Correlation Between Excellon Resources and Silver Bear
Can any of the company-specific risk be diversified away by investing in both Excellon Resources and Silver Bear 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 Silver Bear into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Excellon Resources and Silver Bear Resources, you can compare the effects of market volatilities on Excellon Resources and Silver Bear 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 Silver Bear. Check out your portfolio center. Please also check ongoing floating volatility patterns of Excellon Resources and Silver Bear.
Diversification Opportunities for Excellon Resources and Silver Bear
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Excellon and Silver is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Excellon Resources and Silver Bear Resources in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Silver Bear Resources 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 Silver Bear. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Silver Bear Resources has no effect on the direction of Excellon Resources i.e., Excellon Resources and Silver Bear go up and down completely randomly.
Pair Corralation between Excellon Resources and Silver Bear
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 | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Excellon Resources vs. Silver Bear Resources
Performance |
| Timeline |
| Excellon Resources |
| Silver Bear Resources |
Excellon Resources and Silver Bear Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Excellon Resources and Silver Bear
The main advantage of trading using opposite Excellon Resources and Silver Bear positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Excellon Resources position performs unexpectedly, Silver Bear 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 Silver Bear will offset losses from the drop in Silver Bear's 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 |
| Silver Bear vs. Mayfair Acquisition | Silver Bear vs. Enerev5 Metals | Silver Bear vs. Maple Leaf Foods | Silver Bear vs. Ramp Metals |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
Other Complementary Tools
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm |