First Quantum Correlations

FM Stock

CAD 38.31 0.60 1.59%

The current 90-days correlation between First Quantum Minerals and Lundin Mining is -0.13 (i.e., Good 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 weak diversification

The correlation between First Quantum Minerals and DJI is 0.53 (i.e., Very weak 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

0.69	IE	Ivanhoe Energy Earnings Call This Week	Pair Corr
0.62	FDY	Faraday Copper Corp	Pair Corr
0.74	MGA	Mega Uranium	Pair Corr
0.82	PSLV	Sprott Physical Silver	Pair Corr
0.8	FTEC	Fintech Select	Pair Corr
0.77	AZT	Aztec Minerals Corp	Pair Corr
0.65	TUF	Honey Badger Silver	Pair Corr
0.67	ATX	ATEX Resources	Pair Corr
0.68	BPF-UN	Boston Pizza Royalties	Pair Corr
0.65	MU	Micron Technology	Pair Corr
0.71	TUO	Teuton Resources Corp	Pair Corr
0.62	AUUA	Aluula Composites	Pair Corr
0.73	GWM	Galway Metals	Pair Corr

Related Correlations Analysis

	LUN	LUG	IVN	AGI	HBM	PAAS	TECK-A	TECK-B	CS	ERO
LUN		0.12	0.8	0.83	0.72	0.9	0.66	0.66	0.81	0.87	LUN
LUG	0.12		0.14	0.28	-0.1	0.22	-0.24	-0.25	-0.03	0.14	LUG
IVN	0.8	0.14		0.65	0.52	0.82	0.47	0.46	0.92	0.94	IVN
AGI	0.83	0.28	0.65		0.48	0.79	0.47	0.47	0.62	0.63	AGI
HBM	0.72	-0.1	0.52	0.48		0.57	0.95	0.95	0.55	0.59	HBM
PAAS	0.9	0.22	0.82	0.79	0.57		0.47	0.47	0.83	0.87	PAAS
TECK-A	0.66	-0.24	0.47	0.47	0.95	0.47		1.0	0.49	0.51	TECK-A
TECK-B	0.66	-0.25	0.46	0.47	0.95	0.47	1.0		0.48	0.5	TECK-B
CS	0.81	-0.03	0.92	0.62	0.55	0.83	0.49	0.48		0.91	CS
ERO	0.87	0.14	0.94	0.63	0.59	0.87	0.51	0.5	0.91		ERO
	LUN	LUG	IVN	AGI	HBM	PAAS	TECK-A	TECK-B	CS	ERO

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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

TECK-B	+ 1.0	TECK-A
TECK-A	+ 0.95	HBM
TECK-B	+ 0.95	HBM
ERO	+ 0.94	IVN
CS	+ 0.92	IVN
ERO	+ 0.91	CS

High negative correlations

TECK-B	- 0.25	LUG
TECK-A	- 0.24	LUG
HBM	- 0.1	LUG
CS	- 0.03	LUG

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	2.40	0.81	0.18	3.00	3.14	(2.48)	5.26	(6.23)	17.27
LUG	2.43	0.05	0.01	0.13	3.91	(2.27)	5.95	(5.00)	21.00
IVN	3.07	0.29	0.09	0.26	3.47	(3.28)	6.26	(5.76)	16.66
AGI	2.65	0.53	0.13	0.48	3.56	(2.66)	6.07	(6.20)	16.85
HBM	2.33	0.82	0.23	(3.23)	2.74	(2.90)	5.44	(3.52)	17.18
PAAS	3.01	0.90	0.20	(2.20)	3.38	(3.50)	7.02	(6.40)	24.05
TECK-A	2.08	0.53	0.15	(3.20)	2.47	(2.21)	4.48	(4.23)	14.20
TECK-B	1.99	0.53	0.16	(7.15)	2.21	(2.15)	4.48	(4.00)	13.86
CS	2.70	0.26	0.08	0.24	3.44	(2.91)	7.47	(5.97)	18.20
ERO	2.56	0.59	0.13	5.34	3.51	(2.58)	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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