Thungela Resources Correlations

TGA Stock

10,894 52.00 0.48%

The correlation of Thungela 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.

Thungela Resources Correlation With Market

Good diversification

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

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

Moving together with Thungela Stock

0.88	GLN	Glencore PLC	Pair Corr
0.68	PIK	Pick N Pay	Pair Corr
0.72	SBKP	Standard Bank Group	Pair Corr
0.73	SBPP	Standard Bank Group	Pair Corr

Moving against Thungela Stock

0.51	SBK	Standard Bank Group	Pair Corr
0.38	BTI	British American Tobacco	Pair Corr

Related Correlations Analysis

	BOX	BTI	FTH	RNI	HCI	BYI	ARL
BOX		0.13	-0.41	-0.06	-0.47	0.38	-0.54	BOX
BTI	0.13		-0.59	0.24	-0.68	0.59	-0.59	BTI
FTH	-0.41	-0.59		-0.05	0.9	-0.3	0.88	FTH
RNI	-0.06	0.24	-0.05		-0.1	0.36	-0.09	RNI
HCI	-0.47	-0.68	0.9	-0.1		-0.47	0.92	HCI
BYI	0.38	0.59	-0.3	0.36	-0.47		-0.35	BYI
ARL	-0.54	-0.59	0.88	-0.09	0.92	-0.35		ARL
	BOX	BTI	FTH	RNI	HCI	BYI	ARL

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

ARL	+ 0.92	HCI
HCI	+ 0.9	FTH
ARL	+ 0.88	FTH
BYI	+ 0.59	BTI
BYI	+ 0.38	BOX
BYI	+ 0.36	RNI

High negative correlations

HCI	- 0.68	BTI
ARL	- 0.59	BTI
FTH	- 0.59	BTI
ARL	- 0.54	BOX
BYI	- 0.47	HCI
HCI	- 0.47	BOX

Risk-Adjusted Indicators

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

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
BOX	1.26	0.20	0.14	(3.00)	1.19	(1.49)	3.66	(2.11)	8.07
BTI	0.95	0.13	0.07	(0.77)	1.78	(0.89)	1.71	(2.00)	14.66
FTH	0.90	(0.17)	0.00	0.49	0.00	0.00	2.05	(3.41)	10.84
RNI	1.17	0.04	0.03	0.80	1.28	(1.30)	2.55	(2.02)	9.03
HCI	1.13	(0.26)	0.00	2.02	0.00	0.00	2.13	(2.57)	5.48
BYI	1.76	0.26	0.14	0.60	1.63	(2.12)	3.75	(3.30)	17.59
ARL	1.16	(0.21)	0.00	(1.06)	0.00	0.00	2.16	(2.81)	6.88

Be your own money manager

Our tools can tell you how much better you can do entering a position in Thungela Resources 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.

Did you try this?

Run Idea Breakdown Now

Idea Breakdown

Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes

All Next

Launch Module

Thungela Resources Corporate Management

Elected by the shareholders, the Thungela Resources' board of directors comprises two types of representatives: Thungela Resources inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Thungela. The board's role is to monitor Thungela Resources' management team and ensure that shareholders' interests are well served. Thungela Resources' inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Thungela Resources' outside directors are responsible for providing unbiased perspectives on the board's policies.

Mpumi Sithole	Exec Affairs	Profile
Gideon Law	CFO Director	Profile
Lesego Mataboge	Ex HR	Profile
Daniel Klem	Company Sec	Profile
BSc BLP	CEO Director	Profile
Leslie Martin	Ex Technical	Profile
Johan Schalkwyk	Chief Officer	Profile

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC