Newmont Goldcorp Correlations

NEM Stock

USD 41.67 0.02 0.05%

The current 90-days correlation between Newmont Goldcorp Corp and Agnico Eagle Mines is 0.6 (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 0.18 (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

0.74	AG	First Majestic Silver Buyout Trend	Pair Corr
0.87	AU	AngloGold Ashanti plc	Pair Corr
0.9	CE	Celanese	Pair Corr
0.61	IE	Ivanhoe Electric	Pair Corr
0.7	NG	NovaGold Resources Earnings Call This Week	Pair Corr
0.74	OR	Osisko Gold Ro	Pair Corr
0.87	SA	Seabridge Gold	Pair Corr
0.7	TX	Ternium SA ADR	Pair Corr
0.83	HYMCL	Hycroft Mining Holding	Pair Corr
0.71	AGI	Alamos Gold	Pair Corr
0.86	BAK	Braskem SA Class	Pair Corr
0.87	BTG	B2Gold Corp	Pair Corr
0.76	CLF	Cleveland Cliffs Aggressive Push	Pair Corr
0.93	DOW	Dow Inc Fiscal Year End 23rd of January 2025	Pair Corr
0.8	DRD	DRDGOLD Limited ADR	Pair Corr
0.9	EGO	Eldorado Gold Corp	Pair Corr
0.91	ERO	Ero Copper Corp	Pair Corr
0.85	FCX	Freeport McMoran Copper Earnings Call This Week	Pair Corr
0.63	FNV	Franco Nevada	Pair Corr
0.63	FSM	Fortuna Silver Mines	Pair Corr
0.65	GAU	Galiano Gold	Pair Corr
0.86	GFI	Gold Fields	Pair Corr
0.7	HBM	Hudbay Minerals	Pair Corr
0.86	HMY	Harmony Gold Mining	Pair Corr
0.9	HUN	Huntsman	Pair Corr

Moving against Newmont Stock

0.65	WLKP	Westlake Chemical	Pair Corr
0.74	MSB	Mesabi Trust	Pair Corr
0.51	HLP	Hongli Group Ordinary	Pair Corr
0.31	FRD	Friedman Industries	Pair Corr

Related Correlations Analysis

	PAAS	AEM	KGC	WPM	FNV	GFI	RGLD	SAND	BTG	IAG
PAAS		0.78	0.75	0.92	0.75	0.84	0.87	0.79	0.8	0.7	PAAS
AEM	0.78		0.85	0.75	0.84	0.71	0.71	0.78	0.57	0.81	AEM
KGC	0.75	0.85		0.65	0.82	0.8	0.61	0.76	0.59	0.73	KGC
WPM	0.92	0.75	0.65		0.74	0.84	0.93	0.82	0.89	0.58	WPM
FNV	0.75	0.84	0.82	0.74		0.89	0.56	0.9	0.78	0.62	FNV
GFI	0.84	0.71	0.8	0.84	0.89		0.71	0.88	0.9	0.55	GFI
RGLD	0.87	0.71	0.61	0.93	0.56	0.71		0.67	0.75	0.55	RGLD
SAND	0.79	0.78	0.76	0.82	0.9	0.88	0.67		0.85	0.53	SAND
BTG	0.8	0.57	0.59	0.89	0.78	0.9	0.75	0.85		0.34	BTG
IAG	0.7	0.81	0.73	0.58	0.62	0.55	0.55	0.53	0.34		IAG
	PAAS	AEM	KGC	WPM	FNV	GFI	RGLD	SAND	BTG	IAG

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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
PAAS	2.11	(0.02)	0.00	0.06	0.00	0.00	5.69	(3.94)	16.69
AEM	1.61	0.11	0.05	1.57	1.94	(1.83)	3.76	(3.06)	11.66
KGC	2.11	0.10	0.03	0.27	2.84	(2.15)	5.37	(4.03)	18.27
WPM	1.58	(0.07)	0.00	(0.23)	0.00	0.00	3.25	(4.25)	10.53
FNV	1.35	0.02	0.01	0.65	1.85	(1.31)	3.01	(2.97)	8.25
GFI	2.00	(0.01)	0.00	(0.02)	2.37	(2.45)	4.52	(3.57)	13.86
RGLD	1.31	(0.03)	0.00	(0.08)	0.00	0.00	2.83	(2.75)	10.29
SAND	1.58	(0.04)	0.00	(0.25)	0.00	0.00	3.25	(3.64)	14.73
BTG	1.84	(0.44)	0.00	3.55	0.00	0.00	3.68	(4.09)	10.01
IAG	2.68	0.24	0.08	(28.80)	2.96	(3.10)	6.95	(4.33)	25.09

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