FIRSTRAND Correlations

FSRA Stock

EUR 5.20 0.05 0.97%

The current 90-days correlation between FIRSTRAND and HOCHSCHILD MINING is 0.24 (i.e., Modest diversification). The correlation of FIRSTRAND 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.

FIRSTRAND Correlation With Market

Very poor diversification

The correlation between FIRSTRAND and DJI is 0.88 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding FIRSTRAND and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with FIRSTRAND Stock

0.82	6MK	Merck	Pair Corr
0.82	4I1	Philip Morris Intern	Pair Corr
0.76	TOTB	TotalEnergies SE	Pair Corr
0.93	HBC1	HSBC HLDG Earnings Call This Week	Pair Corr
0.82	7YZ	THARISA NON LIST	Pair Corr
0.87	6IC	Iridium Communications	Pair Corr
0.62	BZLA	Banco do Brasil	Pair Corr
0.84	AOMD	Alstom SA	Pair Corr
0.74	SKFA	AB SKF	Pair Corr
0.82	LPK	LPKF Laser Electronics	Pair Corr
0.92	H3M	Hochschild Mining plc	Pair Corr
0.87	KGHA	KGHM Polska Miedz	Pair Corr
0.89	WWR	Woolworths Group Earnings Call This Week	Pair Corr
0.85	2HZ	Odyssean Investment Trust	Pair Corr
0.87	ALV	Allianz SE Earnings Call This Week	Pair Corr
0.91	ENR	Siemens Energy AG	Pair Corr
0.88	SZL	SOLSTAD OFFSHORE	Pair Corr
0.83	O3I	FLOW TRADERS LTD	Pair Corr
0.8	T4W	Toro Energy	Pair Corr
0.71	BAS	BASF SE Earnings Call This Week	Pair Corr

Moving against FIRSTRAND Stock

0.89	MBJ	MBIA Inc Earnings Call This Week	Pair Corr
0.88	MBJ	MBIA Earnings Call This Week	Pair Corr
0.78	ABL	Abbott Laboratories	Pair Corr
0.76	IB5A	I CABLE M	Pair Corr
0.75	BT3	BIOTIME	Pair Corr
0.41	TLIK	TELES Informationstech	Pair Corr
0.38	DAP	DANAHER (DAPSG)	Pair Corr
0.85	AJW	ANGES MG	Pair Corr
0.52	4AH1	PT Ace Hardware	Pair Corr

Related Correlations Analysis

	GS2C	9M5	52SA	PN1	4UJ	ALK	FCW3	H3M
GS2C		0.56	0.34	0.17	-0.09	0.53	-0.16	0.29	GS2C
9M5	0.56		0.7	0.43	-0.47	0.62	-0.19	0.78	9M5
52SA	0.34	0.7		0.21	-0.27	0.81	-0.3	0.88	52SA
PN1	0.17	0.43	0.21		-0.48	0.16	0.35	0.42	PN1
4UJ	-0.09	-0.47	-0.27	-0.48		-0.2	-0.05	-0.42	4UJ
ALK	0.53	0.62	0.81	0.16	-0.2		-0.16	0.81	ALK
FCW3	-0.16	-0.19	-0.3	0.35	-0.05	-0.16		-0.16	FCW3
H3M	0.29	0.78	0.88	0.42	-0.42	0.81	-0.16		H3M
	GS2C	9M5	52SA	PN1	4UJ	ALK	FCW3	H3M

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

H3M	+ 0.88	52SA
ALK	+ 0.81	52SA
H3M	+ 0.81	ALK
H3M	+ 0.78	9M5
52SA	+ 0.7	9M5
ALK	+ 0.62	9M5

High negative correlations

4UJ	- 0.48	PN1
4UJ	- 0.47	9M5
H3M	- 0.42	4UJ
FCW3	- 0.3	52SA
4UJ	- 0.27	52SA
ALK	- 0.2	4UJ

Risk-Adjusted Indicators

There is a big difference between FIRSTRAND Stock performing well and FIRSTRAND 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 FIRSTRAND'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
GS2C	2.03	0.24	0.05	(0.37)	2.36	(2.17)	4.17	(3.48)	18.00
9M5	3.69	0.55	0.10	(10.33)	3.97	(4.61)	8.87	(7.10)	24.24
52SA	1.29	0.14	0.07	0.34	1.24	(1.75)	2.65	(2.33)	19.56
PN1	0.89	(0.07)	0.00	(0.71)	0.00	0.00	2.47	(2.96)	10.06
4UJ	2.26	(0.47)	0.00	(0.40)	0.00	0.00	5.88	(5.56)	21.05
ALK	2.35	0.38	0.10	(1.22)	2.65	(2.44)	4.95	(4.98)	14.27
FCW3	1.62	(0.04)	0.00	(0.16)	0.00	0.00	3.65	(3.48)	17.79
H3M	1.34	0.48	0.17	3.95	0.80	(2.80)	5.07	(1.91)	11.84

Be your own money manager

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