Correlation Between Polymet Mining and Fury Gold

Can any of the company-specific risk be diversified away by investing in both Polymet Mining and Fury Gold 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 Polymet Mining and Fury Gold into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Polymet Mining Corp and Fury Gold Mines, you can compare the effects of market volatilities on Polymet Mining and Fury Gold 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 Polymet Mining with a short position of Fury Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of Polymet Mining and Fury Gold.

Diversification Opportunities for Polymet Mining and Fury Gold

0.0

Correlation Coefficient

Polymet Mining  Fury Gold

Pay attention - limited upside

The 3 months correlation between Polymet and Fury is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Polymet Mining Corp and Fury Gold Mines in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fury Gold Mines and Polymet Mining 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 Polymet Mining Corp are associated (or correlated) with Fury Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fury Gold Mines has no effect on the direction of Polymet Mining i.e., Polymet Mining and Fury Gold go up and down completely randomly.

Pair Corralation between Polymet Mining and Fury Gold

If you would invest  37.00  in Fury Gold Mines on December 27, 2024 and sell it today you would earn a total of  3.00  from holding Fury Gold Mines or generate 8.11% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	0.0%
Values	Daily Returns

Polymet Mining Corp  vs.  Fury Gold Mines

Polymet Mining Corp

Risk-Adjusted Performance

Very Weak

Over the last 90 days Polymet Mining Corp has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of very healthy essential indicators, Polymet Mining is not utilizing all of its potentials. The current stock price disarray, may contribute to short-term losses for the investors.

Fury Gold Mines

Risk-Adjusted Performance

Insignificant

Compared to the overall equity markets, risk-adjusted returns on investments in Fury Gold Mines are ranked lower than 4 (%) of all global equities and portfolios over the last 90 days. In spite of fairly unfluctuating basic indicators, Fury Gold may actually be approaching a critical reversion point that can send shares even higher in April 2025.

Pair Trading with Polymet Mining and Fury Gold

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

The idea behind Polymet Mining Corp and Fury Gold Mines 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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..