Correlation Between Integra Resources and Troilus Gold
Can any of the company-specific risk be diversified away by investing in both Integra Resources and Troilus Gold 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 Troilus Gold 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 Troilus Gold Corp, you can compare the effects of market volatilities on Integra Resources and Troilus Gold 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 Troilus Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of Integra Resources and Troilus Gold.
Diversification Opportunities for Integra Resources and Troilus Gold
-0.3 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Integra and Troilus is -0.3. Overlapping area represents the amount of risk that can be diversified away by holding Integra Resources Corp and Troilus Gold Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Troilus Gold Corp 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 Troilus Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Troilus Gold Corp has no effect on the direction of Integra Resources i.e., Integra Resources and Troilus Gold go up and down completely randomly.
Pair Corralation between Integra Resources and Troilus Gold
Assuming the 90 days horizon Integra Resources Corp is expected to under-perform the Troilus Gold. But the stock apears to be less risky and, when comparing its historical volatility, Integra Resources Corp is 1.32 times less risky than Troilus Gold. The stock trades about -0.01 of its potential returns per unit of risk. The Troilus Gold Corp is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 55.00 in Troilus Gold Corp on September 2, 2024 and sell it today you would lose (23.00) from holding Troilus Gold Corp or give up 41.82% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Integra Resources Corp vs. Troilus Gold Corp
Performance |
| Timeline |
| Integra Resources Corp |
| Troilus Gold Corp |
Integra Resources and Troilus Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Integra Resources and Troilus Gold
The main advantage of trading using opposite Integra Resources and Troilus Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Integra Resources position performs unexpectedly, Troilus Gold 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 Troilus Gold will offset losses from the drop in Troilus Gold's long position.| Integra Resources vs. Minaurum Gold | Integra Resources vs. Dolly Varden Silver | Integra Resources vs. Santacruz Silv | Integra Resources vs. GoGold Resources |
| Troilus Gold vs. O3 Mining | Troilus Gold vs. Integra Resources Corp | Troilus Gold vs. Liberty Gold Corp | Troilus Gold vs. Ascot Resources |
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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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