New Found Correlations

NFGC Stock

USD 2.60 0.04 1.52%

The current 90-days correlation between New Found Gold and Dakota Gold Corp is -0.05 (i.e., Good diversification). The correlation of New Found 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.

New Found Correlation With Market

Modest diversification

The correlation between New Found Gold and DJI is 0.23 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding New Found Gold and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with New Stock

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in New Found Gold. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in census.

Moving against New Stock

0.37	CHQ1	CHENIERE ENERGY	Pair Corr
0.32	6WX	CN LONGYUAN POWER	Pair Corr
0.32	AME	Abacus Mining	Pair Corr
0.5	BF5B	BROWN NON VTG	Pair Corr
0.45	UGN	GENSOURCE POTASH	Pair Corr
0.42	EO5	EOG RESOURCES	Pair Corr

Related Correlations Analysis

	DC	ODV	IDR	NVAWW	CMCL	ASTL	RYAM	ITRG	NB	HYMC
DC		0.55	0.17	0.5	0.5	0.46	0.61	0.51	0.22	0.81	DC
ODV	0.55		0.09	0.16	0.43	0.55	0.55	0.37	-0.23	0.52	ODV
IDR	0.17	0.09		0.14	0.08	-0.11	-0.11	0.67	0.1	0.01	IDR
NVAWW	0.5	0.16	0.14		0.22	0.35	0.31	0.22	0.24	0.44	NVAWW
CMCL	0.5	0.43	0.08	0.22		0.46	0.68	0.23	0.13	0.77	CMCL
ASTL	0.46	0.55	-0.11	0.35	0.46		0.54	0.02	-0.06	0.54	ASTL
RYAM	0.61	0.55	-0.11	0.31	0.68	0.54		0.02	0.11	0.84	RYAM
ITRG	0.51	0.37	0.67	0.22	0.23	0.02	0.02		0.19	0.3	ITRG
NB	0.22	-0.23	0.1	0.24	0.13	-0.06	0.11	0.19		0.11	NB
HYMC	0.81	0.52	0.01	0.44	0.77	0.54	0.84	0.3	0.11		HYMC
	DC	ODV	IDR	NVAWW	CMCL	ASTL	RYAM	ITRG	NB	HYMC

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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

HYMC	+ 0.84	RYAM
HYMC	+ 0.81	DC
HYMC	+ 0.77	CMCL
RYAM	+ 0.68	CMCL
ITRG	+ 0.67	IDR
RYAM	+ 0.61	DC

High negative correlations

NB	- 0.23	ODV
RYAM	- 0.11	IDR
ASTL	- 0.11	IDR
NB	- 0.06	ASTL

Risk-Adjusted Indicators

There is a big difference between New Stock performing well and New Found 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 New Found'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
DC	3.57	0.78	0.15	(0.83)	4.28	(4.12)	9.29	(6.90)	31.14
ODV	2.81	0.43	0.10	0.27	3.70	(2.98)	7.99	(6.23)	22.36
IDR	4.43	0.24	0.05	0.12	5.56	(4.28)	8.21	(9.52)	23.74
NVAWW	14.06	3.88	0.29	1.73	10.92	(17.20)	39.00	(22.30)	193.57
CMCL	3.71	(0.01)	0.00	0.03	6.13	(3.21)	7.27	(8.85)	29.10
ASTL	3.47	0.29	0.07	0.14	4.27	(3.96)	7.21	(6.29)	24.51
RYAM	3.35	0.86	0.31	0.32	2.39	(4.79)	9.63	(6.45)	49.32
ITRG	3.47	0.34	0.07	0.35	4.47	(3.74)	6.95	(8.94)	19.25
NB	5.17	0.04	0.00	0.36	6.38	(5.22)	12.26	(11.07)	35.70
HYMC	7.22	2.77	0.35	4.45	5.91	(8.13)	21.07	(11.97)	67.66

New Found Corporate Management

Fiona PGeo	VP Development	Profile
Ronald Hampton	Chief Officer	Profile
Kenneth Bsc	Geologist	Profile
Janet Francis	Corporate Secretary	Profile

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