Wesdome Gold Correlations

WDO Stock  CAD 7.93  0.17  2.19%   
The correlation of Wesdome Gold is a statistical measure of how it moves in relation to other equities. 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 Wesdome Gold moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Wesdome Gold Mines 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.
Check out Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in Wesdome Gold Mines. Also, note that the market value of any company could be tightly coupled with the direction of predictive economic indicators such as signals in producer price index.
The ability to find closely correlated positions to Wesdome Gold could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Wesdome Gold 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 Wesdome Gold - 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 Wesdome Gold Mines to buy it.

Moving together with Wesdome Stock

+0.93WPMWheaton Precious MetalsPairCorr
+0.8TXGTorex Gold ResourcesPairCorr
+0.8ARArgonaut GoldPairCorr
+0.95NGDNew GoldPairCorr
+0.88GAUGaliano GoldPairCorr
+0.95AEMAgnico Eagle MinesPairCorr
+0.64RGDReunion GoldPairCorr
+0.86DPMDundee Precious MetalsPairCorr
+0.89EQXEquinox Gold CorpPairCorr
+0.96AGIAlamos GoldPairCorr

Moving against Wesdome Stock

-0.61MEMoneta GoldPairCorr
-0.44ESMEuro Sun MiningPairCorr

Related Correlations

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Correlation Matchups

The Correlation Coefficient is a useful tool to identify correlated or non-correlated securities, which is essential in developing a diversified portfolio. It tells us the relationship between two positions you have in your portfolio or considering acquiring. Over a given time period, the two securities movetogether 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   

Risk-Adjusted Indicators

Nowadays, there is a big difference between Wesdome Stock performing well and Wesdome Gold company doing well compared to the competition. There are way too many exceptions to the normal that investors can tell for sure what's good or bad unless they analyze Wesdome Gold's multiple risk-adjusted performance indicators. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.
At Risk
META 1.56  0.76  0.54  0.49  0.85  0.30 (2.01)  3.70 (1.62)  15.55 
MSFT 1.30  0.46  0.45  1.01  0.75  0.29 (1.72)  3.20 (1.84)  9.09 
UBER 1.86  0.29  0.15  0.22  1.75  0.11 (2.21)  4.55 (3.55)  13.86 
F 1.77  0.12  0.04  0.02  2.24  0.0372 (1.77)  4.14 (3.98)  10.93 
T 1.15 (0.21)  0.00 (0.30)  0.00 (0.11)  0.00  1.96 (2.48)  12.36 
A 1.30 (0.24)  0.00 (0.23)  0.00 (0.14)  0.00  2.11 (3.16)  8.97 
CRM 1.40  0.45  0.28  0.44  1.28  0.22 (1.60)  2.63 (2.18)  14.60 
JPM 1.32  0.02  0.00 (0.03)  0.00  0.0016  0.00  2.68 (2.94)  9.73 
MRK 0.89  0.09  0.10  0.21  1.11  0.1 (0.95)  2.03 (1.82)  6.97 
XOM 1.37 (0.01)  0.00 (0.06)  0.00 (0.0159)  0.00  2.49 (2.43)  9.88 

Be your own money manager

Our tools can tell you how much better you can do entering a position in Wesdome Gold 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 Cryptocurrency Center Now


Cryptocurrency Center

Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency
All  Next Launch Module

Wesdome Gold Corporate Executives

Elected by the shareholders, the Wesdome Gold's board of directors comprises two types of representatives: Wesdome Gold inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Wesdome. The board's role is to monitor Wesdome Gold's management team and ensure that shareholders' interests are well served. Wesdome Gold's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Wesdome Gold's outside directors are responsible for providing unbiased perspectives on the board's policies.
Ben AuChief Financial OfficerProfile
Hemdat SawhChief Financial OfficerProfile
Philip NgChief Operating OfficerProfile

Already Invested in Wesdome Gold Mines?

The danger of trading Wesdome Gold Mines 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 Wesdome Gold 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 Wesdome Gold. The Shape ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile Wesdome Gold Mines 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 Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in Wesdome Gold Mines. Also, note that the market value of any company could be tightly coupled with the direction of predictive economic indicators such as signals in producer price index. You can also try the Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.

Complementary Tools for Wesdome Stock analysis

When running Wesdome Gold's price analysis, check to measure Wesdome Gold'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 Wesdome Gold is operating at the current time. Most of Wesdome Gold's value examination focuses on studying past and present price action to predict the probability of Wesdome Gold's future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move Wesdome Gold's price. Additionally, you may evaluate how the addition of Wesdome Gold to your portfolios can decrease your overall portfolio volatility.
Portfolio Center
All portfolio management and optimization tools to improve performance of your portfolios
Aroon Oscillator
Analyze current equity momentum using Aroon Oscillator and other momentum ratios
Transaction History
View history of all your transactions and understand their impact on performance
Portfolio Rebalancing
Analyze risk-adjusted returns against different time horizons to find asset-allocation targets
Focused Opportunities
Build portfolios using our predefined set of ideas and optimize them against your investing preferences
Equity Search
Search for actively traded equities including funds and ETFs from over 30 global markets
Watchlist Optimization
Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm
Please note, there is a significant difference between Wesdome Gold's value and its price as these two are different measures arrived at by different means. Investors typically determine if Wesdome Gold is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Wesdome Gold's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.