Newmont Goldcorp Correlations

NEM Stock

USD 54.51 0.77 1.39%

The current 90-days correlation between Newmont Goldcorp Corp and United States Steel is -0.32 (i.e., Very good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Newmont Goldcorp moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Newmont Goldcorp Corp moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Newmont Goldcorp Correlation With Market

Significant diversification

The correlation between Newmont Goldcorp Corp and DJI is 0.02 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Newmont Goldcorp Corp and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Newmont Stock

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Newmont Goldcorp Corp. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in income.

Moving together with Newmont Stock

0.93	FNV	Franco Nevada	Pair Corr
0.94	KGC	Kinross Gold	Pair Corr
0.89	WPM	Wheaton Precious Metals	Pair Corr
0.64	B	Barrick Mining Symbol Change	Pair Corr
0.91	AU	AngloGold Ashanti plc	Pair Corr

Moving against Newmont Stock

0.64	ASTLW	Algoma Steel Group	Pair Corr
0.63	AA	Alcoa Corp	Pair Corr
0.63	CLF	Cleveland Cliffs Aggressive Push	Pair Corr
0.6	CC	Chemours	Pair Corr
0.53	NUE	Nucor Corp	Pair Corr
0.46	ASTL	Algoma Steel Group Buyout Trend	Pair Corr
0.36	GGB	Gerdau SA ADR Aggressive Push	Pair Corr
0.35	VHI	Valhi Inc	Pair Corr
0.32	CENX	Century Aluminum	Pair Corr
0.79	HYMCW	Hycroft Mining Holding	Pair Corr
0.68	FF	FutureFuel Corp	Pair Corr
0.68	ELBM	Electra Battery Materials	Pair Corr
0.62	WTTR	Select Energy Services	Pair Corr
0.59	DD	Dupont De Nemours	Pair Corr
0.46	ENFY	Enlightify Symbol Change	Pair Corr
0.35	CE	Celanese	Pair Corr
0.31	OC	Owens Corning Sell-off Trend	Pair Corr
0.31	TX	Ternium SA ADR	Pair Corr

Related Correlations Analysis

	X	RS	MT	CMC	STLD	GGB	CLF	PKX	TX	ZEUS
X		0.53	0.02	0.44	0.34	0.04	-0.55	-0.36	-0.08	-0.19	X
RS	0.53		0.54	0.85	0.91	0.35	-0.19	-0.15	0.39	0.4	RS
MT	0.02	0.54		0.76	0.67	0.75	0.47	0.56	0.8	0.64	MT
CMC	0.44	0.85	0.76		0.83	0.72	0.14	0.25	0.67	0.51	CMC
STLD	0.34	0.91	0.67	0.83		0.38	0.07	0.0	0.5	0.55	STLD
GGB	0.04	0.35	0.75	0.72	0.38		0.53	0.7	0.83	0.54	GGB
CLF	-0.55	-0.19	0.47	0.14	0.07	0.53		0.83	0.62	0.5	CLF
PKX	-0.36	-0.15	0.56	0.25	0.0	0.7	0.83		0.73	0.47	PKX
TX	-0.08	0.39	0.8	0.67	0.5	0.83	0.62	0.73		0.73	TX
ZEUS	-0.19	0.4	0.64	0.51	0.55	0.54	0.5	0.47	0.73		ZEUS
	X	RS	MT	CMC	STLD	GGB	CLF	PKX	TX	ZEUS

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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

STLD	+ 0.91	RS
CMC	+ 0.85	RS
STLD	+ 0.83	CMC
TX	+ 0.83	GGB
PKX	+ 0.83	CLF
TX	+ 0.8	MT

High negative correlations

CLF	- 0.55	X
PKX	- 0.36	X
CLF	- 0.19	RS
ZEUS	- 0.19	X
PKX	- 0.15	RS
TX	- 0.08	X

Risk-Adjusted Indicators

There is a big difference between Newmont Stock performing well and Newmont Goldcorp 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 Newmont Goldcorp'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
X	2.42	0.61	0.21	1.21	2.51	(3.00)	4.50	(4.10)	25.71
RS	1.25	0.16	0.09	0.17	1.56	(1.30)	3.03	(2.20)	9.87
MT	2.10	(0.11)	0.00	(0.08)	0.00	0.00	4.55	(5.08)	20.46
CMC	1.89	0.13	0.04	0.09	2.57	(2.01)	5.10	(4.45)	16.19
STLD	2.13	0.12	0.04	0.08	2.60	(2.38)	4.34	(4.21)	15.47
GGB	2.11	0.08	0.03	0.07	2.79	(2.20)	4.96	(4.31)	14.01
CLF	4.08	(0.24)	0.00	(0.13)	0.00	0.00	7.78	(8.68)	31.67
PKX	1.92	(0.02)	0.00	(0.03)	0.00	0.00	4.76	(3.94)	14.43
TX	1.71	0.06	0.02	0.06	2.42	(1.72)	3.43	(5.03)	9.62
ZEUS	2.04	0.05	0.02	(0.24)	2.74	(2.10)	5.53	(4.18)	14.85

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