ANGLO AMERICAN Correlations
| NGLD Stock | EUR 15.60 0.40 2.63% |
The correlation of ANGLO AMERICAN 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 perfect positive correlation (i.e., a correlation coefficient of +1) implies that as ANGLO AMERICAN moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if ANGLO AMERICAN SPADR moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Very good diversification
The correlation between ANGLO AMERICAN SPADR and NYA is -0.31 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ANGLO AMERICAN SPADR and NYA in the same portfolio, assuming nothing else is changed.
ANGLO |
The ability to find closely correlated positions to ANGLO AMERICAN could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace ANGLO AMERICAN 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 ANGLO AMERICAN - 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 ANGLO AMERICAN SPADR to buy it.
Moving together with ANGLO Stock
| 0.91 | RIOA | Rio Tinto Group | PairCorr |
| 0.9 | RIO1 | Rio Tinto Group | PairCorr |
| 0.73 | CVLC | Vale SA | PairCorr |
| 0.86 | 8GCA | Glencore plc Earnings Call This Week | PairCorr |
| 0.85 | 8GC | Glencore PLC Earnings Call This Week | PairCorr |
| 0.99 | NGLB | Anglo American plc | PairCorr |
| 0.63 | KBIA | KB Financial Group | PairCorr |
| 0.64 | HY9H | SK hynix | PairCorr |
Moving against ANGLO Stock
Related Correlations Analysis
| Click cells to compare fundamentals | Check Volatility | Backtest Portfolio |
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
| High negative correlations
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Risk-Adjusted Indicators
There is a big difference between ANGLO Stock performing well and ANGLO AMERICAN 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 ANGLO AMERICAN'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| 8GC | 1.21 | 0.33 | 0.19 | (1.77) | 0.97 | 3.07 | 7.10 | |||
| 951 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| 8SP | 0.98 | 0.02 | (0.03) | 0.33 | 1.09 | 2.16 | 6.74 | |||
| 6NM | 1.14 | 0.13 | 0.04 | (1.06) | 1.15 | 2.78 | 7.33 | |||
| 39O1 | 6.26 | 1.85 | 0.27 | 2.55 | 5.21 | 14.83 | 67.94 | |||
| 2DG | 4.65 | 0.29 | 0.03 | 0.80 | 5.63 | 13.04 | 47.58 | |||
| TM9 | 2.45 | 0.18 | 0.01 | (0.12) | 4.33 | 7.02 | 35.83 | |||
| INVN | 3.48 | (0.88) | 0.00 | 1.84 | 0.00 | 6.14 | 36.27 | |||
| IUI1 | 1.17 | 0.08 | 0.01 | 6.87 | 1.59 | 2.51 | 7.44 |
Be your own money manager
Our tools can tell you how much better you can do entering a position in ANGLO AMERICAN 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.Did you try this?
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Already Invested in ANGLO AMERICAN SPADR?
The danger of trading ANGLO AMERICAN SPADR is mainly related to its market volatility and Company specific events. As an investor, you must understand the concept of risk-adjusted return before you start trading. The most common way to measure the risk of ANGLO AMERICAN is by using the Sharpe ratio. The ratio expresses how much excess return you acquire for the extra volatility you endure for holding a more risker asset than ANGLO AMERICAN. The Sharpe ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile ANGLO AMERICAN SPADR is, you must compare it to a benchmark. Traditionally, the risk-free rate of return is the rate of return on the shortest-dated U.S. Treasury, such as a 3-year bond.
Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in ANGLO AMERICAN SPADR. Also, note that the market value of any company could be tightly coupled with the direction of predictive economic indicators such as signals in unemployment. You can also try the Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
Complementary Tools for ANGLO Stock analysis
When running ANGLO AMERICAN's price analysis, check to measure ANGLO AMERICAN's market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy ANGLO AMERICAN is operating at the current time. Most of ANGLO AMERICAN's value examination focuses on studying past and present price action to predict the probability of ANGLO AMERICAN's future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move ANGLO AMERICAN's price. Additionally, you may evaluate how the addition of ANGLO AMERICAN to your portfolios can decrease your overall portfolio volatility.
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