Newmont Goldcorp Correlations

NEM Stock

USD 43.32 0.33 0.77%

The current 90-days correlation between Newmont Goldcorp Corp and Barrick Gold Corp is 0.66 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Newmont Goldcorp moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Newmont Goldcorp Corp moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Newmont Goldcorp Correlation With Market

Average diversification

The correlation between Newmont Goldcorp Corp and DJI is 0.12 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Newmont Goldcorp 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 Newmont Goldcorp 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 income.

Moving together with Newmont Stock

0.61	AU	AngloGold Ashanti plc	Pair Corr
0.64	OLN	Olin Fiscal Year End 23rd of January 2025	Pair Corr
0.79	PKX	POSCO Holdings	Pair Corr
0.71	CSTM	Constellium Nv	Pair Corr
0.86	CE	Celanese	Pair Corr
0.69	CX	Cemex SAB de	Pair Corr
0.66	HL	Hecla Mining	Pair Corr

Moving against Newmont Stock

0.65	CMC	Commercial Metals	Pair Corr
0.64	RS	Reliance Steel Aluminum	Pair Corr
0.41	AA	Alcoa Corp Fiscal Year End 15th of January 2025	Pair Corr
0.78	KALU	Kaiser Aluminum	Pair Corr
0.7	CENX	Century Aluminum	Pair Corr
0.56	STLD	Steel Dynamics Fiscal Year End 28th of January 2025	Pair Corr
0.48	USAP	Universal Stainless Alloy	Pair Corr
0.8	WS	Worthington Steel	Pair Corr
0.73	NC	NACCO Industries	Pair Corr
0.47	OC	Owens Corning	Pair Corr
0.45	NX	Quanex Building Products Fiscal Year End 12th of December 2024	Pair Corr
0.4	IE	Ivanhoe Electric	Pair Corr
0.4	MP	MP Materials Corp	Pair Corr

Related Correlations Analysis

	NEM	KGC	GFI	GOLD	PAAS	FNV	RGLD	SAND	OR
NEM		-0.03	0.26	0.9	-0.08	0.27	-0.04	0.41	-0.16	NEM
KGC	-0.03		0.84	0.11	0.93	0.73	0.82	0.66	0.94	KGC
GFI	0.26	0.84		0.38	0.86	0.82	0.77	0.68	0.84	GFI
GOLD	0.9	0.11	0.38		0.07	0.52	0.07	0.55	-0.05	GOLD
PAAS	-0.08	0.93	0.86	0.07		0.72	0.82	0.56	0.93	PAAS
FNV	0.27	0.73	0.82	0.52	0.72		0.66	0.83	0.69	FNV
RGLD	-0.04	0.82	0.77	0.07	0.82	0.66		0.45	0.79	RGLD
SAND	0.41	0.66	0.68	0.55	0.56	0.83	0.45		0.55	SAND
OR	-0.16	0.94	0.84	-0.05	0.93	0.69	0.79	0.55		OR
	NEM	KGC	GFI	GOLD	PAAS	FNV	RGLD	SAND	OR

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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

OR	+ 0.94	KGC
PAAS	+ 0.93	KGC
OR	+ 0.93	PAAS
GOLD	+ 0.9	NEM
PAAS	+ 0.86	GFI
GFI	+ 0.84	KGC

High negative correlations

OR	- 0.16	NEM
PAAS	- 0.08	NEM
OR	- 0.05	GOLD
RGLD	- 0.04	NEM
KGC	- 0.03	NEM

Risk-Adjusted Indicators

There is a big difference between Newmont Stock performing well and Newmont Goldcorp 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 Newmont Goldcorp'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
NEM	1.54	(0.28)	0.00	(0.61)	0.00	0.00	2.51	(3.20)	18.92
KGC	1.98	0.13	0.02	0.54	2.63	(2.09)	5.41	(3.82)	18.27
GFI	2.19	(0.09)	0.00	1.03	0.00	0.00	4.52	(5.41)	14.93
GOLD	1.50	(0.23)	0.00	(0.52)	0.00	0.00	2.85	(3.49)	9.58
PAAS	2.20	0.07	0.01	0.21	2.29	(2.56)	6.05	(4.04)	14.73
FNV	1.23	(0.04)	(0.06)	(0.02)	1.77	(1.16)	2.46	(2.61)	8.26
RGLD	1.21	0.08	(0.01)	(5.07)	1.62	(1.20)	2.44	(2.62)	7.40
SAND	1.76	0.04	(0.01)	0.22	2.42	(1.84)	3.33	(2.56)	15.60
OR	1.30	0.15	0.04	0.49	1.81	(1.24)	2.94	(2.93)	10.04

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