Correlation Between Revival Gold and Integra Resources
Can any of the company-specific risk be diversified away by investing in both Revival Gold and Integra Resources 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 Revival Gold and Integra Resources into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Revival Gold and Integra Resources Corp, you can compare the effects of market volatilities on Revival Gold and Integra Resources 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 Revival Gold with a short position of Integra Resources. Check out your portfolio center. Please also check ongoing floating volatility patterns of Revival Gold and Integra Resources.
Diversification Opportunities for Revival Gold and Integra Resources
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Revival and Integra is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding Revival Gold and Integra Resources Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Integra Resources Corp and Revival Gold 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 Revival Gold are associated (or correlated) with Integra Resources. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Integra Resources Corp has no effect on the direction of Revival Gold i.e., Revival Gold and Integra Resources go up and down completely randomly.
Pair Corralation between Revival Gold and Integra Resources
Assuming the 90 days horizon Revival Gold is expected to under-perform the Integra Resources. In addition to that, Revival Gold is 1.3 times more volatile than Integra Resources Corp. It trades about -0.01 of its total potential returns per unit of risk. Integra Resources Corp is currently generating about 0.08 per unit of volatility. If you would invest 93.00 in Integra Resources Corp on November 1, 2024 and sell it today you would earn a total of 57.00 from holding Integra Resources Corp or generate 61.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 99.56% |
| Values | Daily Returns |
Revival Gold vs. Integra Resources Corp
Performance |
| Timeline |
| Revival Gold |
| Integra Resources Corp |
Revival Gold and Integra Resources Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Revival Gold and Integra Resources
The main advantage of trading using opposite Revival Gold and Integra Resources positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Revival Gold position performs unexpectedly, Integra Resources 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 Integra Resources will offset losses from the drop in Integra Resources' long position.| Revival Gold vs. Integra Resources Corp | Revival Gold vs. White Gold Corp | Revival Gold vs. Westhaven Ventures | Revival Gold vs. Liberty Gold Corp |
| Integra Resources vs. Liberty Gold Corp | Integra Resources vs. Rio2 | Integra Resources vs. Revival Gold | Integra Resources vs. O3 Mining |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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