New Gold Correlations

NGD Stock

CAD 13.93 0.65 4.89%

The current 90-days correlation between New Gold and B2Gold Corp is 0.61 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as New Gold moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if New Gold moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

New Gold Correlation With Market

Average diversification

The correlation between New Gold and DJI is 0.17 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding New Gold and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with New Stock

0.89	AG	First Majestic Silver	Pair Corr
0.89	ORE	Orezone Gold Corp	Pair Corr
0.69	FDR	Flinders Resources	Pair Corr
0.78	FDY	Faraday Copper Corp	Pair Corr
0.8	BNP	BNP Paribas CDR	Pair Corr
0.87	RY	Royal Bank	Pair Corr
0.79	BMO	Bank of Montreal	Pair Corr
0.84	TD-PFI	Toronto Dominion Bank	Pair Corr
0.8	CM	Canadian Imperial Bank	Pair Corr
0.87	AX-UN	Artis Real Estate	Pair Corr
0.76	VM	Voyageur Pharmaceuticals	Pair Corr
0.75	ENB-PFU	Enbridge Pref L	Pair Corr
0.9	KTO	K2 Gold	Pair Corr

Moving against New Stock

0.59	AML	Argus Metals Corp	Pair Corr
0.4	INFM	Infinico Metals Corp	Pair Corr
0.37	URZ	Urz Energy Corp	Pair Corr

Related Correlations Analysis

	BTO	OGC	ARTG	ELD	OR	IMG	SSRM	TFPM	HBM	PRU
BTO		0.04	0.17	0.0	0.62	-0.02	0.84	0.12	0.08	-0.12	BTO
OGC	0.04		0.81	0.97	0.68	0.95	0.05	0.9	0.94	0.77	OGC
ARTG	0.17	0.81		0.77	0.72	0.82	0.28	0.86	0.66	0.62	ARTG
ELD	0.0	0.97	0.77		0.65	0.96	0.01	0.91	0.94	0.81	ELD
OR	0.62	0.68	0.72	0.65		0.64	0.62	0.73	0.64	0.51	OR
IMG	-0.02	0.95	0.82	0.96	0.64		0.03	0.96	0.85	0.87	IMG
SSRM	0.84	0.05	0.28	0.01	0.62	0.03		0.16	0.06	-0.08	SSRM
TFPM	0.12	0.9	0.86	0.91	0.73	0.96	0.16		0.77	0.85	TFPM
HBM	0.08	0.94	0.66	0.94	0.64	0.85	0.06	0.77		0.69	HBM
PRU	-0.12	0.77	0.62	0.81	0.51	0.87	-0.08	0.85	0.69		PRU
	BTO	OGC	ARTG	ELD	OR	IMG	SSRM	TFPM	HBM	PRU

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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

ELD	+ 0.97	OGC
IMG	+ 0.96	ELD
TFPM	+ 0.96	IMG
IMG	+ 0.95	OGC
HBM	+ 0.94	OGC
HBM	+ 0.94	ELD

High negative correlations

PRU	- 0.12	BTO
PRU	- 0.08	SSRM
IMG	- 0.02	BTO
ELD	- 0.0	BTO

Risk-Adjusted Indicators

There is a big difference between New Stock performing well and New Gold 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 Gold'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
BTO	2.42	(0.30)	0.00	(0.25)	0.00	0.00	4.67	(6.05)	15.60
OGC	2.36	0.34	0.08	0.77	3.15	(2.35)	4.57	(4.28)	14.75
ARTG	2.24	0.11	0.02	0.40	2.84	(2.35)	5.07	(5.33)	13.58
ELD	2.17	0.46	0.12	0.74	2.93	(2.31)	5.17	(3.57)	16.31
OR	1.81	0.01	(0.02)	0.18	2.72	(1.82)	3.94	(3.93)	13.00
IMG	2.42	0.33	0.08	0.39	3.51	(2.47)	4.87	(4.81)	15.77
SSRM	2.35	(0.11)	0.00	(0.31)	0.00	0.00	4.63	(6.38)	17.67
TFPM	1.98	0.14	0.04	0.29	2.79	(2.22)	4.15	(4.88)	12.47
HBM	2.15	0.30	0.11	0.32	2.69	(2.39)	5.35	(5.52)	11.89
PRU	1.99	0.30	0.08	0.81	2.62	(2.15)	4.73	(3.98)	15.02

Be your own money manager

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