Correlation Between Integra Resources and Vox Royalty
Can any of the company-specific risk be diversified away by investing in both Integra Resources and Vox Royalty 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 Vox Royalty 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 Vox Royalty Corp, you can compare the effects of market volatilities on Integra Resources and Vox Royalty 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 Vox Royalty. Check out your portfolio center. Please also check ongoing floating volatility patterns of Integra Resources and Vox Royalty.
Diversification Opportunities for Integra Resources and Vox Royalty
0.76 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Integra and Vox is 0.76. Overlapping area represents the amount of risk that can be diversified away by holding Integra Resources Corp and Vox Royalty Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Vox Royalty 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 Vox Royalty. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Vox Royalty Corp has no effect on the direction of Integra Resources i.e., Integra Resources and Vox Royalty go up and down completely randomly.
Pair Corralation between Integra Resources and Vox Royalty
Given the investment horizon of 90 days Integra Resources is expected to generate 1.62 times less return on investment than Vox Royalty. In addition to that, Integra Resources is 1.51 times more volatile than Vox Royalty Corp. It trades about 0.02 of its total potential returns per unit of risk. Vox Royalty Corp is currently generating about 0.05 per unit of volatility. If you would invest 228.00 in Vox Royalty Corp on September 3, 2024 and sell it today you would earn a total of 29.00 from holding Vox Royalty Corp or generate 12.72% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Integra Resources Corp vs. Vox Royalty Corp
Performance |
| Timeline |
| Integra Resources Corp |
| Vox Royalty Corp |
Integra Resources and Vox Royalty Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Integra Resources and Vox Royalty
The main advantage of trading using opposite Integra Resources and Vox Royalty positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Integra Resources position performs unexpectedly, Vox Royalty 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 Vox Royalty will offset losses from the drop in Vox Royalty's long position.| Integra Resources vs. Triple Flag Precious | Integra Resources vs. Endeavour Silver Corp | Integra Resources vs. SilverCrest Metals | Integra Resources vs. Gatos Silver |
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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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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