New Gold Correlations

NGD Stock

USD 12.19 0.03 0.25%

The current 90-days correlation between New Gold and B2Gold Corp is 0.74 (i.e., Poor diversification). The correlation of New Gold 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 Gold Correlation With Market

Very poor diversification

The correlation between New Gold and DJI is 0.83 (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.

Build AI portfolio with New Stock

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in New 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.

For information on how to trade New Stock refer to our How to Trade New Stock guide.

Moving together with New Stock

0.92	B	Barrick Mining Symbol Change	Pair Corr
0.79	BP60	ALMA METALS LTD	Pair Corr
0.86	AA	Alcoa Corp	Pair Corr
0.98	AG	First Majestic Silver Trending	Pair Corr
0.85	AP	Ampco Pittsburgh	Pair Corr
0.95	AU	AngloGold Ashanti plc Buyout Trend	Pair Corr
0.83	SRM	Seabridge Gold	Pair Corr
0.94	HL	Hecla Mining Buyout Trend	Pair Corr
0.81	MT	ArcelorMittal SA ADR	Pair Corr
0.69	NG	NovaGold Resources	Pair Corr
0.98	OR	Osisko Gold Ro	Pair Corr
0.85	RS	Reliance Steel Aluminum	Pair Corr
0.63	WIA	WIA Gold	Pair Corr
0.88	SA	Seabridge Gold	Pair Corr
0.91	TX	Ternium SA ADR	Pair Corr
0.74	WS	Worthington Steel	Pair Corr
0.83	CUU	Copper Fox Metals	Pair Corr
0.9	VALE	Vale SA ADR	Pair Corr
0.73	ARI	Arika Resources	Pair Corr
0.82	SRK	Strike Resources	Pair Corr
0.84	LY1	Lion One Metals	Pair Corr
0.9	H6F	ARIZONA SONORAN PER	Pair Corr
0.8	DHR	Discovery Harbour Earnings Call Tomorrow	Pair Corr
0.73	DV	Dolly Varden Silver Earnings Call This Week	Pair Corr
0.88	P4Q	Perseus Mining	Pair Corr
0.94	ELY	Ely Gold Royalties	Pair Corr
0.98	WPM	Wheaton Precious Metals	Pair Corr

Moving against New Stock

0.35	0GC0	RIDGELINE MINERALS	Pair Corr
0.76	R8R	REGENER8 Resources	Pair Corr
0.5	GML	Gateway Mining	Pair Corr
0.43	FHS	Freehill Mining	Pair Corr

Related Correlations Analysis

	BTG	EGO	OR	HL	IAG	SSRM	BVN	TFPM	LPX	HBM
BTG		0.9	0.89	0.76	0.95	0.88	0.88	0.84	0.7	0.89	BTG
EGO	0.9		0.96	0.89	0.96	0.86	0.96	0.9	0.71	0.95	EGO
OR	0.89	0.96		0.93	0.94	0.87	0.96	0.93	0.73	0.94	OR
HL	0.76	0.89	0.93		0.82	0.7	0.88	0.93	0.73	0.86	HL
IAG	0.95	0.96	0.94	0.82		0.93	0.96	0.86	0.7	0.95	IAG
SSRM	0.88	0.86	0.87	0.7	0.93		0.85	0.79	0.54	0.82	SSRM
BVN	0.88	0.96	0.96	0.88	0.96	0.85		0.86	0.8	0.99	BVN
TFPM	0.84	0.9	0.93	0.93	0.86	0.79	0.86		0.69	0.84	TFPM
LPX	0.7	0.71	0.73	0.73	0.7	0.54	0.8	0.69		0.78	LPX
HBM	0.89	0.95	0.94	0.86	0.95	0.82	0.99	0.84	0.78		HBM
	BTG	EGO	OR	HL	IAG	SSRM	BVN	TFPM	LPX	HBM

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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
BTG	2.70	0.35	0.10	0.25	3.53	(2.95)	7.21	(5.42)	21.21
EGO	2.69	0.64	0.15	0.68	3.71	(2.90)	5.90	(6.94)	17.36
OR	2.29	0.43	0.11	0.54	3.39	(2.42)	4.64	(5.30)	19.93
HL	4.28	0.69	0.15	0.31	4.85	(4.58)	8.77	(6.60)	27.31
IAG	3.05	0.75	0.16	0.83	3.83	(3.15)	7.53	(6.42)	28.42
SSRM	3.17	0.55	0.13	0.53	3.86	(3.41)	7.23	(6.54)	27.20
BVN	2.33	0.72	0.21	0.73	2.78	(2.65)	6.31	(4.89)	19.47
TFPM	2.14	0.29	0.09	0.31	3.14	(2.23)	4.55	(5.36)	16.05
LPX	1.85	0.02	0.03	0.08	2.29	(2.00)	5.20	(4.61)	14.05
HBM	2.56	0.66	0.19	0.61	3.14	(2.95)	5.78	(4.01)	21.74

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