Eastern Goldfields Correlations

EGDD Stock

USD 0.0001 0.00 0.00%

The correlation of Eastern Goldfields 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.

Eastern Goldfields Correlation With Market

Pay attention - limited upside

The correlation between Eastern Goldfields and DJI is -0.77 (i.e., Pay attention - limited upside) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Eastern Goldfields and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Eastern Pink Sheet

0.79	XXI	Twenty One Capital	Pair Corr
0.74	MNTN	MNTN Inc Earnings Call This Week	Pair Corr
0.73	GRAB	Grab Holdings	Pair Corr
0.86	HPQ	HP Inc	Pair Corr

Moving against Eastern Pink Sheet

0.88	BA	Boeing	Pair Corr
0.81	LION	Lionsgate Studios Holding	Pair Corr
0.8	ABEV	Ambev SA ADR Earnings Call This Week	Pair Corr
0.68	F	Ford Motor	Pair Corr
0.57	PBAJ	Petro Usa	Pair Corr
0.54	GE	GE Aerospace	Pair Corr
0.88	AA	Alcoa Corp	Pair Corr
0.79	CVX	Chevron Corp	Pair Corr
0.76	MRK	Merck Company Aggressive Push	Pair Corr
0.75	CAT	Caterpillar	Pair Corr
0.72	INTC	Intel Aggressive Push	Pair Corr
0.67	JNJ	Johnson Johnson	Pair Corr
0.66	WMT	Walmart Common Stock Aggressive Push	Pair Corr
0.52	HD	Home Depot	Pair Corr
0.46	PFE	Pfizer Inc Aggressive Push	Pair Corr
0.41	DIS	Walt Disney	Pair Corr

Related Correlations Analysis

	CWNOF	BOTH	ASPR	BGPPF	KNKT	PDRO	WYPH	HKBT	SGTB	QTCI
CWNOF		0.0	-1.0	0.0	0.0	0.0	0.0	-1.0	0.0	0.0	CWNOF
BOTH	0.0		0.0	0.0	-0.19	0.0	-0.17	0.0	-0.14	0.56	BOTH
ASPR	-1.0	0.0		0.0	0.0	0.0	0.0	1.0	0.0	0.0	ASPR
BGPPF	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	BGPPF
KNKT	0.0	-0.19	0.0	0.0		0.0	-0.13	0.0	0.73	-0.14	KNKT
PDRO	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	PDRO
WYPH	0.0	-0.17	0.0	0.0	-0.13	0.0		0.0	-0.09	-0.17	WYPH
HKBT	-1.0	0.0	1.0	0.0	0.0	0.0	0.0		0.0	0.0	HKBT
SGTB	0.0	-0.14	0.0	0.0	0.73	0.0	-0.09	0.0		-0.1	SGTB
QTCI	0.0	0.56	0.0	0.0	-0.14	0.0	-0.17	0.0	-0.1		QTCI
	CWNOF	BOTH	ASPR	BGPPF	KNKT	PDRO	WYPH	HKBT	SGTB	QTCI

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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

HKBT	+ 1.0	ASPR
SGTB	+ 0.73	KNKT
QTCI	+ 0.56	BOTH
BOTH	+ 0.0	CWNOF
BGPPF	+ 0.0	CWNOF
KNKT	+ 0.0	CWNOF

High negative correlations

HKBT	- 1.0	CWNOF
ASPR	- 1.0	CWNOF
KNKT	- 0.19	BOTH
QTCI	- 0.17	WYPH
WYPH	- 0.17	BOTH
QTCI	- 0.14	KNKT

Risk-Adjusted Indicators

There is a big difference between Eastern Pink Sheet performing well and Eastern Goldfields 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 Eastern Goldfields' 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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
CWNOF	0.00	0.00	0.00	0.00	0.00	0.00
BOTH	2.97	(1.31)	0.59	0.00	0.00	99.59
ASPR	0.00	0.00	0.00	0.00	0.00	0.00
BGPPF	0.00	0.00	0.00	0.00	0.00	0.00
KNKT	2.98	1.67	(0.71)	0.00	0.00	100.00
PDRO	0.00	0.00	0.00	0.00	0.00	0.00
WYPH	3.46	1.30	(0.61)	0.00	0.00	106.67
HKBT	0.00	0.00	0.00	0.00	0.00	0.00
SGTB	352.09	173.39	1.90	17.65	(10.53)	11,846
QTCI	11.80	3.53	(0.62)	0.00	0.00	350.68

Be your own money manager

Our tools can tell you how much better you can do entering a position in Eastern Goldfields 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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