First Quantum Correlations

FM Stock

CAD 36.22 0.37 1.01%

The current 90-days correlation between First Quantum Minerals and Lundin Mining is 0.81 (i.e., Very poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as First Quantum moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if First Quantum Minerals moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

First Quantum Correlation With Market

Very poor diversification

The correlation between First Quantum Minerals and DJI is 0.85 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding First Quantum Minerals and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with First Stock

0.9	AG	First Majestic Silver Earnings Call This Week	Pair Corr
0.95	IE	Ivanhoe Energy	Pair Corr
0.84	ORE	Orezone Gold Corp	Pair Corr
0.92	FDY	Faraday Copper Corp	Pair Corr
0.73	GOOG	Alphabet CDR	Pair Corr
0.73	GOOG	Alphabet CDR	Pair Corr
0.73	FTT	Finning International	Pair Corr
0.73	WPRT	Westport Fuel Systems	Pair Corr
0.95	PSLV	Sprott Physical Silver	Pair Corr
0.92	NICU	Magna Mining	Pair Corr
0.79	RKR	ROKMASTER Resources Corp	Pair Corr
0.87	MS	Morgan Stanley CDR	Pair Corr
0.67	GENM	Generation Mining	Pair Corr
0.69	WAST	Waste Management CDR	Pair Corr
0.84	PGDC	Patagonia Gold Corp	Pair Corr
0.81	MKO	Mako Mining Corp	Pair Corr
0.63	IB	IBC Advanced Alloys	Pair Corr
0.81	AGI	Alamos Gold Earnings Call This Week	Pair Corr
0.73	BTO	B2Gold Corp Earnings Call This Week	Pair Corr
0.81	PML	Panoro Minerals	Pair Corr
0.8	CU-PH	Canadian Utilities	Pair Corr
0.86	ENB-PFC	Enbridge Pref 11	Pair Corr

Moving against First Stock

0.75	BRK	Berkshire Hathaway CDR	Pair Corr
0.75	BRK	Berkshire Hathaway CDR	Pair Corr
0.68	AAPL	Apple CDR	Pair Corr
0.68	AAPL	Apple Inc CDR	Pair Corr
0.5	MSFT	Microsoft Corp CDR	Pair Corr
0.5	MSFT	Microsoft CDR	Pair Corr

Related Correlations Analysis

	LUN	LUG	IVN	AGI	HBM	PAAS	TECK-A	TECK-B	CS	ERO
LUN		0.21	0.91	0.8	0.98	0.9	0.94	0.94	0.91	0.93	LUN
LUG	0.21		0.18	0.42	0.15	0.37	0.01	0.01	0.02	0.18	LUG
IVN	0.91	0.18		0.82	0.93	0.9	0.93	0.93	0.92	0.96	IVN
AGI	0.8	0.42	0.82		0.83	0.9	0.78	0.79	0.75	0.75	AGI
HBM	0.98	0.15	0.93	0.83		0.92	0.97	0.97	0.95	0.94	HBM
PAAS	0.9	0.37	0.9	0.9	0.92		0.85	0.85	0.88	0.9	PAAS
TECK-A	0.94	0.01	0.93	0.78	0.97	0.85		1.0	0.95	0.92	TECK-A
TECK-B	0.94	0.01	0.93	0.79	0.97	0.85	1.0		0.95	0.92	TECK-B
CS	0.91	0.02	0.92	0.75	0.95	0.88	0.95	0.95		0.92	CS
ERO	0.93	0.18	0.96	0.75	0.94	0.9	0.92	0.92	0.92		ERO
	LUN	LUG	IVN	AGI	HBM	PAAS	TECK-A	TECK-B	CS	ERO

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Risk-Adjusted Indicators

There is a big difference between First Stock performing well and First Quantum 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 First Quantum'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
LUN	2.28	0.50	0.11	1.33	3.43	(2.23)	4.62	(6.23)	17.27
LUG	2.36	0.01	0.00	0.07	3.88	(2.18)	4.75	(5.00)	21.00
IVN	2.99	0.45	0.13	0.44	3.14	(3.31)	6.26	(5.28)	16.66
AGI	2.51	0.42	0.11	0.36	3.50	(2.55)	6.07	(6.20)	16.85
HBM	2.49	0.64	0.18	0.78	3.10	(2.88)	5.66	(5.52)	17.18
PAAS	2.87	0.60	0.16	0.47	3.45	(3.29)	7.02	(6.40)	24.05
TECK-A	2.18	0.43	0.13	0.71	2.68	(2.29)	4.48	(4.25)	14.20
TECK-B	2.23	0.44	0.13	0.82	2.61	(2.29)	4.48	(4.23)	13.86
CS	2.65	0.36	0.11	0.29	3.30	(2.88)	7.47	(5.97)	18.20
ERO	2.59	0.47	0.11	1.35	3.51	(2.61)	5.58	(4.41)	18.08

Be your own money manager

Our tools can tell you how much better you can do entering a position in First Quantum 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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