Goldex Resources Correlations
| GDXRF Stock | USD 0.01 0.02 66.67% |
The current 90-days correlation between Goldex Resources and Kalgoorlie Gold Mining is -0.02 (i.e., Good diversification). The correlation of Goldex Resources 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.
Goldex Resources Correlation With Market
Very good diversification
The correlation between Goldex Resources and DJI is -0.4 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Goldex Resources and DJI in the same portfolio, assuming nothing else is changed.
Goldex |
The ability to find closely correlated positions to Goldex Resources could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Goldex Resources 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 Goldex Resources - 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 Goldex Resources to buy it.
Moving together with Goldex Pink Sheet
| 0.66 | PPERF | Bank Mandiri Persero | PairCorr |
| 0.62 | PTBRY | Bank Negara Indonesia | PairCorr |
| 0.67 | IDN | Intellicheck Mobilisa | PairCorr |
| 0.68 | NOEM | CO2 Energy Transition | PairCorr |
| 0.66 | ULTA | Ulta Beauty | PairCorr |
| 0.72 | CM | Canadian Imperial Bank | PairCorr |
| 0.64 | GSVRF | Guanajuato Silver | PairCorr |
Moving against Goldex Pink Sheet
| 0.43 | BKRKF | PT Bank Rakyat | PairCorr |
| 0.53 | 12532HAF1 | GIBACN 23 14 | PairCorr |
| 0.35 | RYSKF | Reysas Tasimacilik | PairCorr |
| 0.6 | CYPS | Cyclo3pss | PairCorr |
| 0.43 | TATT | Tat Techno | PairCorr |
| 0.43 | WOLF | Wolfspeed, | PairCorr |
| 0.34 | BLAGF | Blue Lagoon Resources | PairCorr |
Related Correlations Analysis
| -0.45 | -0.59 | -0.22 | -0.26 | KALMF | ||
| -0.45 | 0.65 | 0.45 | 0.03 | NIOVF | ||
| -0.59 | 0.65 | 0.53 | -0.09 | XXMMF | ||
| -0.22 | 0.45 | 0.53 | -0.26 | RFHRF | ||
| -0.26 | 0.03 | -0.09 | -0.26 | PUCCF | ||
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
| High negative correlations
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Risk-Adjusted Indicators
There is a big difference between Goldex Pink Sheet performing well and Goldex Resources 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 Goldex Resources' 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| KALMF | 37.68 | 17.09 | 0.36 | 5.72 | 13.14 | 98.02 | 990.00 | |||
| NIOVF | 8.31 | 1.09 | 0.04 | (0.21) | 9.87 | 30.67 | 90.06 | |||
| XXMMF | 2.98 | (0.79) | 0.00 | (1.59) | 0.00 | 5.26 | 44.97 | |||
| RFHRF | 9.53 | 1.73 | 0.11 | 1.13 | 9.09 | 31.32 | 107.13 | |||
| PUCCF | 4.13 | 0.23 | 0.02 | (0.35) | 5.16 | 10.29 | 40.22 |