B2Gold Corp Correlations

BTO Stock

CAD 6.63 0.88 11.72%

The current 90-days correlation between B2Gold Corp and New Gold is 0.6 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as B2Gold Corp moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if B2Gold Corp moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

B2Gold Corp Correlation With Market

Poor diversification

The correlation between B2Gold Corp and DJI is 0.68 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding B2Gold Corp and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to B2Gold Corp could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace B2Gold Corp 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 B2Gold Corp - 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 B2Gold Corp to buy it.

Moving together with B2Gold Stock

0.85	AG	First Majestic Silver	Pair Corr
0.82	IE	Ivanhoe Energy	Pair Corr
0.84	ORE	Orezone Gold Corp	Pair Corr
0.75	FDY	Faraday Copper Corp	Pair Corr
0.63	GOOG	Alphabet CDR	Pair Corr
0.63	GOOG	Alphabet CDR Earnings Call This Week	Pair Corr
0.76	SMD	Strategic Metals	Pair Corr
0.69	TTE	TotalEnergies CDR	Pair Corr

Moving against B2Gold Stock

0.6	BRK	Berkshire Hathaway CDR	Pair Corr
0.6	BRK	Berkshire Hathaway CDR	Pair Corr
0.38	MSFT	Microsoft Corp CDR	Pair Corr
0.38	MSFT	Microsoft CDR	Pair Corr

Related Correlations Analysis

	NGD	OGC	ARTG	ELD	OR	IMG	SSRM	PRU	TFPM	AAUC
NGD		0.98	0.94	0.97	0.99	0.94	0.82	0.92	0.91	0.94	NGD
OGC	0.98		0.95	0.99	0.98	0.97	0.78	0.93	0.93	0.96	OGC
ARTG	0.94	0.95		0.92	0.94	0.92	0.83	0.91	0.88	0.87	ARTG
ELD	0.97	0.99	0.92		0.97	0.98	0.75	0.93	0.93	0.98	ELD
OR	0.99	0.98	0.94	0.97		0.94	0.84	0.93	0.92	0.93	OR
IMG	0.94	0.97	0.92	0.98	0.94		0.74	0.96	0.96	0.95	IMG
SSRM	0.82	0.78	0.83	0.75	0.84	0.74		0.76	0.69	0.72	SSRM
PRU	0.92	0.93	0.91	0.93	0.93	0.96	0.76		0.95	0.9	PRU
TFPM	0.91	0.93	0.88	0.93	0.92	0.96	0.69	0.95		0.92	TFPM
AAUC	0.94	0.96	0.87	0.98	0.93	0.95	0.72	0.9	0.92		AAUC
	NGD	OGC	ARTG	ELD	OR	IMG	SSRM	PRU	TFPM	AAUC

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Risk-Adjusted Indicators

There is a big difference between B2Gold Stock performing well and B2Gold Corp 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 B2Gold Corp'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
NGD	3.13	0.68	0.18	0.37	3.56	(3.75)	7.68	(4.39)	20.09
OGC	2.25	0.56	0.16	0.51	3.04	(2.31)	4.57	(4.28)	12.23
ARTG	2.32	0.34	0.10	0.46	2.88	(2.35)	6.14	(5.61)	15.78
ELD	2.06	0.77	0.27	0.77	2.11	(2.42)	4.82	(3.01)	11.64
OR	1.76	0.29	0.09	0.45	2.68	(1.87)	4.09	(2.87)	8.42
IMG	2.53	0.68	0.17	1.16	3.12	(2.69)	5.59	(4.81)	15.75
SSRM	2.49	(0.01)	0.00	0.03	4.26	(2.27)	4.63	(5.33)	17.19
PRU	2.02	0.30	0.08	0.41	3.22	(2.08)	4.01	(3.98)	13.74
TFPM	1.91	0.23	0.09	0.27	2.52	(2.25)	4.15	(4.88)	12.28
AAUC	2.31	0.88	0.24	0.64	2.70	(2.57)	6.26	(4.66)	15.55

Be your own money manager

Our tools can tell you how much better you can do entering a position in B2Gold Corp 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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