Correlation Between Bluestone Resources and Integra Resources
Can any of the company-specific risk be diversified away by investing in both Bluestone Resources and Integra Resources at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Bluestone Resources and Integra Resources into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bluestone Resources and Integra Resources Corp, you can compare the effects of market volatilities on Bluestone Resources and Integra Resources and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Bluestone Resources with a short position of Integra Resources. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bluestone Resources and Integra Resources.
Diversification Opportunities for Bluestone Resources and Integra Resources
0.27 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Bluestone and Integra is 0.27. Overlapping area represents the amount of risk that can be diversified away by holding Bluestone Resources and Integra Resources Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Integra Resources Corp and Bluestone Resources is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Bluestone Resources are associated (or correlated) with Integra Resources. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Integra Resources Corp has no effect on the direction of Bluestone Resources i.e., Bluestone Resources and Integra Resources go up and down completely randomly.
Pair Corralation between Bluestone Resources and Integra Resources
Assuming the 90 days horizon Bluestone Resources is expected to under-perform the Integra Resources. In addition to that, Bluestone Resources is 1.19 times more volatile than Integra Resources Corp. It trades about -0.11 of its total potential returns per unit of risk. Integra Resources Corp is currently generating about -0.02 per unit of volatility. If you would invest 132.00 in Integra Resources Corp on August 29, 2024 and sell it today you would lose (6.00) from holding Integra Resources Corp or give up 4.55% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bluestone Resources vs. Integra Resources Corp
Performance |
| Timeline |
| Bluestone Resources |
| Integra Resources Corp |
Bluestone Resources and Integra Resources Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bluestone Resources and Integra Resources
The main advantage of trading using opposite Bluestone Resources and Integra Resources positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bluestone Resources position performs unexpectedly, Integra Resources can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Integra Resources will offset losses from the drop in Integra Resources' long position.| Bluestone Resources vs. First Majestic Silver | Bluestone Resources vs. Ivanhoe Energy | Bluestone Resources vs. Orezone Gold Corp | Bluestone Resources vs. Faraday Copper Corp |
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Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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