Newmont Goldcorp Correlations

Stocks . Canada . 
Stock . Newmont Goldcorp Corp
NGT Stock  CAD 60.28  0.37  0.62%   
The current 90-days correlation between Newmont Goldcorp Corp and First Majestic Silver is 0.38 (i.e., Weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Newmont Goldcorp moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Newmont Goldcorp Corp moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Newmont Goldcorp Correlation With Market

Significant diversification

The correlation between Newmont Goldcorp Corp and DJI is 0.02 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Newmont Goldcorp Corp and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Newmont Goldcorp could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Newmont Goldcorp 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 Newmont Goldcorp - 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 Newmont Goldcorp Corp to buy it.

Moving together with Newmont Stock

  0.72AG First Majestic SilverPairCorr
  0.75ORE Orezone Gold CorpPairCorr
  0.63FDY Faraday Copper CorpPairCorr
  0.69INFM Infinico Metals CorpPairCorr

Moving against Newmont Stock

  0.78AMZN Amazon CDRPairCorr
  0.71WMT Walmart Inc CDRPairCorr
  0.68GOOG Alphabet CDRPairCorr
  0.67FDR Flinders ResourcesPairCorr
  0.64JPM JPMorgan ChasePairCorr
  0.4AAPL Apple Inc CDRPairCorr
  0.37META Meta Platforms CDRPairCorr
  0.85KUT Redishred Capital CorpPairCorr
  0.78WNDR WonderFi TechnologiesPairCorr
  0.75CRM SalesforceCom CDRPairCorr
  0.73ARE Aecon GroupPairCorr
  0.67MARI Marimaca Copper CorpPairCorr
  0.65FFH-PK Fairfax FinancialPairCorr
  0.61SBBC Simply Better BrandsPairCorr
  0.6CVO Coveo SolutionsPairCorr
  0.58NURS Hydreight TechnologiesPairCorr
  0.53XX Avante LogixxPairCorr
  0.46EIF Exchange IncomePairCorr
  0.42TSAT Telesat CorpPairCorr
  0.37BLM BluMetric EnvironmentalPairCorr
  0.78LMN Lumine GroupPairCorr
  0.74WELL WELL Health TechnologiesPairCorr
  0.7DBO D Box TechnologiesPairCorr
  0.66AC Air CanadaPairCorr
  0.63PYPL PayPal Holdings CDRPairCorr
  0.62LB Laurentian BankPairCorr

Related Correlations Analysis

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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   
FDY
+ 0.87
IE
IE
+ 0.76
AG
INFM
+ 0.76
IE
ORE
+ 0.75
AG
INFM
+ 0.73
AG
INFM
+ 0.7
FDY
  
High negative correlations   
INFM
- 0.81
FDR
FDY
- 0.75
FDR
FDR
- 0.75
IE
FDR
- 0.54
AG
ORE
- 0.43
FDR

Risk-Adjusted Indicators

There is a big difference between Newmont Stock performing well and Newmont Goldcorp 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 Newmont Goldcorp'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.

Be your own money manager

Our tools can tell you how much better you can do entering a position in Newmont Goldcorp 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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Newmont Goldcorp Corporate Management

Elected by the shareholders, the Newmont Goldcorp's board of directors comprises two types of representatives: Newmont Goldcorp inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Newmont. The board's role is to monitor Newmont Goldcorp's management team and ensure that shareholders' interests are well served. Newmont Goldcorp's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Newmont Goldcorp's outside directors are responsible for providing unbiased perspectives on the board's policies.
EMBA BEngExecutive OfficerProfile
Suzanne RetallackExecutive OfficerProfile
Brian CPAChief FinanceProfile
Scott SullivanChief OfficerProfile
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