Correlations during the last month:

 

correlations: 1-month

correlations: 1-month

 

Some comments (keep in mind that this is not a large sample size):

  • Novo and Pacton are highly correlated.
  • Artemis and Kairos are highly correlated.
  • Kirkland and Novo are interestingly not correlated at all.
  • Kirkland is negatively correlated with De Grey and also a small degree with Pacton.
  • Pacton is seemingly correlated with Novo, Kairos and Artemis (in that order).
  • Marindi has no strong correlations or negative correlations but is most strongly correlated to Kirkland Lake.
  • De Grey is most strongly negatively correlated to Kirkland Lake.
  • Novo, De Grey, Pacton and Marindi are somewhat negatively correlated to GDX and GLD (ie. Not beta bets).
  • Artemis is the stock most strongly correlated to the overall market (GDX and GLD).
  • DGO has no strong correlations or negative correlations but is somewhat negatively correlated to Pacton.

It seems that Pacton, De Grey and Kairos are the go to “beta plays” on Novo (in that order). They probably share a lot of shareholders too.

 

 

Stay up to date

Subscribe to email updates!

Leave a Reply

Your email address will not be published. Required fields are marked *

Name *
Email *
Website

%d bloggers like this: