Correlation Between Silver Bear and Excellon Resources
Can any of the company-specific risk be diversified away by investing in both Silver Bear and Excellon 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 Silver Bear and Excellon Resources into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Silver Bear Resources and Excellon Resources, you can compare the effects of market volatilities on Silver Bear and Excellon 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 Silver Bear with a short position of Excellon Resources. Check out your portfolio center. Please also check ongoing floating volatility patterns of Silver Bear and Excellon Resources.
Diversification Opportunities for Silver Bear and Excellon Resources
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Silver and Excellon is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Silver Bear Resources and Excellon Resources in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Excellon Resources and Silver Bear 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 Silver Bear Resources are associated (or correlated) with Excellon Resources. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Excellon Resources has no effect on the direction of Silver Bear i.e., Silver Bear and Excellon Resources go up and down completely randomly.
Pair Corralation between Silver Bear and Excellon Resources
If you would invest 31.00 in Excellon Resources on August 28, 2024 and sell it today you would earn a total of 0.00 from holding Excellon Resources or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
Silver Bear Resources vs. Excellon Resources
Performance |
| Timeline |
| Silver Bear Resources |
| Excellon Resources |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Silver Bear and Excellon Resources Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Silver Bear and Excellon Resources
The main advantage of trading using opposite Silver Bear and Excellon Resources positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Silver Bear position performs unexpectedly, Excellon 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 Excellon Resources will offset losses from the drop in Excellon Resources' long position.| Silver Bear vs. Zedge Inc | Silver Bear vs. Sun Country Airlines | Silver Bear vs. Air Transport Services | Silver Bear vs. KVH Industries |
| Excellon Resources vs. ScanSource | Excellon Resources vs. Plexus Corp | Excellon Resources vs. Weibo Corp | Excellon Resources vs. Nextplat Corp |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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