Metallis Resources Correlations

MTS Stock

CAD 0.18 0.01 5.88%

The current 90-days correlation between Metallis Resources and Commerce Resources Corp is -0.04 (i.e., Good diversification). The correlation of Metallis 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.

Metallis Resources Correlation With Market

Significant diversification

The correlation between Metallis Resources and DJI is 0.04 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Metallis Resources and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Metallis 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 Metallis 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 Metallis 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 Metallis Resources to buy it.

Moving together with Metallis Stock

0.62

Telus Corp

Pair Corr

Moving against Metallis Stock

0.78	ORE	Orezone Gold Corp	Pair Corr
0.75	TD	Toronto Dominion Bank	Pair Corr
0.73	AG	First Majestic Silver	Pair Corr
0.72	MFC	Manulife Financial Corp	Pair Corr
0.71	AX-UN	Artis Real Estate	Pair Corr
0.65	FDY	Faraday Copper Corp	Pair Corr
0.65	CM	Canadian Imperial Bank	Pair Corr
0.64	IE	Ivanhoe Energy	Pair Corr
0.64	BNS	Bank of Nova Scotia	Pair Corr
0.61	ENB-PFU	Enbridge Pref L	Pair Corr
0.6	VM	Voyageur Pharmaceuticals	Pair Corr
0.58	FDR	Flinders Resources Earnings Call This Week	Pair Corr
0.48	NXR-UN	Nexus Real Estate	Pair Corr
0.43	TRP	TC Energy Corp	Pair Corr

Related Correlations Analysis

	QZM	AAN	BKI	CCE	EAM	ATY	SRL	SAM	CRI
QZM		0.83	0.34	-0.46	0.05	0.66	0.91	0.9	-0.04	QZM
AAN	0.83		0.28	-0.33	-0.09	0.44	0.74	0.9	-0.02	AAN
BKI	0.34	0.28		-0.34	-0.43	0.21	0.32	0.5	0.63	BKI
CCE	-0.46	-0.33	-0.34		-0.02	-0.49	-0.41	-0.45	-0.3	CCE
EAM	0.05	-0.09	-0.43	-0.02		0.23	0.05	-0.11	-0.58	EAM
ATY	0.66	0.44	0.21	-0.49	0.23		0.68	0.62	-0.02	ATY
SRL	0.91	0.74	0.32	-0.41	0.05	0.68		0.86	-0.01	SRL
SAM	0.9	0.9	0.5	-0.45	-0.11	0.62	0.86		0.17	SAM
CRI	-0.04	-0.02	0.63	-0.3	-0.58	-0.02	-0.01	0.17		CRI
	QZM	AAN	BKI	CCE	EAM	ATY	SRL	SAM	CRI

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

SRL	+ 0.91	QZM
SAM	+ 0.9	QZM
SAM	+ 0.9	AAN
SAM	+ 0.86	SRL
AAN	+ 0.83	QZM
SRL	+ 0.74	AAN

High negative correlations

CRI	- 0.58	EAM
ATY	- 0.49	CCE
CCE	- 0.46	QZM
SAM	- 0.45	CCE
EAM	- 0.43	BKI
SRL	- 0.41	CCE

Risk-Adjusted Indicators

There is a big difference between Metallis Stock performing well and Metallis 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 Metallis 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
QZM	3.86	0.68	0.08	(9.03)	5.34	(4.81)	8.51	(6.45)	36.13
AAN	5.04	1.56	0.19	(1.66)	3.91	(10.17)	14.29	(9.43)	54.12
BKI	2.50	0.00	0.00	0.09	0.00	0.00	8.33	(7.69)	19.09
CCE	6.74	(0.09)	0.00	(0.89)	0.00	0.00	14.81	(14.81)	67.76
EAM	3.97	0.42	0.04	3.44	4.13	(10.53)	10.00	(9.09)	25.87
ATY	4.04	0.11	0.01	0.34	4.40	(8.00)	10.00	(8.70)	30.08
SRL	3.45	0.74	0.13	0.97	2.95	(6.37)	7.14	(6.25)	20.34
SAM	4.26	0.95	0.21	0.93	3.87	(5.79)	13.64	(5.56)	21.24
CRI	6.24	0.87	0.05	(0.27)	8.13	(8.70)	13.04	(12.90)	54.62

Be your own money manager

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