New Gold Correlations

NGD Stock

USD 9.52 0.45 4.96%

The current 90-days correlation between New Gold and B2Gold Corp is 0.63 (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

Weak diversification

The correlation between New Gold and DJI is 0.34 (i.e., Weak 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 price.

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

Moving together with New Stock

0.93	B	Barrick Mining Symbol Change	Pair Corr
0.89	AA	Alcoa Corp	Pair Corr
0.82	RS	Reliance Steel Aluminum	Pair Corr
0.89	SA	Seabridge Gold	Pair Corr
0.84	WS	Worthington Steel	Pair Corr
0.93	AGI	Alamos Gold	Pair Corr
0.86	DRD	DRDGOLD Limited ADR	Pair Corr
0.83	EXK	Endeavour Silver Corp Aggressive Push	Pair Corr
0.9	FSM	Fortuna Silver Mines	Pair Corr
0.86	ZEUS	Olympic Steel	Pair Corr
0.88	AAUC	Allied Gold	Pair Corr
0.92	ARMN	Aris Mining	Pair Corr
0.64	ATCOL	Atlas Corp	Pair Corr
0.77	FINN	First National	Pair Corr
0.68	CASXF	Casa Minerals	Pair Corr
0.74	NAUFF	NevGold Corp	Pair Corr
0.82	DB	Deutsche Bank AG	Pair Corr
0.86	FTV	Fortive Corp	Pair Corr
0.88	ADAMI	New York Mortgage Symbol Change	Pair Corr
0.83	MRK	Merck Company	Pair Corr

Moving against New Stock

0.71	ADVWW	Advantage Solutions	Pair Corr
0.71	CTDD	Qwest Corp 6	Pair Corr
0.69	PCTTW	PureCycle Technologies	Pair Corr
0.69	MAPSW	WM Technology	Pair Corr
0.59	CTBB	Qwest Corp NT	Pair Corr
0.39	SKM	SK Telecom	Pair Corr
0.69	PG	Procter Gamble	Pair Corr
0.67	MSFT	Microsoft	Pair Corr
0.65	HPQ	HP Inc	Pair Corr
0.56	HD	Home Depot	Pair Corr

Related Correlations Analysis

	BTG	EGO	OR	HL	IAG	SSRM	BVN	TFPM	LPX	HBM
BTG		0.06	0.74	-0.12	-0.01	0.86	0.23	0.11	0.87	0.11	BTG
EGO	0.06		0.43	0.91	0.93	0.11	0.95	0.88	-0.08	0.89	EGO
OR	0.74	0.43		0.18	0.39	0.72	0.58	0.44	0.51	0.38	OR
HL	-0.12	0.91	0.18		0.94	-0.01	0.88	0.9	-0.24	0.9	HL
IAG	-0.01	0.93	0.39	0.94		0.1	0.92	0.96	-0.23	0.86	IAG
SSRM	0.86	0.11	0.72	-0.01	0.1		0.29	0.2	0.71	0.16	SSRM
BVN	0.23	0.95	0.58	0.88	0.92	0.29		0.9	0.05	0.93	BVN
TFPM	0.11	0.88	0.44	0.9	0.96	0.2	0.9		-0.12	0.81	TFPM
LPX	0.87	-0.08	0.51	-0.24	-0.23	0.71	0.05	-0.12		0.01	LPX
HBM	0.11	0.89	0.38	0.9	0.86	0.16	0.93	0.81	0.01		HBM
	BTG	EGO	OR	HL	IAG	SSRM	BVN	TFPM	LPX	HBM

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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

TFPM	+ 0.96	IAG
BVN	+ 0.95	EGO
IAG	+ 0.94	HL
IAG	+ 0.93	EGO
HBM	+ 0.93	BVN
BVN	+ 0.92	IAG

High negative correlations

LPX	- 0.24	HL
LPX	- 0.23	IAG
LPX	- 0.12	TFPM
HL	- 0.12	BTG
LPX	- 0.08	EGO
SSRM	- 0.01	HL

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	2.51	(0.22)	0.00	(0.08)	0.00	0.00	4.94	(5.91)	16.10
EGO	2.25	0.30	0.08	0.51	3.05	(2.41)	5.65	(5.53)	16.16
OR	1.90	(0.13)	0.00	(0.17)	0.00	0.00	3.52	(5.30)	12.73
HL	3.83	0.87	0.22	0.51	3.69	(4.38)	11.63	(6.38)	23.10
IAG	2.66	0.27	0.08	0.25	3.71	(2.73)	5.49	(6.42)	17.52
SSRM	2.34	(0.10)	0.00	(0.02)	0.00	0.00	4.81	(6.54)	17.90
BVN	2.09	0.26	0.07	0.43	2.92	(1.99)	4.32	(4.89)	17.93
TFPM	2.11	0.22	0.07	0.31	3.00	(2.13)	4.21	(5.36)	12.83
LPX	1.39	(0.18)	0.00	(0.05)	0.00	0.00	3.41	(2.57)	11.80
HBM	2.34	0.36	0.14	0.26	2.81	(2.55)	5.78	(5.81)	15.79

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