T2 Metals Correlations

TWO Stock

0.28 0.01 3.70%

The current 90-days correlation between T2 Metals Corp and K2 Gold is 0.01 (i.e., Significant diversification). The correlation of T2 Metals 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.

T2 Metals Correlation With Market

Significant diversification

The correlation between T2 Metals Corp and DJI is 0.07 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding T2 Metals Corp and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to T2 Metals could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace T2 Metals 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 T2 Metals - 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 T2 Metals Corp to buy it.

Moving together with TWO Stock

0.68	IE	Ivanhoe Energy	Pair Corr
0.75	AVNT	Avant Brands Split	Pair Corr
0.63	GRB	Greenbriar Capital Corp	Pair Corr

Moving against TWO Stock

0.74	IMP	Intermap Technologies	Pair Corr
0.59	VGZ	Vista Gold	Pair Corr

Related Correlations Analysis

	AG	IE	EIT-UN	PEY	KTO	TKU	TF	GLXY
AG		0.73	0.04	0.52	0.21	-0.48	-0.13	0.77	AG
IE	0.73		-0.46	0.1	-0.16	-0.46	-0.61	0.56	IE
EIT-UN	0.04	-0.46		0.66	0.51	-0.07	0.94	0.22	EIT-UN
PEY	0.52	0.1	0.66		0.37	-0.26	0.49	0.54	PEY
KTO	0.21	-0.16	0.51	0.37		0.02	0.43	0.37	KTO
TKU	-0.48	-0.46	-0.07	-0.26	0.02		-0.01	-0.31	TKU
TF	-0.13	-0.61	0.94	0.49	0.43	-0.01		0.04	TF
GLXY	0.77	0.56	0.22	0.54	0.37	-0.31	0.04		GLXY
	AG	IE	EIT-UN	PEY	KTO	TKU	TF	GLXY

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

TF	+ 0.94	EIT-UN
GLXY	+ 0.77	AG
IE	+ 0.73	AG
PEY	+ 0.66	EIT-UN
GLXY	+ 0.56	IE
GLXY	+ 0.54	PEY

High negative correlations

TF	- 0.61	IE
TKU	- 0.48	AG
TKU	- 0.46	IE
EIT-UN	- 0.46	IE
GLXY	- 0.31	TKU
TKU	- 0.26	PEY

Risk-Adjusted Indicators

There is a big difference between TWO Stock performing well and T2 Metals 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 T2 Metals' 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
AG	2.70	(0.13)	0.00	0.04	4.01	(2.65)	5.98	(5.30)	18.79
IE	3.55	(0.28)	0.00	(0.06)	0.00	0.00	9.66	(7.05)	27.06
EIT-UN	0.37	0.10	0.06	0.35	0.14	(0.46)	0.86	(0.62)	2.47
PEY	1.19	0.07	0.03	0.20	1.69	(1.20)	2.61	(2.61)	8.32
KTO	5.41	0.45	0.02	(0.51)	6.35	(12.29)	15.79	(15.79)	50.00
TKU	9.36	0.74	0.02	(1.87)	10.64	(28.79)	33.33	(25.00)	58.33
TF	0.80	0.15	0.11	0.35	0.78	(0.90)	1.77	(1.34)	4.71
GLXY	3.38	(0.17)	0.01	0.05	4.35	(3.77)	6.94	(6.81)	30.91

Be your own money manager

Our tools can tell you how much better you can do entering a position in T2 Metals 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?

Run Transaction History Now

Transaction History

View history of all your transactions and understand their impact on performance

All Next

Launch Module

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC