Correlation Between Integra Resources and Cartier Iron
Can any of the company-specific risk be diversified away by investing in both Integra Resources and Cartier Iron 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 Cartier Iron 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 Cartier Iron Corp, you can compare the effects of market volatilities on Integra Resources and Cartier Iron 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 Cartier Iron. Check out your portfolio center. Please also check ongoing floating volatility patterns of Integra Resources and Cartier Iron.
Diversification Opportunities for Integra Resources and Cartier Iron
-0.45 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Integra and Cartier is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding Integra Resources Corp and Cartier Iron Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cartier Iron 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 Cartier Iron. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cartier Iron Corp has no effect on the direction of Integra Resources i.e., Integra Resources and Cartier Iron go up and down completely randomly.
Pair Corralation between Integra Resources and Cartier Iron
Given the investment horizon of 90 days Integra Resources is expected to generate 78.67 times less return on investment than Cartier Iron. But when comparing it to its historical volatility, Integra Resources Corp is 16.25 times less risky than Cartier Iron. It trades about 0.02 of its potential returns per unit of risk. Cartier Iron Corp is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 35.00 in Cartier Iron Corp on September 2, 2024 and sell it today you would lose (29.50) from holding Cartier Iron Corp or give up 84.29% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 99.73% |
| Values | Daily Returns |
Integra Resources Corp vs. Cartier Iron Corp
Performance |
| Timeline |
| Integra Resources Corp |
| Cartier Iron Corp |
Integra Resources and Cartier Iron Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Integra Resources and Cartier Iron
The main advantage of trading using opposite Integra Resources and Cartier Iron positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Integra Resources position performs unexpectedly, Cartier Iron 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 Cartier Iron will offset losses from the drop in Cartier Iron's long position.| Integra Resources vs. Silver Tiger Metals | Integra Resources vs. Defiance Silver Corp | Integra Resources vs. Summa Silver Corp | Integra Resources vs. AbraSilver Resource Corp |
| Cartier Iron vs. Sun Life Financial | Cartier Iron vs. 51Talk Online Education | Cartier Iron vs. Nexstar Broadcasting Group | Cartier Iron vs. Pekin Life Insurance |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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