Capstone Mining Correlations

CS Stock

CAD 13.66 0.07 0.51%

The current 90-days correlation between Capstone Mining Corp and HudBay Minerals is 0.77 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Capstone Mining moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Capstone Mining Corp moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Capstone Mining Correlation With Market

Average diversification

The correlation between Capstone Mining Corp and DJI is 0.16 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Capstone Mining Corp and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Capstone Stock

0.7	AG	First Majestic Silver	Pair Corr
0.75	ORE	Orezone Gold Corp	Pair Corr
0.61	FFH-PI	Fairfax Financial	Pair Corr
0.68	SBI	Serabi Gold PLC	Pair Corr
0.73	CGG	China Gold International	Pair Corr
0.66	TD	Toronto Dominion Bank	Pair Corr
0.65	HAI	Haivision Systems	Pair Corr
0.61	WPM	Wheaton Precious Metals	Pair Corr
0.63	YES	CHAR Technologies	Pair Corr
0.67	ELD	Eldorado Gold Corp	Pair Corr
0.64	PD	Precision Drilling	Pair Corr
0.71	PNTR	Pantera Silver Corp	Pair Corr
0.65	FFN	North American Financial	Pair Corr

Moving against Capstone Stock

0.44	AML	Argus Metals Corp	Pair Corr
0.52	NSTL	Nestl CDR	Pair Corr

Related Correlations Analysis

	HBM	CGG	IMG	NGD	TFPM	OR	OGC	BTO	ELD	AG
HBM		0.69	0.82	0.82	0.81	0.04	0.92	0.02	0.79	0.88	HBM
CGG	0.69		0.83	0.8	0.81	0.17	0.72	-0.1	0.83	0.77	CGG
IMG	0.82	0.83		0.91	0.96	0.15	0.92	-0.09	0.94	0.82	IMG
NGD	0.82	0.8	0.91		0.84	0.13	0.84	-0.13	0.91	0.82	NGD
TFPM	0.81	0.81	0.96	0.84		0.17	0.92	0.01	0.88	0.84	TFPM
OR	0.04	0.17	0.15	0.13	0.17		-0.03	0.73	0.3	0.22	OR
OGC	0.92	0.72	0.92	0.84	0.92	-0.03		-0.1	0.84	0.84	OGC
BTO	0.02	-0.1	-0.09	-0.13	0.01	0.73	-0.1		0.0	0.25	BTO
ELD	0.79	0.83	0.94	0.91	0.88	0.3	0.84	0.0		0.84	ELD
AG	0.88	0.77	0.82	0.82	0.84	0.22	0.84	0.25	0.84		AG
	HBM	CGG	IMG	NGD	TFPM	OR	OGC	BTO	ELD	AG

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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

TFPM	+ 0.96	IMG
ELD	+ 0.94	IMG
OGC	+ 0.92	HBM
OGC	+ 0.92	IMG
OGC	+ 0.92	TFPM
NGD	+ 0.91	IMG

High negative correlations

BTO	- 0.13	NGD
BTO	- 0.1	OGC
BTO	- 0.1	CGG
BTO	- 0.09	IMG
OGC	- 0.03	OR
ELD	- 0.0	BTO

Risk-Adjusted Indicators

There is a big difference between Capstone Stock performing well and Capstone Mining 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 Capstone Mining'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
HBM	2.25	0.55	0.18	0.72	2.60	(2.54)	5.72	(5.52)	15.80
CGG	2.22	0.32	0.07	(1.44)	2.57	(2.37)	5.47	(5.33)	12.71
IMG	2.57	0.47	0.13	0.38	3.35	(2.69)	5.59	(5.51)	18.56
NGD	2.66	0.36	0.10	0.38	3.44	(2.95)	6.80	(5.41)	20.09
TFPM	2.01	0.26	0.08	0.39	2.70	(2.17)	4.15	(3.74)	14.25
OR	1.78	(0.06)	0.00	(0.02)	0.00	0.00	3.42	(4.95)	13.00
OGC	2.30	0.44	0.11	0.75	3.06	(2.34)	4.33	(4.28)	15.43
BTO	2.40	(0.12)	0.00	(0.03)	0.00	0.00	4.76	(6.05)	15.63
ELD	2.15	0.32	0.09	0.38	3.01	(2.25)	5.17	(5.27)	16.31
AG	3.39	0.60	0.13	1.09	3.77	(3.72)	8.52	(7.45)	22.53

Be your own money manager

Our tools can tell you how much better you can do entering a position in Capstone Mining 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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