Eastern Goldfields Correlations

EGDD Stock

USD 0.0006 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

Good diversification

The correlation between Eastern Goldfields and DJI is -0.11 (i.e., Good diversification) 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

0.68	LION	Lionsgate Studios Holding	Pair Corr
0.74	F	Ford Motor	Pair Corr
0.7	RIVN	Rivian Automotive Sell-off Trend	Pair Corr
0.9	RLMD	Relmada Therapeutics	Pair Corr
0.68	KYOCF	Kyocera	Pair Corr
0.82	DNLMY	Dunelm Group PLC	Pair Corr
0.65	IDN	Intellicheck Mobilisa	Pair Corr
0.85	AKAM	Akamai Technologies	Pair Corr
0.61	STAG	STAG Industrial	Pair Corr
0.87	REGN	Regeneron Pharmaceuticals	Pair Corr
0.65	BAC	Bank of America	Pair Corr
0.77	SHIP	Seanergy Maritime	Pair Corr

Moving against Eastern Pink Sheet

0.92	AUR	Aurora Innovation	Pair Corr
0.88	XXI	Twenty One Capital,	Pair Corr
0.87	MNTN	MNTN, Inc	Pair Corr
0.81	GRAB	Grab Holdings Aggressive Push	Pair Corr
0.8	NIO	Nio Class A	Pair Corr
0.8	RXRX	Recursion Pharmaceuticals	Pair Corr
0.73	PLUG	Plug Power	Pair Corr
0.54	SWRM	Appswarm	Pair Corr
0.36	26442TAG2	US26442TAG22	Pair Corr
0.41	WOLF	Wolfspeed,	Pair Corr

Related Correlations Analysis

	CWNOF	BOTH	ASPR	BGPPF	KNKT	PDRO	WYPH	HKBT	SGTB	QTCI
CWNOF		0.0	-1.0	0.0	-1.0	0.0	0.0	0.0	-1.0	0.0	CWNOF
BOTH	0.0		0.0	0.0	0.0	0.0	0.31	0.78	0.0	0.49	BOTH
ASPR	-1.0	0.0		0.0	1.0	0.0	0.0	0.0	1.0	0.0	ASPR
BGPPF	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	BGPPF
KNKT	-1.0	0.0	1.0	0.0		0.0	0.0	0.0	1.0	0.0	KNKT
PDRO	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	PDRO
WYPH	0.0	0.31	0.0	0.0	0.0	0.0		0.41	0.0	0.05	WYPH
HKBT	0.0	0.78	0.0	0.0	0.0	0.0	0.41		0.0	0.2	HKBT
SGTB	-1.0	0.0	1.0	0.0	1.0	0.0	0.0	0.0		0.0	SGTB
QTCI	0.0	0.49	0.0	0.0	0.0	0.0	0.05	0.2	0.0		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

KNKT	+ 1.0	ASPR
SGTB	+ 1.0	ASPR
SGTB	+ 1.0	KNKT
HKBT	+ 0.78	BOTH
QTCI	+ 0.49	BOTH
HKBT	+ 0.41	WYPH

High negative correlations

SGTB	- 1.0	CWNOF
KNKT	- 1.0	CWNOF
ASPR	- 1.0	CWNOF
QTCI	- 0.0	SGTB
SGTB	- 0.0	HKBT
SGTB	- 0.0	WYPH

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	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
CWNOF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
BOTH	2.97	(1.68)	0.00	(0.67)	0.00	0.00	0.00	0.00	99.59
ASPR	0.00	0.00	0.00	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	0.00	0.00	0.00
KNKT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
PDRO	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
WYPH	66.85	33.51	0.00	(1.65)	0.00	0.00	66.67	(40.00)	2,090
HKBT	2.98	(1.66)	0.00	(0.80)	0.00	0.00	0.00	0.00	99.83
SGTB	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
QTCI	12.65	3.04	0.05	(0.44)	16.52	(54.82)	23.33	(30.00)	350.68

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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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