Royal Gold Correlations

RGLD Stock

USD 244.40 15.09 6.58%

The current 90-days correlation between Royal Gold and Harmony Gold Mining 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 0.22 (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.

Build AI portfolio with Royal Stock

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 board of governors.

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

Moving together with Royal Stock

0.78	B	Barrick Mining Symbol Change	Pair Corr
0.81	AA	Alcoa Corp	Pair Corr
0.8	RS	Reliance Steel Aluminum	Pair Corr
0.9	SA	Seabridge Gold	Pair Corr
0.76	WS	Worthington Steel	Pair Corr
0.96	AGI	Alamos Gold	Pair Corr
0.88	DRD	DRDGOLD Limited ADR	Pair Corr
0.81	EXK	Endeavour Silver Corp Aggressive Push	Pair Corr
0.81	FSM	Fortuna Silver Mines	Pair Corr
0.64	ZEUS	Olympic Steel	Pair Corr
0.73	LODE	Comstock Mining	Pair Corr
0.9	AAUC	Allied Gold	Pair Corr
0.88	ARMN	Aris Mining	Pair Corr
0.68	FINN	First National	Pair Corr
0.64	NAUFF	NevGold Corp	Pair Corr
0.63	DB	Deutsche Bank AG	Pair Corr
0.71	FTV	Fortive Corp	Pair Corr
0.77	ADAMI	New York Mortgage Symbol Change	Pair Corr
0.74	MRK	Merck Company	Pair Corr

Moving against Royal Stock

0.75	CTDD	Qwest Corp 6	Pair Corr
0.71	CTBB	Qwest Corp NT	Pair Corr
0.61	ADVWW	Advantage Solutions	Pair Corr
0.55	MAPSW	WM Technology	Pair Corr
0.49	PCTTW	PureCycle Technologies	Pair Corr
0.56	MSFT	Microsoft	Pair Corr
0.54	PG	Procter Gamble	Pair Corr
0.52	HPQ	HP Inc	Pair Corr
0.4	HD	Home Depot	Pair Corr

Related Correlations Analysis

	HMY	AGI	CDE	JHX	SUZ	PAAS	ALB	HL	NGD	EQX
HMY		0.91	0.54	0.37	0.28	0.7	0.49	0.76	0.77	0.77	HMY
AGI	0.91		0.29	0.18	0.5	0.83	0.72	0.9	0.92	0.89	AGI
CDE	0.54	0.29		0.77	0.08	0.25	-0.09	0.0	0.11	-0.04	CDE
JHX	0.37	0.18	0.77		0.12	0.12	-0.15	0.01	0.07	-0.1	JHX
SUZ	0.28	0.5	0.08	0.12		0.69	0.71	0.46	0.57	0.34	SUZ
PAAS	0.7	0.83	0.25	0.12	0.69		0.91	0.69	0.79	0.64	PAAS
ALB	0.49	0.72	-0.09	-0.15	0.71	0.91		0.62	0.71	0.59	ALB
HL	0.76	0.9	0.0	0.01	0.46	0.69	0.62		0.92	0.94	HL
NGD	0.77	0.92	0.11	0.07	0.57	0.79	0.71	0.92		0.87	NGD
EQX	0.77	0.89	-0.04	-0.1	0.34	0.64	0.59	0.94	0.87		EQX
	HMY	AGI	CDE	JHX	SUZ	PAAS	ALB	HL	NGD	EQX

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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

EQX	+ 0.94	HL
NGD	+ 0.92	AGI
NGD	+ 0.92	HL
AGI	+ 0.91	HMY
ALB	+ 0.91	PAAS
HL	+ 0.9	AGI

High negative correlations

ALB	- 0.15	JHX
EQX	- 0.1	JHX
ALB	- 0.09	CDE
EQX	- 0.04	CDE
HL	- 0.0	CDE

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
HMY	2.82	0.14	0.03	0.25	3.83	(2.88)	6.39	(5.89)	19.69
AGI	2.23	0.17	0.04	0.50	3.04	(2.20)	5.22	(4.64)	15.67
CDE	3.47	(0.19)	(0.02)	0.00	4.70	(3.99)	6.67	(8.72)	24.40
JHX	1.74	0.09	0.01	0.43	2.46	(1.76)	4.52	(3.86)	15.75
SUZ	1.04	0.01	(0.05)	0.13	1.12	(1.21)	1.93	(1.79)	6.89
PAAS	2.64	0.50	0.13	0.53	3.21	(2.77)	7.23	(5.69)	16.85
ALB	2.92	0.82	0.23	0.51	3.28	(3.28)	7.21	(6.88)	17.41
HL	3.67	0.78	0.17	1.48	3.78	(4.14)	8.21	(6.38)	23.10
NGD	2.79	0.35	0.08	0.66	3.48	(2.95)	6.67	(5.93)	19.38
EQX	2.56	0.40	0.11	0.71	3.10	(2.73)	5.97	(5.39)	16.23

Royal Gold Corporate Management

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

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