Gold Ltd and DJI in the same portfolio, assuming nothing else is changed.

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Sandstorm Gold Ltd. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

Moving together with Sandstorm Stock

0.94	AU	AngloGold Ashanti plc	Pair Corr
0.95	AEM	Agnico Eagle Mines	Pair Corr
0.73	BTG	B2Gold Corp	Pair Corr
0.91	EQX	Equinox Gold Corp	Pair Corr
0.95	GFI	Gold Fields	Pair Corr
0.66	IAG	IAMGold	Pair Corr
0.89	KGC	Kinross Gold	Pair Corr
0.91	NEM	Newmont Goldcorp Corp	Pair Corr
0.94	WPM	Wheaton Precious Metals	Pair Corr
0.9	GOLD	Barrick Gold Corp	Pair Corr
0.95	PAAS	Pan American Silver	Pair Corr
0.86	X	United States Steel	Pair Corr
0.7	CX	Cemex SAB de	Pair Corr
0.84	DC	Dakota Gold Corp	Pair Corr
0.71	HL	Hecla Mining	Pair Corr
0.91	MP	MP Materials Corp	Pair Corr
0.87	MT	ArcelorMittal SA ADR	Pair Corr
0.65	NB	NioCorp Developments	Pair Corr
0.8	NC	NACCO Industries	Pair Corr
0.72	OR	Osisko Gold Ro	Pair Corr
0.72	TX	Ternium SA ADR	Pair Corr

Moving against Sandstorm Stock

0.76	FF	FutureFuel Corp	Pair Corr
0.75	EU	enCore Energy Corp	Pair Corr
0.66	IE	Ivanhoe Electric	Pair Corr
0.61	CF	CF Industries Holdings	Pair Corr
0.55	AA	Alcoa Corp	Pair Corr
0.55	CC	Chemours	Pair Corr
0.54	CE	Celanese	Pair Corr
0.85	ASH	Ashland Global Holdings	Pair Corr
0.8	FMST	Foremost Lithium Resource	Pair Corr
0.78	AMR	Alpha Metallurgical	Pair Corr
0.77	ALB	Albemarle Corp	Pair Corr
0.76	FEAM	5E Advanced Materials	Pair Corr
0.72	NX	Quanex Building Products	Pair Corr
0.72	TT	Trane Technologies plc	Pair Corr
0.72	ALB-PA	Albemarle	Pair Corr
0.66	WS	Worthington Steel	Pair Corr

Related Correlations Analysis

	FNV	RGLD	AGI	SA	AEM	PAAS	WPM	OR	CDE	EQX
FNV		0.9	0.98	-0.08	0.99	0.96	0.95	0.61	0.08	0.92	FNV
RGLD	0.9		0.94	-0.07	0.92	0.93	0.96	0.58	-0.04	0.86	RGLD
AGI	0.98	0.94		-0.14	0.97	0.96	0.98	0.58	-0.02	0.9	AGI
SA	-0.08	-0.07	-0.14		-0.01	0.06	-0.14	0.57	0.9	0.06	SA
AEM	0.99	0.92	0.97	-0.01		0.98	0.95	0.64	0.13	0.94	AEM
PAAS	0.96	0.93	0.96	0.06	0.98		0.96	0.68	0.16	0.94	PAAS
WPM	0.95	0.96	0.98	-0.14	0.95	0.96		0.58	-0.05	0.88	WPM
OR	0.61	0.58	0.58	0.57	0.64	0.68	0.58		0.69	0.66	OR
CDE	0.08	-0.04	-0.02	0.9	0.13	0.16	-0.05	0.69		0.21	CDE
EQX	0.92	0.86	0.9	0.06	0.94	0.94	0.88	0.66	0.21		EQX
	FNV	RGLD	AGI	SA	AEM	PAAS	WPM	OR	CDE	EQX

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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

AEM	+ 0.99	FNV
AGI	+ 0.98	FNV
WPM	+ 0.98	AGI
PAAS	+ 0.98	AEM
AEM	+ 0.97	AGI
PAAS	+ 0.96	FNV

High negative correlations

WPM	- 0.14	SA
SA	- 0.14	AGI
SA	- 0.08	FNV
SA	- 0.07	RGLD
CDE	- 0.05	WPM
CDE	- 0.04	RGLD

Risk-Adjusted Indicators

There is a big difference between Sandstorm Stock performing well and Sandstorm 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 Sandstorm 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
FNV	1.10	0.44	0.33	0.93	1.04	(1.26)	3.01	(2.14)	7.88
RGLD	1.15	0.15	0.09	0.19	1.68	(1.09)	2.04	(2.49)	8.62
AGI	1.52	0.51	0.28	1.11	1.53	(1.69)	3.91	(3.03)	8.44
SA	2.52	(0.06)	0.00	(0.13)	0.00	0.00	4.77	(5.52)	20.98
AEM	1.42	0.39	0.22	0.64	1.62	(1.62)	3.84	(2.31)	9.76
PAAS	2.02	0.28	0.13	0.63	2.23	(2.27)	4.83	(4.14)	11.48
WPM	1.36	0.37	0.24	0.54	1.36	(1.46)	2.98	(2.54)	7.59
OR	1.37	0.12	0.10	0.44	1.61	(1.40)	2.98	(2.41)	7.66
CDE	3.03	0.06	0.00	(0.01)	0.00	0.00	6.90	(6.80)	18.88
EQX	2.50	0.38	0.17	1.42	2.35	(3.01)	5.29	(4.43)	15.85

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