Correlation Between Integra Resources and Silver One
Can any of the company-specific risk be diversified away by investing in both Integra Resources and Silver One 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 Integra Resources and Silver One into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Integra Resources Corp and Silver One Resources, you can compare the effects of market volatilities on Integra Resources and Silver One 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 Integra Resources with a short position of Silver One. Check out your portfolio center. Please also check ongoing floating volatility patterns of Integra Resources and Silver One.
Diversification Opportunities for Integra Resources and Silver One
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Integra and Silver is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Integra Resources Corp and Silver One Resources in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Silver One Resources and Integra 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 Integra Resources Corp are associated (or correlated) with Silver One. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Silver One Resources has no effect on the direction of Integra Resources i.e., Integra Resources and Silver One go up and down completely randomly.
Pair Corralation between Integra Resources and Silver One
Assuming the 90 days horizon Integra Resources Corp is expected to generate 0.51 times more return on investment than Silver One. However, Integra Resources Corp is 1.95 times less risky than Silver One. It trades about 0.51 of its potential returns per unit of risk. Silver One Resources is currently generating about 0.12 per unit of risk. If you would invest 116.00 in Integra Resources Corp on November 19, 2024 and sell it today you would earn a total of 53.00 from holding Integra Resources Corp or generate 45.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Integra Resources Corp vs. Silver One Resources
Performance |
| Timeline |
| Integra Resources Corp |
| Silver One Resources |
Integra Resources and Silver One Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Integra Resources and Silver One
The main advantage of trading using opposite Integra Resources and Silver One positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Integra Resources position performs unexpectedly, Silver One 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 One will offset losses from the drop in Silver One's long position.| Integra Resources vs. Liberty Gold Corp | Integra Resources vs. Rio2 | Integra Resources vs. Revival Gold | Integra Resources vs. O3 Mining |
| Silver One vs. Reyna Silver Corp | Silver One vs. Dolly Varden Silver | Silver One vs. Kootenay Silver | Silver One vs. Aftermath Silver |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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