GoldMining Correlations

GLDG Stock

USD 1.65 0.04 2.48%

The current 90-days correlation between GoldMining and Vista Gold is 0.69 (i.e., Poor diversification). The correlation of GoldMining 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.

GoldMining Correlation With Market

Very weak diversification

The correlation between GoldMining and DJI is 0.4 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding GoldMining and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with GoldMining Stock

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in GoldMining. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in small area income & poverty estimates.

For more detail on how to invest in GoldMining Stock please use our How to Invest in GoldMining guide.

Moving together with GoldMining Stock

0.62	CAV	Carnavale Resources Split	Pair Corr
0.63	21L	Alphamin Resources Corp	Pair Corr
0.64	OTP	OTP Bank Nyrt	Pair Corr
0.76	PF8	European Lithium	Pair Corr
0.64	IE	Ivanhoe Electric Earnings Call This Week	Pair Corr
0.61	DEZ	Deutz AG	Pair Corr

Moving against GoldMining Stock

0.35	6RC	REPROCELL	Pair Corr
0.61	SON1	Sony Group Corp	Pair Corr
0.39	GEO	Empire Metals Limited	Pair Corr
0.45	BF5B	BROWN NON VTG Earnings Call This Week	Pair Corr
0.34	UMD	UMT United Mobility	Pair Corr

Related Correlations Analysis

	HYMC	VGZ	CTGO	DC	BGL	USAU	PLG	OEC	WWR	ZEUS
HYMC		0.82	0.75	0.81	-0.36	0.5	0.59	0.78	0.4	0.9	HYMC
VGZ	0.82		0.68	0.73	-0.18	0.25	0.53	0.75	0.24	0.8	VGZ
CTGO	0.75	0.68		0.93	-0.22	0.75	0.87	0.54	0.47	0.68	CTGO
DC	0.81	0.73	0.93		-0.37	0.68	0.78	0.65	0.38	0.78	DC
BGL	-0.36	-0.18	-0.22	-0.37		-0.24	0.04	-0.39	0.24	-0.52	BGL
USAU	0.5	0.25	0.75	0.68	-0.24		0.75	0.18	0.35	0.33	USAU
PLG	0.59	0.53	0.87	0.78	0.04	0.75		0.35	0.55	0.45	PLG
OEC	0.78	0.75	0.54	0.65	-0.39	0.18	0.35		0.28	0.82	OEC
WWR	0.4	0.24	0.47	0.38	0.24	0.35	0.55	0.28		0.17	WWR
ZEUS	0.9	0.8	0.68	0.78	-0.52	0.33	0.45	0.82	0.17		ZEUS
	HYMC	VGZ	CTGO	DC	BGL	USAU	PLG	OEC	WWR	ZEUS

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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

DC	+ 0.93	CTGO
ZEUS	+ 0.9	HYMC
PLG	+ 0.87	CTGO
VGZ	+ 0.82	HYMC
ZEUS	+ 0.82	OEC
DC	+ 0.81	HYMC

High negative correlations

ZEUS	- 0.52	BGL
OEC	- 0.39	BGL
BGL	- 0.37	DC
BGL	- 0.36	HYMC
USAU	- 0.24	BGL
BGL	- 0.22	CTGO

Risk-Adjusted Indicators

There is a big difference between GoldMining Stock performing well and GoldMining 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 GoldMining'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
HYMC	7.07	2.71	0.35	6.29	5.65	(7.96)	21.07	(11.53)	67.66
VGZ	5.17	0.82	0.13	0.57	5.87	(6.15)	14.65	(8.12)	33.87
CTGO	3.02	0.36	0.07	0.48	4.42	(2.87)	6.27	(7.46)	19.02
DC	3.58	0.70	0.16	0.53	4.21	(4.11)	9.29	(6.90)	31.14
BGL	8.76	(0.50)	0.00	(0.13)	0.00	0.00	16.96	(16.35)	124.55
USAU	3.52	0.21	0.05	0.28	4.29	(3.96)	7.02	(7.25)	24.87
PLG	4.68	0.33	0.08	0.21	5.94	(5.27)	8.91	(10.14)	37.93
OEC	3.17	0.10	0.06	0.12	4.86	(3.32)	6.86	(6.68)	27.66
WWR	4.78	(0.15)	0.00	(0.03)	0.00	0.00	11.76	(10.53)	28.86
ZEUS	1.96	0.60	0.18	(0.67)	2.02	(2.17)	4.56	(3.58)	10.97

GoldMining Corporate Management

Katherine Arblaster	Social Environment	Profile
BCom BComm	Member Corp	Profile
Alastair Still	Chief Officer	Profile
Amir Adnani	Founder Chairman	Profile
YongJae LLB	General Counsel	Profile
Tim Smith	VP GoldMining	Profile

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