Ninepoint Gold Correlations
| GLDE Fund | 34.60 0.11 0.32% |
The current 90-days correlation between Ninepoint Gold and CI Gold Bullion is 0.78 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Ninepoint Gold moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Ninepoint Gold and moves in either direction, the perfectly negatively correlated security will move in the opposite direction.
Ninepoint Gold Correlation With Market
Average diversification
The correlation between Ninepoint Gold and and DJI is 0.13 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Ninepoint Gold and and DJI in the same portfolio, assuming nothing else is changed.
Ninepoint |
The ability to find closely correlated positions to Ninepoint Gold could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Ninepoint Gold 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 Ninepoint Gold - 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 Ninepoint Gold and to buy it.
Moving together with Ninepoint Fund
| 0.81 | 0P000072KJ | RBC Canadian Dividend | PairCorr |
| 0.72 | 0P0000WJMR | IG Mackenzie Dividend | PairCorr |
| 0.72 | 0P0000IUYO | Edgepoint Global Por | PairCorr |
Related Correlations Analysis
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 Ninepoint Fund performing well and Ninepoint Gold Fund 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 Ninepoint Gold'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| GLDE | 2.03 | 0.27 | 0.08 | 0.60 | 2.76 | 3.87 | 13.95 | |||
| VALT-B | 0.97 | 0.14 | 0.05 | 4.17 | 1.51 | 2.06 | 9.05 | |||
| RGPM | 1.89 | 0.21 | 0.06 | 0.43 | 2.85 | 3.97 | 14.40 | |||
| FTHI | 0.54 | (0.14) | 0.00 | (0.79) | 0.00 | 0.97 | 6.80 | |||
| 0P00007694 | 0.69 | (0.11) | 0.00 | (0.37) | 0.00 | 1.17 | 8.55 | |||
| 0P000070OO | 0.33 | (0.01) | (0.09) | 0.02 | 0.43 | 0.65 | 1.89 | |||
| 0P0001N8MZ | 0.47 | (0.10) | 0.00 | (0.34) | 0.00 | 0.82 | 2.62 | |||
| 0P000075GQ | 0.03 | 0.00 | 0.00 | (0.41) | 0.00 | 0.11 | 0.33 |
Ninepoint Gold Related Equities
One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with Ninepoint Gold fund to make a market-neutral strategy. Peer analysis of Ninepoint Gold could also be used in its relative valuation, which is a method of valuing Ninepoint Gold by comparing valuation metrics with similar companies.
| Risk & Return | Correlation |