ProAm Explorations Correlations
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The current 90-days correlation between ProAm Explorations Corp and Yangarra Resources is 0.04 (i.e., Significant diversification). The correlation of ProAm Explorations 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.
ProAm Explorations Correlation With Market
Good diversification
The correlation between ProAm Explorations Corp and DJI is -0.15 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProAm Explorations Corp and DJI in the same portfolio, assuming nothing else is changed.
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The ability to find closely correlated positions to ProAm Explorations could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace ProAm Explorations 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 ProAm Explorations - 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 ProAm Explorations Corp to buy it.
Related Correlations Analysis
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