Western Exploration Correlations

WEX Stock

0.64 0.01 1.59%

The current 90-days correlation between Western Exploration and Brixton Metals is 0.14 (i.e., Average diversification). The correlation of Western Exploration 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.

Western Exploration Correlation With Market

Modest diversification

The correlation between Western Exploration and DJI is 0.25 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Western Exploration and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Western Exploration could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Western Exploration 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 Western Exploration - 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 Western Exploration to buy it.

Moving together with Western Stock

0.67	MSFT	Microsoft Corp CDR	Pair Corr
0.67	MSFT	Microsoft CDR	Pair Corr

Moving against Western Stock

0.8	FDY	Faraday Copper Corp	Pair Corr
0.77	GOOG	Alphabet CDR	Pair Corr
0.77	GOOG	Alphabet CDR	Pair Corr
0.72	AAPL	Apple CDR	Pair Corr
0.7	AAPL	Apple Inc CDR	Pair Corr
0.44	AG	First Majestic Silver	Pair Corr
0.44	CGC	Aris Gold	Pair Corr
0.31	IE	Ivanhoe Energy	Pair Corr
0.31	ORE	Orezone Gold Corp	Pair Corr
0.86	POW	Power	Pair Corr
0.81	GMG	Graphene Manufacturing	Pair Corr
0.8	NPTH	NeuPath Health	Pair Corr
0.69	YES	CHAR Technologies	Pair Corr
0.65	DRT	DIRTT Environmental	Pair Corr
0.61	GS	GOLDMAN SACHS CDR	Pair Corr
0.6	BAMI	Blue Ant Media	Pair Corr
0.56	KEC	Kiwetinohk Energy Corp	Pair Corr
0.51	CGNT	Copper Giant Resources	Pair Corr
0.42	CLCO	Culico Metals	Pair Corr
0.32	KLS	Kelso Technologies	Pair Corr
0.85	IGM	IGM Financial	Pair Corr
0.78	STRR	Star Royalties	Pair Corr
0.74	AVR	Avaron Mining Corp	Pair Corr
0.73	PRM	Big Pharma Split	Pair Corr
0.73	GRID	Tantalus Systems Holding	Pair Corr
0.7	AX-UN	Artis Real Estate	Pair Corr

Related Correlations Analysis

	BBB	MRZ	SBMI	WAM	EQTY	GLDC	NPR
BBB		0.09	0.59	-0.41	-0.41	-0.12	-0.11	BBB
MRZ	0.09		0.32	0.04	0.09	0.17	-0.09	MRZ
SBMI	0.59	0.32		-0.34	-0.24	-0.05	0.15	SBMI
WAM	-0.41	0.04	-0.34		0.85	0.31	0.52	WAM
EQTY	-0.41	0.09	-0.24	0.85		0.64	0.67	EQTY
GLDC	-0.12	0.17	-0.05	0.31	0.64		0.46	GLDC
NPR	-0.11	-0.09	0.15	0.52	0.67	0.46		NPR
	BBB	MRZ	SBMI	WAM	EQTY	GLDC	NPR

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

EQTY	+ 0.85	WAM
NPR	+ 0.67	EQTY
GLDC	+ 0.64	EQTY
SBMI	+ 0.59	BBB
NPR	+ 0.52	WAM
NPR	+ 0.46	GLDC

High negative correlations

EQTY	- 0.41	BBB
WAM	- 0.41	BBB
WAM	- 0.34	SBMI
EQTY	- 0.24	SBMI
GLDC	- 0.12	BBB
NPR	- 0.11	BBB

Risk-Adjusted Indicators

There is a big difference between Western Stock performing well and Western Exploration 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 Western Exploration'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
BBB	4.33	(0.34)	0.00	(1.02)	0.00	0.00	8.33	(7.69)	28.08
MRZ	2.00	0.04	0.00	0.19	1.97	(3.73)	4.76	(4.17)	13.54
SBMI	3.52	0.18	0.02	(1.18)	3.50	(6.62)	10.34	(6.67)	26.34
WAM	4.17	0.26	0.03	(0.47)	5.37	(4.54)	7.32	(7.61)	22.03
EQTY	5.43	0.93	0.14	0.55	4.97	(8.56)	16.13	(10.00)	34.75
GLDC	5.44	0.77	0.12	1.61	4.90	(8.29)	13.33	(10.00)	45.83
NPR	3.82	0.58	0.09	(1.08)	3.67	(6.56)	10.68	(6.25)	34.98

Be your own money manager

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