| GLNCY Stock | | | USD 9.51 0.12 1.25% |
The current 90-days correlation between Glencore PLC ADR and Nuinsco Resources Limited is -0.11 (i.e., Good diversification). The correlation of Glencore PLC 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.
Glencore PLC Correlation With Market
Modest diversification
The correlation between Glencore PLC ADR and DJI is 0.26 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Glencore PLC ADR and DJI in the same portfolio, assuming nothing else is changed.
The ability to find closely correlated positions to Glencore PLC could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Glencore PLC 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 Glencore PLC - 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 Glencore PLC ADR to buy it.
Moving together with Glencore Pink Sheet
Moving against Glencore Pink Sheet
Related Correlations Analysis
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Be your own money manager
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Glencore PLC Corporate Management