Mkango Resources Correlations

MKA Stock

CAD 0.97 0.10 9.35%

The current 90-days correlation between Mkango Resources and Lithium Royalty Corp is 0.15 (i.e., Average diversification). The correlation of Mkango Resources 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.

Mkango Resources Correlation With Market

Poor diversification

The correlation between Mkango Resources and DJI is 0.66 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mkango Resources and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Mkango Stock

0.77	AG	First Majestic Silver Earnings Call This Week	Pair Corr
0.7	IE	Ivanhoe Energy	Pair Corr
0.82	ORE	Orezone Gold Corp	Pair Corr
0.71	FDY	Faraday Copper Corp	Pair Corr
0.72	FNV	Franco Nevada	Pair Corr
0.69	AEM	Agnico Eagle Mines	Pair Corr

Moving against Mkango Stock

0.86	IFC	Intact Financial	Pair Corr
0.79	CSU	Constellation Software	Pair Corr
0.43	FFH	Fairfax Financial	Pair Corr

Related Correlations Analysis

	LIRC	REG	LUCA	ALDE	SAU	AMX	EMO	TLO	MLP	BZ
LIRC		0.84	0.83	0.19	0.5	0.9	-0.71	0.51	-0.21	0.67	LIRC
REG	0.84		0.92	0.02	0.19	0.81	-0.62	0.69	-0.46	0.76	REG
LUCA	0.83	0.92		-0.14	0.05	0.77	-0.59	0.74	-0.45	0.89	LUCA
ALDE	0.19	0.02	-0.14		0.63	0.28	-0.02	-0.44	0.21	-0.35	ALDE
SAU	0.5	0.19	0.05	0.63		0.39	-0.19	-0.27	0.07	-0.18	SAU
AMX	0.9	0.81	0.77	0.28	0.39		-0.7	0.36	-0.01	0.55	AMX
EMO	-0.71	-0.62	-0.59	-0.02	-0.19	-0.7		-0.37	-0.01	-0.52	EMO
TLO	0.51	0.69	0.74	-0.44	-0.27	0.36	-0.37		-0.51	0.88	TLO
MLP	-0.21	-0.46	-0.45	0.21	0.07	-0.01	-0.01	-0.51		-0.5	MLP
BZ	0.67	0.76	0.89	-0.35	-0.18	0.55	-0.52	0.88	-0.5		BZ
	LIRC	REG	LUCA	ALDE	SAU	AMX	EMO	TLO	MLP	BZ

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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

LUCA	+ 0.92	REG
AMX	+ 0.9	LIRC
BZ	+ 0.89	LUCA
BZ	+ 0.88	TLO
REG	+ 0.84	LIRC
LUCA	+ 0.83	LIRC

High negative correlations

EMO	- 0.71	LIRC
EMO	- 0.7	AMX
EMO	- 0.62	REG
EMO	- 0.59	LUCA
BZ	- 0.52	EMO
MLP	- 0.51	TLO

Risk-Adjusted Indicators

There is a big difference between Mkango Stock performing well and Mkango Resources 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 Mkango Resources' 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
LIRC	2.18	0.76	0.30	1.53	1.84	(2.62)	4.40	(2.76)	31.21
REG	2.52	0.51	0.14	1.40	2.71	(3.14)	6.78	(5.32)	17.87
LUCA	3.06	0.57	0.19	0.54	2.66	(4.02)	8.64	(4.17)	19.54
ALDE	3.36	(0.22)	0.00	(0.23)	0.00	0.00	7.28	(7.04)	26.63
SAU	3.43	(0.38)	0.00	(0.71)	0.00	0.00	6.06	(6.25)	23.64
AMX	3.08	0.58	0.13	1.32	3.76	(3.43)	5.85	(6.99)	22.72
EMO	5.36	(0.73)	0.00	(0.20)	0.00	0.00	8.33	(7.69)	76.42
TLO	27.84	16.08	3.10	(0.85)	3.18	(38.78)	13.08	(6.98)	923.05
MLP	3.69	0.00	(0.01)	0.13	4.13	(4.70)	7.29	(6.28)	32.37
BZ	4.51	1.21	0.28	0.73	3.61	(5.76)	11.36	(7.17)	34.88

Be your own money manager

Our tools can tell you how much better you can do entering a position in Mkango Resources 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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