Correlation Between Excellon Resources and Intermap Technologies
Can any of the company-specific risk be diversified away by investing in both Excellon Resources and Intermap Technologies 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 Excellon Resources and Intermap Technologies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Excellon Resources and Intermap Technologies Corp, you can compare the effects of market volatilities on Excellon Resources and Intermap Technologies 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 Excellon Resources with a short position of Intermap Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Excellon Resources and Intermap Technologies.
Diversification Opportunities for Excellon Resources and Intermap Technologies
0.14 | Correlation Coefficient |
Average diversification
The 3 months correlation between Excellon and Intermap is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding Excellon Resources and Intermap Technologies Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Intermap Technologies and Excellon 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 Excellon Resources are associated (or correlated) with Intermap Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Intermap Technologies has no effect on the direction of Excellon Resources i.e., Excellon Resources and Intermap Technologies go up and down completely randomly.
Pair Corralation between Excellon Resources and Intermap Technologies
Assuming the 90 days trading horizon Excellon Resources is expected to generate 2.81 times more return on investment than Intermap Technologies. However, Excellon Resources is 2.81 times more volatile than Intermap Technologies Corp. It trades about 0.27 of its potential returns per unit of risk. Intermap Technologies Corp is currently generating about 0.12 per unit of risk. If you would invest 10.00 in Excellon Resources on November 27, 2024 and sell it today you would earn a total of 6.00 from holding Excellon Resources or generate 60.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Excellon Resources vs. Intermap Technologies Corp
Performance |
| Timeline |
| Excellon Resources |
| Intermap Technologies |
Excellon Resources and Intermap Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Excellon Resources and Intermap Technologies
The main advantage of trading using opposite Excellon Resources and Intermap Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Excellon Resources position performs unexpectedly, Intermap Technologies 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 Intermap Technologies will offset losses from the drop in Intermap Technologies' long position.| Excellon Resources vs. Minco Silver | Excellon Resources vs. Americas Silver Corp | Excellon Resources vs. IMPACT Silver Corp | Excellon Resources vs. Dolly Varden Silver |
| Intermap Technologies vs. Firan Technology Group | Intermap Technologies vs. Vecima Networks | Intermap Technologies vs. D Box Technologies | Intermap Technologies vs. Tucows Inc |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
Other Complementary Tools
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing |