Harmony Gold Correlations

HMY Stock

USD 14.56 0.81 5.27%

The current 90-days correlation between Harmony Gold Mining and Eldorado Gold Corp is 0.76 (i.e., Poor diversification). The correlation of Harmony 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.

Harmony Gold Correlation With Market

Average diversification

The correlation between Harmony Gold Mining and DJI is 0.13 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Harmony Gold Mining and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Harmony Stock

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Harmony Gold 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 population.

Moving together with Harmony Stock

0.83	FNV	Franco Nevada	Pair Corr
0.85	KGC	Kinross Gold	Pair Corr
0.83	NEM	Newmont Goldcorp Corp	Pair Corr
0.74	WPM	Wheaton Precious Metals	Pair Corr
0.83	AU	AngloGold Ashanti plc	Pair Corr

Moving against Harmony Stock

0.78	AA	Alcoa Corp	Pair Corr
0.75	ASTLW	Algoma Steel Group	Pair Corr
0.69	ASTL	Algoma Steel Group Buyout Trend	Pair Corr
0.67	NUE	Nucor Corp	Pair Corr
0.64	CLF	Cleveland Cliffs Aggressive Push	Pair Corr
0.63	GGB	Gerdau SA ADR Aggressive Push	Pair Corr
0.61	CC	Chemours	Pair Corr
0.55	CENX	Century Aluminum	Pair Corr
0.49	MT	ArcelorMittal SA ADR	Pair Corr
0.42	CSTM	Constellium Nv	Pair Corr
0.34	VHI	Valhi Inc	Pair Corr
0.77	DD	Dupont De Nemours	Pair Corr
0.71	ELBM	Electra Battery Materials	Pair Corr
0.7	FF	FutureFuel Corp	Pair Corr
0.69	HYMCW	Hycroft Mining Holding	Pair Corr
0.66	WTTR	Select Energy Services	Pair Corr
0.63	CE	Celanese	Pair Corr
0.56	TX	Ternium SA ADR	Pair Corr
0.5	WDFC	WD 40 Company	Pair Corr
0.35	OC	Owens Corning Sell-off Trend	Pair Corr

Related Correlations Analysis

	AU	EGO	KGC	PAAS	NGD	CDE	FSM	IAG	GFI	AEM
AU		0.98	0.97	0.28	0.87	0.63	0.68	0.89	0.83	0.92	AU
EGO	0.98		0.98	0.3	0.85	0.57	0.7	0.91	0.85	0.94	EGO
KGC	0.97	0.98		0.26	0.81	0.53	0.65	0.91	0.8	0.94	KGC
PAAS	0.28	0.3	0.26		0.23	0.21	0.67	0.53	0.6	0.49	PAAS
NGD	0.87	0.85	0.81	0.23		0.83	0.6	0.65	0.69	0.73	NGD
CDE	0.63	0.57	0.53	0.21	0.83		0.35	0.35	0.42	0.45	CDE
FSM	0.68	0.7	0.65	0.67	0.6	0.35		0.79	0.86	0.75	FSM
IAG	0.89	0.91	0.91	0.53	0.65	0.35	0.79		0.89	0.96	IAG
GFI	0.83	0.85	0.8	0.6	0.69	0.42	0.86	0.89		0.89	GFI
AEM	0.92	0.94	0.94	0.49	0.73	0.45	0.75	0.96	0.89		AEM
	AU	EGO	KGC	PAAS	NGD	CDE	FSM	IAG	GFI	AEM

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Risk-Adjusted Indicators

There is a big difference between Harmony Stock performing well and Harmony 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 Harmony 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
AU	2.87	0.68	0.19	1.86	3.29	(3.29)	6.99	(5.52)	20.49
EGO	2.17	0.63	0.22	1.70	2.31	(2.45)	5.60	(2.71)	18.49
KGC	2.13	0.46	0.15	1.24	2.67	(2.40)	5.16	(5.30)	17.84
PAAS	2.53	0.29	0.07	0.39	4.14	(2.61)	6.49	(4.71)	28.48
NGD	3.00	0.89	0.23	1.77	3.41	(3.69)	6.87	(3.79)	27.66
CDE	3.56	0.90	0.24	0.70	3.22	(4.17)	7.83	(4.94)	25.08
FSM	2.88	0.80	0.19	1.23	3.52	(3.26)	8.35	(3.65)	23.78
IAG	2.95	0.49	0.11	0.78	4.29	(2.99)	8.61	(5.57)	22.39
GFI	2.76	0.45	0.12	3.01	3.48	(3.04)	7.53	(5.09)	19.05
AEM	1.85	0.29	0.10	2.55	2.65	(1.94)	5.33	(3.35)	14.92

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