Equinox Gold Correlations

EQX Stock

USD 5.72 0.24 4.38%

The current 90-days correlation between Equinox Gold Corp and Coeur Mining is 0.8 (i.e., Very poor diversification). The correlation of Equinox Gold 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.

Equinox Gold Correlation With Market

Average diversification

The correlation between Equinox Gold 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 Equinox Gold Corp and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Equinox Gold Corp. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in producer price index.

Moving together with Equinox Stock

0.77	CDE	Coeur Mining	Pair Corr
0.64	NEM	Newmont Goldcorp Corp Aggressive Push	Pair Corr
0.73	PKX	POSCO Holdings	Pair Corr
0.68	CX	Cemex SAB de	Pair Corr
0.69	HL	Hecla Mining	Pair Corr

Moving against Equinox Stock

0.31	RS	Reliance Steel Aluminum	Pair Corr
0.31	CMC	Commercial Metals	Pair Corr
0.44	KALU	Kaiser Aluminum	Pair Corr
0.35	CENX	Century Aluminum	Pair Corr
0.33	STLD	Steel Dynamics Fiscal Year End 28th of January 2025	Pair Corr
0.45	NC	NACCO Industries	Pair Corr
0.4	WS	Worthington Steel	Pair Corr
0.32	NX	Quanex Building Products Fiscal Year End 12th of December 2024	Pair Corr

Related Correlations Analysis

	CDE	BTG	SAND	PAAS	OR	WPM	FNV	RGLD	FSM	MGDPF
CDE		0.66	0.69	0.61	0.48	0.6	0.53	0.5	0.83	0.0	CDE
BTG	0.66		0.85	0.67	0.7	0.73	0.82	0.55	0.67	0.0	BTG
SAND	0.69	0.85		0.56	0.55	0.73	0.83	0.45	0.68	0.0	SAND
PAAS	0.61	0.67	0.56		0.93	0.85	0.72	0.82	0.85	0.0	PAAS
OR	0.48	0.7	0.55	0.93		0.79	0.69	0.79	0.69	0.0	OR
WPM	0.6	0.73	0.73	0.85	0.79		0.91	0.75	0.84	0.0	WPM
FNV	0.53	0.82	0.83	0.72	0.69	0.91		0.66	0.74	0.0	FNV
RGLD	0.5	0.55	0.45	0.82	0.79	0.75	0.66		0.7	0.0	RGLD
FSM	0.83	0.67	0.68	0.85	0.69	0.84	0.74	0.7		0.0	FSM
MGDPF	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		MGDPF
	CDE	BTG	SAND	PAAS	OR	WPM	FNV	RGLD	FSM	MGDPF

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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

OR	+ 0.93	PAAS
FNV	+ 0.91	WPM
SAND	+ 0.85	BTG
WPM	+ 0.85	PAAS
FSM	+ 0.85	PAAS
FSM	+ 0.84	WPM

High negative correlations

MGDPF	- 0.0	FSM
MGDPF	- 0.0	RGLD
MGDPF	- 0.0	FNV
MGDPF	- 0.0	WPM
MGDPF	- 0.0	OR
MGDPF	- 0.0	PAAS

Risk-Adjusted Indicators

There is a big difference between Equinox Stock performing well and Equinox Gold 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 Equinox Gold'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
CDE	3.03	0.01	0.00	0.11	3.79	(3.23)	9.37	(5.06)	28.59
BTG	2.09	0.04	(0.02)	(2.40)	2.26	(2.51)	3.90	(4.09)	17.88
SAND	1.76	0.04	(0.01)	0.22	2.42	(1.84)	3.33	(2.56)	15.60
PAAS	2.20	0.07	0.01	0.21	2.29	(2.56)	6.05	(4.04)	14.73
OR	1.30	0.15	0.04	0.49	1.81	(1.24)	2.94	(2.93)	10.04
WPM	1.39	0.04	(0.02)	0.37	2.00	(1.33)	2.78	(3.16)	10.53
FNV	1.23	(0.04)	(0.06)	(0.02)	1.77	(1.16)	2.46	(2.61)	8.26
RGLD	1.21	0.08	(0.01)	(5.07)	1.62	(1.20)	2.44	(2.62)	7.40
FSM	2.36	(0.02)	(0.01)	0.08	3.19	(2.43)	4.66	(5.13)	17.32
MGDPF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

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