Barrick Mining Correlations

B Stock

USD 44.08 0.53 1.22%

The current 90-days correlation between Barrick Mining and Freeport McMoran Copper Gold is 0.54 (i.e., Very weak diversification). The correlation of Barrick Mining 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.

Barrick Mining Correlation With Market

Modest diversification

The correlation between Barrick Mining and DJI is 0.27 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Barrick Mining and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Barrick Stock

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Barrick Mining. 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 labor statistics.

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

Moving together with Barrick Stock

0.88	AA	Alcoa Corp	Pair Corr
0.73	RS	Reliance Steel Aluminum	Pair Corr
0.79	SA	Seabridge Gold	Pair Corr
0.82	WS	Worthington Steel	Pair Corr
0.9	AGI	Alamos Gold	Pair Corr
0.8	DRD	DRDGOLD Limited ADR	Pair Corr
0.65	EXK	Endeavour Silver Corp	Pair Corr
0.84	FSM	Fortuna Silver Mines	Pair Corr
0.9	ZEUS	Olympic Steel	Pair Corr
0.77	AAUC	Allied Gold	Pair Corr
0.87	ARMN	Aris Mining	Pair Corr
0.64	KB	KB Financial Group	Pair Corr
0.71	CASXF	Casa Minerals	Pair Corr
0.66	DGWPF	Drgerwerk AG	Pair Corr
0.82	NAUFF	NevGold Corp	Pair Corr
0.72	DB	Deutsche Bank AG	Pair Corr
0.94	FTV	Fortive Corp	Pair Corr
0.78	ADAMI	New York Mortgage Symbol Change	Pair Corr
0.93	MRK	Merck Company	Pair Corr

Moving against Barrick Stock

0.85	PCTTW	PureCycle Technologies	Pair Corr
0.81	MAPSW	WM Technology	Pair Corr
0.79	CTDD	Qwest Corp 6	Pair Corr
0.67	CTBB	Qwest Corp NT	Pair Corr
0.55	SKM	SK Telecom	Pair Corr
0.82	MSFT	Microsoft	Pair Corr
0.76	HD	Home Depot	Pair Corr
0.75	HPQ	HP Inc	Pair Corr
0.73	PG	Procter Gamble	Pair Corr
0.42	CVX	Chevron Corp	Pair Corr

Related Correlations Analysis

	FCX	WPM	APD	VALE	AU	GFI	KGC	AEM	FNV	CTVA
FCX		0.8	-0.51	0.83	0.72	0.69	0.81	0.52	0.43	0.64	FCX
WPM	0.8		-0.14	0.61	0.8	0.91	0.92	0.78	0.85	0.63	WPM
APD	-0.51	-0.14		-0.56	-0.19	-0.07	-0.24	0.06	0.24	-0.12	APD
VALE	0.83	0.61	-0.56		0.77	0.45	0.76	0.31	0.17	0.77	VALE
AU	0.72	0.8	-0.19	0.77		0.74	0.93	0.66	0.54	0.79	AU
GFI	0.69	0.91	-0.07	0.45	0.74		0.87	0.89	0.81	0.48	GFI
KGC	0.81	0.92	-0.24	0.76	0.93	0.87		0.78	0.68	0.72	KGC
AEM	0.52	0.78	0.06	0.31	0.66	0.89	0.78		0.73	0.33	AEM
FNV	0.43	0.85	0.24	0.17	0.54	0.81	0.68	0.73		0.35	FNV
CTVA	0.64	0.63	-0.12	0.77	0.79	0.48	0.72	0.33	0.35		CTVA
	FCX	WPM	APD	VALE	AU	GFI	KGC	AEM	FNV	CTVA

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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

KGC	+ 0.93	AU
KGC	+ 0.92	WPM
GFI	+ 0.91	WPM
AEM	+ 0.89	GFI
KGC	+ 0.87	GFI
FNV	+ 0.85	WPM

High negative correlations

VALE	- 0.56	APD
APD	- 0.51	FCX
KGC	- 0.24	APD
AU	- 0.19	APD
APD	- 0.14	WPM
CTVA	- 0.12	APD

Risk-Adjusted Indicators

There is a big difference between Barrick Stock performing well and Barrick Mining 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 Barrick Mining'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
FCX	1.72	0.34	0.17	0.23	1.78	(1.85)	3.63	(3.88)	10.96
WPM	1.93	0.06	0.02	0.13	2.95	(1.93)	3.68	(4.28)	12.45
APD	1.21	(0.14)	0.00	(0.12)	0.00	0.00	2.50	(2.24)	18.39
VALE	1.32	0.32	0.20	0.31	1.39	(1.64)	3.09	(2.34)	12.30
AU	2.61	0.27	0.08	0.22	3.70	(2.70)	5.39	(5.98)	15.73
GFI	2.84	0.06	0.02	0.11	3.96	(2.97)	6.41	(6.87)	18.05
KGC	2.25	0.18	0.05	0.22	3.49	(2.10)	5.17	(5.02)	16.75
AEM	1.97	(0.01)	0.00	0.05	3.10	(1.81)	4.03	(5.41)	13.27
FNV	1.48	(0.13)	0.00	(0.10)	0.00	0.00	3.03	(4.44)	9.49
CTVA	1.10	(0.02)	(0.02)	0.02	2.11	(1.03)	1.88	(2.36)	9.10

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