New Gold Correlations

NGD Stock

CAD 13.68 2.65 16.23%

The current 90-days correlation between New Gold and B2Gold Corp is 0.49 (i.e., Very weak 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

Very poor diversification

The correlation between New Gold and DJI is 0.81 (i.e., Very poor 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

0.98	AG	First Majestic Silver	Pair Corr
0.91	IE	Ivanhoe Energy	Pair Corr
0.96	ORE	Orezone Gold Corp	Pair Corr
0.72	FDR	Flinders Resources	Pair Corr
0.92	FDY	Faraday Copper Corp	Pair Corr
0.78	GOOG	Alphabet CDR	Pair Corr
0.78	GOOG	Alphabet CDR Earnings Call This Week	Pair Corr
0.7	CITI	CITIGROUP CDR	Pair Corr
0.93	SMD	Strategic Metals	Pair Corr
0.85	AZS	Arizona Gold Silver	Pair Corr
0.85	TTE	TotalEnergies CDR	Pair Corr

Moving against New Stock

0.72	MSFT	Microsoft Corp CDR	Pair Corr
0.72	MSFT	Microsoft CDR	Pair Corr
0.49	BRK	Berkshire Hathaway CDR	Pair Corr
0.49	BRK	Berkshire Hathaway CDR	Pair Corr

Related Correlations Analysis

	BTO	OGC	ARTG	ELD	OR	IMG	SSRM	TFPM	HBM	PRU
BTO		0.73	0.72	0.73	0.76	0.71	0.85	0.65	0.75	0.68	BTO
OGC	0.73		0.95	0.99	0.98	0.97	0.78	0.94	0.98	0.94	OGC
ARTG	0.72	0.95		0.93	0.94	0.93	0.83	0.89	0.89	0.92	ARTG
ELD	0.73	0.99	0.93		0.97	0.98	0.75	0.95	0.98	0.95	ELD
OR	0.76	0.98	0.94	0.97		0.94	0.83	0.92	0.96	0.93	OR
IMG	0.71	0.97	0.93	0.98	0.94		0.73	0.97	0.93	0.97	IMG
SSRM	0.85	0.78	0.83	0.75	0.83	0.73		0.67	0.77	0.74	SSRM
TFPM	0.65	0.94	0.89	0.95	0.92	0.97	0.67		0.89	0.95	TFPM
HBM	0.75	0.98	0.89	0.98	0.96	0.93	0.77	0.89		0.9	HBM
PRU	0.68	0.94	0.92	0.95	0.93	0.97	0.74	0.95	0.9		PRU
	BTO	OGC	ARTG	ELD	OR	IMG	SSRM	TFPM	HBM	PRU

Please upgrade your account to get full access to Macroaxis premium features

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	2.16	0.13	0.03	0.34	3.16	(2.04)	4.60	(4.17)	12.91
OGC	2.10	0.69	0.25	0.77	2.19	(2.31)	4.57	(3.92)	11.33
ARTG	2.24	0.41	0.13	0.66	2.64	(2.35)	6.14	(5.33)	12.17
ELD	1.93	0.91	0.47	1.08	1.21	(2.42)	4.82	(2.84)	11.64
OR	1.57	0.49	0.27	0.99	1.25	(1.82)	4.09	(2.84)	8.42
IMG	2.35	0.86	0.29	2.05	2.13	(2.63)	5.59	(4.60)	14.96
SSRM	2.29	0.23	0.07	0.29	3.05	(2.26)	4.63	(5.21)	12.93
TFPM	1.78	0.37	0.17	0.48	1.90	(2.20)	4.15	(3.14)	11.36
HBM	2.08	0.79	0.31	2.79	1.96	(2.57)	5.44	(2.67)	11.89
PRU	1.85	0.46	0.17	0.82	2.16	(2.08)	4.01	(3.65)	9.69

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.

Did you try this?

Run Portfolio File Import Now

Portfolio File Import

Quickly import all of your third-party portfolios from your local drive in csv format

All Next

Launch Module

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2026 Macroaxis LLC