Orezone Gold Correlations

OEX Stock

1.62 0.07 4.14%

The current 90-days correlation between Orezone Gold and Haverty Furniture Companies is -0.02 (i.e., Good diversification). The correlation of Orezone 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Orezone Gold Correlation With Market

Very poor diversification

The correlation between Orezone Gold and DJI is 0.8 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Orezone Gold and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Orezone 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 Orezone 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 Orezone 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 Orezone Gold to buy it.

Moving together with Orezone Stock

0.69	KBIA	KB Financial Group	Pair Corr
0.83	ECHA	Ecopetrol SA	Pair Corr
0.83	ECHA	Ecopetrol SA	Pair Corr
0.8	6GAA	Grupo Aval Acciones	Pair Corr
0.74	6GAA	Grupo Aval Acciones	Pair Corr
0.77	2WGA	WOORI FIN GRP Earnings Call This Week	Pair Corr
0.85	MFZA	Mitsubishi UFJ Financial Earnings Call This Week	Pair Corr
0.9	FM7	Meta Financial Group	Pair Corr
0.87	TF7A	Tyson Foods Earnings Call Today	Pair Corr
0.67	DBPE	Xtrackers LevDAX	Pair Corr

Moving against Orezone Stock

0.7

DBPD

Xtrackers ShortDAX

Pair Corr

Related Correlations Analysis

	LG1	25F	4IV	762	1NN	1MA	SPT6	4MI
LG1		0.59	-0.19	-0.39	0.32	0.62	0.24	0.83	LG1
25F	0.59		-0.59	-0.68	0.74	0.8	0.76	0.56	25F
4IV	-0.19	-0.59		0.65	-0.6	-0.59	-0.77	-0.16	4IV
762	-0.39	-0.68	0.65		-0.64	-0.54	-0.76	-0.32	762
1NN	0.32	0.74	-0.6	-0.64		0.75	0.79	0.31	1NN
1MA	0.62	0.8	-0.59	-0.54	0.75		0.65	0.46	1MA
SPT6	0.24	0.76	-0.77	-0.76	0.79	0.65		0.31	SPT6
4MI	0.83	0.56	-0.16	-0.32	0.31	0.46	0.31		4MI
	LG1	25F	4IV	762	1NN	1MA	SPT6	4MI

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

4MI	+ 0.83	LG1
1MA	+ 0.8	25F
SPT6	+ 0.79	1NN
SPT6	+ 0.76	25F
1MA	+ 0.75	1NN
1NN	+ 0.74	25F

High negative correlations

SPT6	- 0.77	4IV
SPT6	- 0.76	762
762	- 0.68	25F
1NN	- 0.64	762
1NN	- 0.6	4IV
1MA	- 0.59	4IV

Risk-Adjusted Indicators

There is a big difference between Orezone Stock performing well and Orezone 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 Orezone 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
LG1	2.73	0.12	0.03	0.55	2.73	(4.06)	9.57	(4.76)	18.70
25F	2.03	0.34	0.14	0.71	1.86	(2.76)	5.32	(2.90)	14.24
4IV	1.31	(0.15)	0.00	0.77	0.00	0.00	2.56	(2.45)	9.37
762	2.23	(0.34)	0.00	(1.48)	0.00	0.00	4.95	(5.93)	20.55
1NN	0.92	0.26	0.21	0.71	0.83	(1.07)	2.40	(1.44)	5.07
1MA	2.50	0.72	0.25	1.21	2.15	(3.31)	5.00	(4.70)	26.97
SPT6	1.83	0.30	0.08	0.48	1.83	(3.69)	6.67	(4.49)	15.19
4MI	1.69	0.01	(0.01)	0.08	2.04	(1.88)	4.54	(3.89)	10.54

Be your own money manager

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