First Quantum Correlations

FM Stock

CAD 41.23 0.13 0.32%

The current 90-days correlation between First Quantum Minerals and Lundin Mining is 0.73 (i.e., 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

Modest diversification

The correlation between First Quantum Minerals and DJI is 0.2 (i.e., Modest 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

0.96	AG	First Majestic Silver	Pair Corr
0.85	IE	Ivanhoe Energy	Pair Corr
0.96	ORE	Orezone Gold Corp	Pair Corr
0.67	FDR	Flinders Resources	Pair Corr
0.95	FDY	Faraday Copper Corp	Pair Corr
0.9	ASM	Avino Silver Gold	Pair Corr
0.84	NXE	NexGen Energy	Pair Corr
0.7	ESK	Eskay Mining Corp Earnings Call This Week	Pair Corr
0.95	JUGR	Juggernaut Exploration Earnings Call Tomorrow	Pair Corr
0.85	LGC	Lavras Gold Corp	Pair Corr
0.69	FL	Frontier Lithium	Pair Corr
0.87	SCD	Scandium Canada	Pair Corr
0.93	AZS	Arizona Gold Silver	Pair Corr
0.84	DAU	Desert Gold Ventures	Pair Corr
0.82	MERG	Metal Energy Corp	Pair Corr
0.84	PGDC	Patagonia Gold Corp	Pair Corr
0.94	TECK-A	Teck Resources	Pair Corr
0.81	BDI	Black Diamond Group	Pair Corr
0.7	BEP-PM	Brookfield Renewable Earnings Call This Week	Pair Corr
0.89	DBM	Doman Building Materials	Pair Corr
0.95	MTL	Mullen Group	Pair Corr
0.89	GSPR	GSP Resource Corp Earnings Call This Week	Pair Corr
0.8	MOLY	Greenland Resources	Pair Corr
0.94	MGG	Minaurum Gold	Pair Corr
0.89	TSLV	Tier One Silver	Pair Corr

Moving against First Stock

0.37	INFM	Infinico Metals Corp	Pair Corr
0.31	MOX	Morien Resources Corp	Pair Corr
0.38	ACU	Aurora Solar Technologies	Pair Corr
0.32	HPS-A	Hammond Power Solutions	Pair Corr

Related Correlations Analysis

	LUN	LUG	IVN	AGI	HBM	PAAS	TECK-A	TECK-B	CS	ERO
LUN		0.78	0.66	0.88	0.95	0.92	0.85	0.85	0.89	0.95	LUN
LUG	0.78		0.41	0.86	0.68	0.8	0.52	0.53	0.63	0.77	LUG
IVN	0.66	0.41		0.73	0.8	0.74	0.89	0.89	0.73	0.81	IVN
AGI	0.88	0.86	0.73		0.88	0.96	0.79	0.79	0.81	0.94	AGI
HBM	0.95	0.68	0.8	0.88		0.93	0.94	0.94	0.91	0.95	HBM
PAAS	0.92	0.8	0.74	0.96	0.93		0.83	0.83	0.9	0.96	PAAS
TECK-A	0.85	0.52	0.89	0.79	0.94	0.83		1.0	0.85	0.91	TECK-A
TECK-B	0.85	0.53	0.89	0.79	0.94	0.83	1.0		0.86	0.91	TECK-B
CS	0.89	0.63	0.73	0.81	0.91	0.9	0.85	0.86		0.91	CS
ERO	0.95	0.77	0.81	0.94	0.95	0.96	0.91	0.91	0.91		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	2.08	0.81	0.31	1.83	1.77	(2.37)	5.26	(3.35)	14.17
LUG	2.27	0.21	0.02	(0.52)	3.58	(2.20)	6.32	(4.20)	22.39
IVN	2.53	0.13	0.04	0.27	2.84	(2.66)	5.98	(4.63)	14.03
AGI	1.93	0.22	0.05	1.01	2.74	(1.87)	4.79	(3.76)	12.20
HBM	2.19	0.59	0.18	(105.45)	2.42	(2.57)	5.44	(5.52)	11.89
PAAS	2.31	0.62	0.19	3.98	2.47	(2.70)	7.02	(4.06)	14.76
TECK-A	1.71	0.26	0.10	0.62	1.86	(1.92)	3.21	(3.57)	8.72
TECK-B	1.86	0.27	0.09	0.73	2.00	(2.00)	4.29	(3.71)	8.58
CS	2.32	0.36	0.12	0.42	2.72	(2.57)	5.83	(5.97)	15.37
ERO	2.12	0.52	0.14	5.61	2.42	(2.25)	4.74	(3.76)	11.89

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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