| WDO Stock | | | CAD 15.82 0.02 0.13% |
The current 90-days correlation between Wesdome Gold Mines and OceanaGold is 0.65 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Wesdome Gold moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Wesdome Gold Mines moves in either direction, the perfectly negatively correlated security will move in the opposite direction.
Wesdome Gold Correlation With Market
Modest diversification
The correlation between Wesdome Gold Mines and DJI is 0.23 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Wesdome Gold Mines and DJI in the same portfolio, assuming nothing else is changed.
The ability to find closely correlated positions to Wesdome Gold could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Wesdome Gold 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 Wesdome Gold - 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 Wesdome Gold Mines to buy it.
Moving together with Wesdome Stock
Moving against Wesdome Stock
Related Correlations Analysis
Risk-Adjusted IndicatorsThere is a big difference between Wesdome Stock performing well and Wesdome 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 Wesdome 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.
Be your own money manager
Our tools can tell you how much better you can do entering a position in Wesdome Gold 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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Wesdome Gold Corporate Management
Elected by the shareholders, the Wesdome Gold's board of directors comprises two types of representatives: Wesdome Gold inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Wesdome. The board's role is to monitor Wesdome Gold's management team and ensure that shareholders' interests are well served. Wesdome Gold's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Wesdome Gold's outside directors are responsible for providing unbiased perspectives on the board's policies.