MAG Silver Correlations

MAG Stock

USD 15.17 0.09 0.60%

The current 90-days correlation between MAG Silver Corp and Silvercorp Metals is 0.73 (i.e., Poor diversification). The correlation of MAG Silver 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.

MAG Silver Correlation With Market

Significant diversification

The correlation between MAG Silver Corp and DJI is 0.05 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding MAG Silver Corp and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in MAG Silver 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 nation.

Moving together with MAG Stock

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

Moving against MAG Stock

0.56	WLKP	Westlake Chemical	Pair Corr
0.78	MSB	Mesabi Trust	Pair Corr
0.6	HLP	Hongli Group Ordinary	Pair Corr
0.38	FRD	Friedman Industries	Pair Corr

Related Correlations Analysis

	SVM	DOLLF	AYASF	RSNVF	ANPMF	GSVRF	SZSMF	BADEF	KOOYF
SVM		0.7	0.74	0.68	0.73	0.79	0.19	-0.17	0.71	SVM
DOLLF	0.7		0.93	0.91	0.8	0.84	0.25	-0.29	0.91	DOLLF
AYASF	0.74	0.93		0.89	0.9	0.87	0.19	-0.23	0.87	AYASF
RSNVF	0.68	0.91	0.89		0.85	0.85	0.14	-0.32	0.92	RSNVF
ANPMF	0.73	0.8	0.9	0.85		0.88	0.14	-0.11	0.86	ANPMF
GSVRF	0.79	0.84	0.87	0.85	0.88		0.19	-0.17	0.86	GSVRF
SZSMF	0.19	0.25	0.19	0.14	0.14	0.19		-0.06	0.21	SZSMF
BADEF	-0.17	-0.29	-0.23	-0.32	-0.11	-0.17	-0.06		-0.11	BADEF
KOOYF	0.71	0.91	0.87	0.92	0.86	0.86	0.21	-0.11		KOOYF
	SVM	DOLLF	AYASF	RSNVF	ANPMF	GSVRF	SZSMF	BADEF	KOOYF

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

AYASF	+ 0.93	DOLLF
KOOYF	+ 0.92	RSNVF
RSNVF	+ 0.91	DOLLF
KOOYF	+ 0.91	DOLLF
ANPMF	+ 0.9	AYASF
RSNVF	+ 0.89	AYASF

High negative correlations

BADEF	- 0.32	RSNVF
BADEF	- 0.29	DOLLF
BADEF	- 0.23	AYASF
BADEF	- 0.17	GSVRF
BADEF	- 0.17	SVM
KOOYF	- 0.11	BADEF

Risk-Adjusted Indicators

There is a big difference between MAG Stock performing well and MAG Silver 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 MAG Silver'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
SVM	2.53	(0.63)	0.00	1.89	0.00	0.00	4.87	(5.57)	19.53
DOLLF	2.18	(0.63)	0.00	(12.13)	0.00	0.00	3.95	(4.60)	13.49
AYASF	2.99	(0.73)	0.00	(3.07)	0.00	0.00	5.38	(5.56)	26.09
RSNVF	4.05	(0.54)	0.00	0.65	0.00	0.00	7.87	(8.33)	29.09
ANPMF	4.68	(0.44)	0.00	(0.42)	0.00	0.00	9.20	(8.49)	29.84
GSVRF	3.82	(0.57)	0.00	(1.07)	0.00	0.00	8.33	(7.69)	24.36
SZSMF	3.91	1.75	0.00	11.08	0.00	0.00	6.90	(6.45)	13.35
BADEF	2.95	(0.02)	(0.01)	(0.02)	3.36	(4.16)	5.41	(5.56)	18.80
KOOYF	4.23	(0.39)	0.00	(2.36)	0.00	0.00	8.82	(7.61)	34.88

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC