IGO Correlations

IIDDY Stock

USD 5.73 0.00 0.00%

The current 90-days correlation between IGO Limited and Nickel Mines Limited is -0.02 (i.e., Good diversification). The correlation of IGO 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.

IGO Correlation With Market

Good diversification

The correlation between IGO Limited and DJI is -0.02 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding IGO Limited and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to IGO could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace IGO 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 IGO - 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 IGO Limited to buy it.

Moving together with IGO Pink Sheet

0.72	BHP	BHP Group Limited	Pair Corr
0.65	RTPPF	Rio Tinto Group	Pair Corr
0.62	RIO	Rio Tinto ADR	Pair Corr
0.66	GLCNF	Glencore PLC	Pair Corr
0.65	GLNCY	Glencore PLC ADR	Pair Corr
0.66	SHG	Shinhan Financial Earnings Call This Week	Pair Corr
0.62	XOM	Exxon Mobil Corp Earnings Call Tomorrow	Pair Corr
0.83	DD	Dupont De Nemours Earnings Call This Week	Pair Corr
0.73	HPQ	HP Inc	Pair Corr

Moving against IGO Pink Sheet

0.73	JPHLF	Japan Post Holdings	Pair Corr
0.64	MNPR	Monopar Therapeutics	Pair Corr
0.6	MBFJF	Mitsubishi UFJ Financial Earnings Call This Week	Pair Corr
0.54	MUFG	Mitsubishi UFJ Financial Earnings Call This Week	Pair Corr
0.49	MFG	Mizuho Financial Earnings Call Tomorrow	Pair Corr
0.46	SMFNF	Sumitomo Mitsui Financial Normal Trading	Pair Corr
0.44	SMFG	Sumitomo Mitsui Financial Sell-off Trend	Pair Corr
0.66	CSCO	Cisco Systems	Pair Corr
0.65	AXP	American Express	Pair Corr
0.65	BA	Boeing	Pair Corr
0.47	WMT	Walmart Aggressive Push	Pair Corr
0.31	GE	GE Aerospace	Pair Corr
0.31	BAC	Bank of America Sell-off Trend	Pair Corr

Related Correlations Analysis

	QNICF	NICMF	MALRF	SRGXF	DECXF	VDMRF	SSEBF	MSMGF	RAREF
QNICF		0.2	0.62	0.23	0.19	0.26	0.44	0.37	-0.09	QNICF
NICMF	0.2		0.56	0.38	0.83	-0.18	0.78	0.54	-0.08	NICMF
MALRF	0.62	0.56		0.32	0.52	-0.28	0.58	0.31	-0.25	MALRF
SRGXF	0.23	0.38	0.32		0.23	-0.24	0.56	0.45	-0.28	SRGXF
DECXF	0.19	0.83	0.52	0.23		-0.1	0.7	0.53	0.05	DECXF
VDMRF	0.26	-0.18	-0.28	-0.24	-0.1		0.01	0.04	0.05	VDMRF
SSEBF	0.44	0.78	0.58	0.56	0.7	0.01		0.72	-0.18	SSEBF
MSMGF	0.37	0.54	0.31	0.45	0.53	0.04	0.72		0.01	MSMGF
RAREF	-0.09	-0.08	-0.25	-0.28	0.05	0.05	-0.18	0.01		RAREF
	QNICF	NICMF	MALRF	SRGXF	DECXF	VDMRF	SSEBF	MSMGF	RAREF

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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

DECXF	+ 0.83	NICMF
SSEBF	+ 0.78	NICMF
MSMGF	+ 0.72	SSEBF
SSEBF	+ 0.7	DECXF
MALRF	+ 0.62	QNICF
SSEBF	+ 0.58	MALRF

High negative correlations

RAREF	- 0.28	SRGXF
VDMRF	- 0.28	MALRF
RAREF	- 0.25	MALRF
VDMRF	- 0.24	SRGXF
RAREF	- 0.18	SSEBF
VDMRF	- 0.18	NICMF

Risk-Adjusted Indicators

There is a big difference between IGO Pink Sheet performing well and IGO 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 IGO'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
QNICF	16.03	6.15	0.00	3.37	0.00	0.00	20.63	(15.38)	389.21
NICMF	1.72	(0.33)	0.00	17.89	0.00	0.00	4.84	(6.90)	17.36
MALRF	1.14	(0.21)	0.00	(0.43)	0.00	0.00	3.72	(4.49)	17.75
SRGXF	3.46	(0.17)	0.00	0.28	0.00	0.00	6.54	(9.11)	25.45
DECXF	4.22	(0.37)	0.00	0.00	8.27	(19.92)	15.38	(20.45)	76.86
VDMRF	1.79	0.24	0.02	(0.26)	2.44	(5.57)	7.07	(7.12)	24.88
SSEBF	5.74	0.16	0.00	0.01	0.00	0.00	16.13	(18.92)	52.92
MSMGF	4.02	0.00	0.00	0.08	0.00	0.00	12.44	(12.30)	47.22
RAREF	11.41	3.01	0.00	(1.75)	0.00	0.00	80.00	(50.00)	150.00

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Our tools can tell you how much better you can do entering a position in IGO without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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