Barrick Gold Correlations

GOLD Stock

USD 16.00 0.25 1.59%

The current 90-days correlation between Barrick Gold Corp and Agnico Eagle Mines is 0.85 (i.e., Very poor diversification). The correlation of Barrick Gold 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.

Barrick Gold Correlation With Market

Significant diversification

The correlation between Barrick Gold Corp and DJI is 0.09 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Barrick Gold Corp and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Barrick Gold Corp. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in bureau of economic analysis.

Moving together with Barrick Stock

0.64	X	United States Steel	Pair Corr
0.89	AG	First Majestic Silver Buyout Trend	Pair Corr
0.88	AU	AngloGold Ashanti plc	Pair Corr
0.91	CE	Celanese	Pair Corr
0.8	IE	Ivanhoe Electric	Pair Corr
0.8	NG	NovaGold Resources Earnings Call This Week	Pair Corr
0.9	OR	Osisko Gold Ro	Pair Corr
0.97	SA	Seabridge Gold	Pair Corr
0.83	TX	Ternium SA ADR	Pair Corr
0.89	HYMCL	Hycroft Mining Holding	Pair Corr
0.75	AGI	Alamos Gold	Pair Corr
0.95	BAK	Braskem SA Class	Pair Corr
0.98	BTG	B2Gold Corp	Pair Corr
0.66	CDE	Coeur Mining Sell-off Trend	Pair Corr
0.89	CLF	Cleveland Cliffs Aggressive Push	Pair Corr
0.96	DOW	Dow Inc Fiscal Year End 23rd of January 2025	Pair Corr
0.91	DRD	DRDGOLD Limited ADR	Pair Corr
0.93	EGO	Eldorado Gold Corp	Pair Corr
0.95	ERO	Ero Copper Corp	Pair Corr
0.93	FCX	Freeport McMoran Copper Earnings Call This Week	Pair Corr
0.72	FNV	Franco Nevada	Pair Corr
0.8	FSM	Fortuna Silver Mines	Pair Corr
0.84	GAU	Galiano Gold	Pair Corr
0.89	GFI	Gold Fields	Pair Corr
0.81	HBM	Hudbay Minerals	Pair Corr
0.92	HMY	Harmony Gold Mining	Pair Corr
0.95	HUN	Huntsman	Pair Corr

Moving against Barrick Stock

0.68	WLKP	Westlake Chemical	Pair Corr
0.83	MSB	Mesabi Trust	Pair Corr
0.59	HLP	Hongli Group Ordinary	Pair Corr
0.35	FRD	Friedman Industries	Pair Corr

Related Correlations Analysis

	AEM	PAAS	WPM	KGC	NEM	GFI	FNV	BTG	IAG	RGLD
AEM		0.78	0.75	0.85	0.43	0.71	0.84	0.57	0.81	0.71	AEM
PAAS	0.78		0.92	0.75	0.68	0.84	0.75	0.8	0.7	0.87	PAAS
WPM	0.75	0.92		0.65	0.71	0.84	0.74	0.89	0.58	0.93	WPM
KGC	0.85	0.75	0.65		0.56	0.8	0.82	0.59	0.73	0.61	KGC
NEM	0.43	0.68	0.71	0.56		0.86	0.63	0.87	0.25	0.65	NEM
GFI	0.71	0.84	0.84	0.8	0.86		0.89	0.9	0.55	0.71	GFI
FNV	0.84	0.75	0.74	0.82	0.63	0.89		0.78	0.62	0.56	FNV
BTG	0.57	0.8	0.89	0.59	0.87	0.9	0.78		0.34	0.75	BTG
IAG	0.81	0.7	0.58	0.73	0.25	0.55	0.62	0.34		0.55	IAG
RGLD	0.71	0.87	0.93	0.61	0.65	0.71	0.56	0.75	0.55		RGLD
	AEM	PAAS	WPM	KGC	NEM	GFI	FNV	BTG	IAG	RGLD

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Risk-Adjusted Indicators

There is a big difference between Barrick Stock performing well and Barrick Gold 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 Barrick 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
AEM	1.61	0.11	0.05	1.57	1.94	(1.83)	3.76	(3.06)	11.66
PAAS	2.11	(0.02)	0.00	0.06	0.00	0.00	5.69	(3.94)	16.69
WPM	1.58	(0.07)	0.00	(0.23)	0.00	0.00	3.25	(4.25)	10.53
KGC	2.11	0.10	0.03	0.27	2.84	(2.15)	5.37	(4.03)	18.27
NEM	1.59	(0.37)	0.00	(0.66)	0.00	0.00	3.01	(3.30)	16.68
GFI	2.00	(0.01)	0.00	(0.02)	2.37	(2.45)	4.52	(3.57)	13.86
FNV	1.35	0.02	0.01	0.65	1.85	(1.31)	3.01	(2.97)	8.25
BTG	1.84	(0.44)	0.00	3.55	0.00	0.00	3.68	(4.09)	10.01
IAG	2.68	0.24	0.08	(28.80)	2.96	(3.10)	6.95	(4.33)	25.09
RGLD	1.31	(0.03)	0.00	(0.08)	0.00	0.00	2.83	(2.75)	10.29

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