Wesdome Gold Correlations
| WDO Stock | CAD 10.66 0.04 0.38% |
The correlation of Wesdome 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 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.
Modest diversification
The correlation between Wesdome Gold Mines and NYA is 0.28 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Wesdome Gold Mines and NYA in the same portfolio, assuming nothing else is changed.
Wesdome |
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
| 0.84 | ASM | Avino Silver Gold | PairCorr |
| 0.86 | CNQ | Canadian Natural Res Earnings Call This Week | PairCorr |
| 0.84 | VCM | Vecima Networks | PairCorr |
| 0.8 | IVN | Ivanhoe Mines Earnings Call This Week | PairCorr |
Moving against Wesdome 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 Wesdome Stock performing well and Wesdome 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 Wesdome 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| META | 1.76 | 0.31 | 0.20 | 0.32 | 1.44 | 3.27 | 24.74 | |||
| MSFT | 0.95 | (0.05) | (0.05) | 0.03 | 1.08 | 2.11 | 5.31 | |||
| UBER | 1.63 | (0.02) | 0.04 | 0.08 | 1.59 | 2.83 | 18.39 | |||
| F | 1.61 | 0.08 | 0.09 | 0.12 | 1.67 | 4.88 | 9.61 | |||
| T | 0.94 | (0.03) | (0.07) | 0.02 | 1.18 | 2.18 | 5.92 | |||
| A | 1.22 | (0.04) | 0.01 | 0.06 | 1.36 | 2.29 | 6.31 | |||
| CRM | 1.22 | (0.14) | 0.00 | (0.01) | 0.00 | 2.83 | 10.84 | |||
| JPM | 0.82 | 0.08 | 0.07 | 0.15 | 1.26 | 1.94 | 8.65 | |||
| MRK | 0.65 | 0.03 | 0.02 | 0.12 | 0.65 | 1.18 | 6.92 | |||
| XOM | 0.79 | 0.31 | 0.30 | 0.75 | 0.45 | 1.96 | 4.66 |
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?
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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 Au | Chief Financial Officer | Profile | |
| Hemdat Sawh | Chief Financial Officer | Profile | |
| Fernando Ragone | Senior CFO | Profile | |
| Philip Ng | Chief Operating Officer | Profile |
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 Sharpe 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 board of governors. You can also try the Bonds Directory module to find actively traded corporate debentures issued by US companies.
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.
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