Correlation Between Integra Resources and Silver One

Can any of the company-specific risk be diversified away by investing in both Integra Resources and Silver One 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 Silver One 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 Silver One Resources, you can compare the effects of market volatilities on Integra Resources and Silver One 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 Silver One. Check out your portfolio center. Please also check ongoing floating volatility patterns of Integra Resources and Silver One.

Diversification Opportunities for Integra Resources and Silver One

0.71

Correlation Coefficient

Integra Resources  Silver One

Poor diversification

The 3 months correlation between Integra and Silver is 0.71. Overlapping area represents the amount of risk that can be diversified away by holding Integra Resources Corp and Silver One Resources in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Silver One Resources 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 Silver One. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Silver One Resources has no effect on the direction of Integra Resources i.e., Integra Resources and Silver One go up and down completely randomly.

Pair Corralation between Integra Resources and Silver One

Assuming the 90 days horizon Integra Resources Corp is expected to generate 0.64 times more return on investment than Silver One. However, Integra Resources Corp is 1.57 times less risky than Silver One. It trades about 0.01 of its potential returns per unit of risk. Silver One Resources is currently generating about -0.2 per unit of risk. If you would invest  127.00  in Integra Resources Corp on October 9, 2024 and sell it today you would earn a total of  0.00  from holding Integra Resources Corp or generate 0.0% 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.  Silver One Resources

Integra Resources Corp

Risk-Adjusted Performance

1 of 100

Weak

Compared to the overall equity markets, risk-adjusted returns on investments in Integra Resources Corp are ranked lower than 1 (%) of all global equities and portfolios over the last 90 days. In spite of fairly stable basic indicators, Integra Resources is not utilizing all of its potentials. The current stock price fuss, may contribute to near-short-term losses for the sophisticated investors.

Silver One Resources

Risk-Adjusted Performance

0 of 100

Very Weak

Over the last 90 days Silver One Resources has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of abnormal performance in the last few months, the Stock's basic indicators remain fairly stable which may send shares a bit higher in February 2025. The latest fuss may also be a sign of long-term up-swing for the venture sophisticated investors.

Pair Trading with Integra Resources and Silver One

The main advantage of trading using opposite Integra Resources and Silver One positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Integra Resources position performs unexpectedly, Silver One 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 Silver One will offset losses from the drop in Silver One's long position.

The idea behind Integra Resources Corp and Silver One Resources pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.