Royal Gold Correlations

RGLD Stock

USD 137.46 1.57 1.13%

The current 90-days correlation between Royal Gold and Wheaton Precious Metals is 0.85 (i.e., Very poor diversification). The correlation of Royal 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.

Royal Gold Correlation With Market

Modest diversification

The correlation between Royal Gold and DJI is 0.21 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Royal Gold and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Royal 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 bureau of economic analysis.

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

Moving together with Royal Stock

0.7	X	United States Steel Earnings Call Today	Pair Corr
0.67	AA	Alcoa Corp	Pair Corr
0.73	MT	ArcelorMittal SA ADR Earnings Call This Week	Pair Corr
0.67	RS	Reliance Steel Aluminum	Pair Corr
0.8	TX	Ternium SA ADR	Pair Corr
0.71	WS	Worthington Steel	Pair Corr
0.8	BAK	Braskem SA Class	Pair Corr
0.74	DOW	Dow Inc Earnings Call Today	Pair Corr
0.82	EGO	Eldorado Gold Corp	Pair Corr
0.67	GGB	Gerdau SA ADR	Pair Corr
0.72	PKX	POSCO Holdings	Pair Corr
0.85	SID	Companhia Siderurgica	Pair Corr
0.65	VHI	Valhi Inc	Pair Corr
0.81	GOLD	Barrick Gold Corp Aggressive Push	Pair Corr
0.73	ZEUS	Olympic Steel	Pair Corr
0.72	AUST	Austin Gold Corp	Pair Corr
0.78	AG	First Majestic Silver	Pair Corr
0.85	DD	Dupont De Nemours Earnings Call This Week	Pair Corr
0.76	HL	Hecla Mining	Pair Corr
0.7	IE	Ivanhoe Electric	Pair Corr
0.75	NG	NovaGold Resources	Pair Corr

Related Correlations Analysis

	WPM	AEM	SAND	OR	FNV	PAAS	SSRM	DRD	AGI	SA
WPM		0.53	0.8	0.96	0.6	0.91	-0.45	0.88	0.59	0.92	WPM
AEM	0.53		0.67	0.51	0.85	0.62	0.35	0.58	0.91	0.29	AEM
SAND	0.8	0.67		0.85	0.84	0.76	-0.17	0.86	0.77	0.76	SAND
OR	0.96	0.51	0.85		0.65	0.89	-0.4	0.88	0.61	0.92	OR
FNV	0.6	0.85	0.84	0.65		0.66	0.19	0.78	0.92	0.53	FNV
PAAS	0.91	0.62	0.76	0.89	0.66		-0.21	0.85	0.72	0.83	PAAS
SSRM	-0.45	0.35	-0.17	-0.4	0.19	-0.21		-0.31	0.35	-0.6	SSRM
DRD	0.88	0.58	0.86	0.88	0.78	0.85	-0.31		0.73	0.9	DRD
AGI	0.59	0.91	0.77	0.61	0.92	0.72	0.35	0.73		0.44	AGI
SA	0.92	0.29	0.76	0.92	0.53	0.83	-0.6	0.9	0.44		SA
	WPM	AEM	SAND	OR	FNV	PAAS	SSRM	DRD	AGI	SA

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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

OR	+ 0.96	WPM
SA	+ 0.92	WPM
SA	+ 0.92	OR
AGI	+ 0.92	FNV
PAAS	+ 0.91	WPM
AGI	+ 0.91	AEM

High negative correlations

SA	- 0.6	SSRM
SSRM	- 0.45	WPM
SSRM	- 0.4	OR
DRD	- 0.31	SSRM
SSRM	- 0.21	PAAS
SSRM	- 0.17	SAND

Risk-Adjusted Indicators

There is a big difference between Royal Stock performing well and Royal 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 Royal 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
WPM	1.51	(0.19)	0.00	(0.33)	0.00	0.00	2.93	(4.25)	8.57
AEM	1.58	0.03	(0.02)	0.18	1.96	(1.79)	3.76	(3.06)	9.65
SAND	1.48	(0.17)	0.00	(0.43)	0.00	0.00	2.60	(3.65)	11.32
OR	1.30	(0.19)	0.00	(2.30)	0.00	0.00	2.98	(3.57)	7.43
FNV	1.32	(0.07)	0.00	(0.19)	0.00	0.00	3.01	(2.97)	6.93
PAAS	1.97	(0.15)	0.00	2.07	0.00	0.00	5.01	(3.94)	12.66
SSRM	2.58	0.36	0.07	(1.86)	3.39	(2.86)	5.60	(4.85)	18.11
DRD	2.35	(0.27)	0.00	(1.57)	0.00	0.00	4.70	(5.42)	15.18
AGI	1.56	(0.03)	0.00	(0.33)	0.00	0.00	4.41	(3.73)	9.78
SA	2.05	(0.73)	0.00	(1.53)	0.00	0.00	2.61	(4.73)	11.44

Royal Gold Corporate Management

Laura JD	Corporate VP	Profile
David Esq	Corporate VP	Profile
Paul Libner	CFO Treasurer	Profile
Alistair Baker	VP Devel	Profile
Martin PEng	Senior Operations	Profile

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