AngloGold Ashanti Correlations

AU Stock

USD 25.95 0.75 2.98%

The current 90-days correlation between AngloGold Ashanti plc and Harmony Gold Mining is 0.78 (i.e., Poor diversification). The correlation of AngloGold Ashanti 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. If the correlation is 0, the equities are not correlated; they are entirely random.

AngloGold Ashanti Correlation With Market

Average diversification

The correlation between AngloGold Ashanti plc and DJI is 0.11 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding AngloGold Ashanti plc and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in AngloGold Ashanti plc. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in employment.

Moving together with AngloGold Stock

0.63	NEM	Newmont Goldcorp Corp Aggressive Push	Pair Corr
0.66	CE	Celanese	Pair Corr
0.63	FF	FutureFuel Corp	Pair Corr

Moving against AngloGold Stock

0.54	GGB	Gerdau SA ADR Potential Growth	Pair Corr
0.53	RS	Reliance Steel Aluminum	Pair Corr
0.52	CMC	Commercial Metals	Pair Corr
0.49	MT	ArcelorMittal SA ADR	Pair Corr
0.43	AA	Alcoa Corp Fiscal Year End 15th of January 2025	Pair Corr
0.56	CENX	Century Aluminum	Pair Corr
0.56	CF	CF Industries Holdings	Pair Corr
0.53	KALU	Kaiser Aluminum	Pair Corr
0.47	STLD	Steel Dynamics Fiscal Year End 28th of January 2025	Pair Corr
0.57	TT	Trane Technologies plc	Pair Corr
0.53	WS	Worthington Steel	Pair Corr
0.5	OC	Owens Corning	Pair Corr
0.48	MP	MP Materials Corp	Pair Corr
0.43	NC	NACCO Industries	Pair Corr

Related Correlations Analysis

	HMY	EGO	KGC	PAAS	NEM	WPM	FNV	AEM	BTG	GFI
HMY		0.74	0.72	0.76	0.38	0.88	0.87	0.86	0.79	0.9	HMY
EGO	0.74		0.41	0.38	0.78	0.57	0.64	0.6	0.7	0.59	EGO
KGC	0.72	0.41		0.93	-0.05	0.84	0.72	0.79	0.72	0.85	KGC
PAAS	0.76	0.38	0.93		-0.09	0.85	0.72	0.78	0.66	0.86	PAAS
NEM	0.38	0.78	-0.05	-0.09		0.09	0.28	0.13	0.43	0.26	NEM
WPM	0.88	0.57	0.84	0.85	0.09		0.91	0.97	0.73	0.83	WPM
FNV	0.87	0.64	0.72	0.72	0.28	0.91		0.93	0.84	0.82	FNV
AEM	0.86	0.6	0.79	0.78	0.13	0.97	0.93		0.73	0.78	AEM
BTG	0.79	0.7	0.72	0.66	0.43	0.73	0.84	0.73		0.82	BTG
GFI	0.9	0.59	0.85	0.86	0.26	0.83	0.82	0.78	0.82		GFI
	HMY	EGO	KGC	PAAS	NEM	WPM	FNV	AEM	BTG	GFI

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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	+ 0.97	WPM
PAAS	+ 0.93	KGC
AEM	+ 0.93	FNV
FNV	+ 0.91	WPM
GFI	+ 0.9	HMY
WPM	+ 0.88	HMY

High negative correlations

NEM	- 0.09	PAAS
NEM	- 0.05	KGC

Risk-Adjusted Indicators

There is a big difference between AngloGold Stock performing well and AngloGold Ashanti 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 AngloGold Ashanti'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
HMY	2.63	(0.11)	0.00	(0.28)	0.00	0.00	7.63	(5.89)	17.74
EGO	1.84	(0.12)	0.00	(0.17)	0.00	0.00	3.39	(4.76)	12.12
KGC	1.96	0.18	0.03	0.80	2.63	(2.07)	5.41	(3.82)	18.27
PAAS	2.18	0.09	0.01	0.29	2.17	(2.56)	6.05	(4.04)	14.73
NEM	1.53	(0.27)	0.00	(0.58)	0.00	0.00	2.51	(3.20)	18.92
WPM	1.37	0.06	(0.02)	0.66	2.01	(1.31)	2.78	(3.16)	10.53
FNV	1.20	0.00	(0.05)	0.11	1.72	(1.14)	2.46	(2.61)	8.26
AEM	1.35	0.08	(0.03)	(0.61)	1.74	(1.51)	3.08	(2.69)	11.67
BTG	2.08	0.04	(0.01)	0.18	2.23	(2.49)	3.90	(4.09)	17.88
GFI	2.12	0.02	(0.04)	0.01	2.92	(2.20)	4.52	(5.08)	14.93

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