Correlation Between Copperbank Resources and Trigon Metals
Can any of the company-specific risk be diversified away by investing in both Copperbank Resources and Trigon Metals 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 Copperbank Resources and Trigon Metals into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Copperbank Resources Corp and Trigon Metals, you can compare the effects of market volatilities on Copperbank Resources and Trigon Metals 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 Copperbank Resources with a short position of Trigon Metals. Check out your portfolio center. Please also check ongoing floating volatility patterns of Copperbank Resources and Trigon Metals.
Diversification Opportunities for Copperbank Resources and Trigon Metals
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Copperbank and Trigon is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Copperbank Resources Corp and Trigon Metals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Trigon Metals and Copperbank 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 Copperbank Resources Corp are associated (or correlated) with Trigon Metals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Trigon Metals has no effect on the direction of Copperbank Resources i.e., Copperbank Resources and Trigon Metals go up and down completely randomly.
Pair Corralation between Copperbank Resources and Trigon Metals
If you would invest 46.00 in Copperbank Resources Corp on March 17, 2024 and sell it today you would earn a total of 15.00 from holding Copperbank Resources Corp or generate 32.61% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 1.59% |
Values | Daily Returns |
Copperbank Resources Corp vs. Trigon Metals
Performance |
Timeline |
Copperbank Resources Corp |
Trigon Metals |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Copperbank Resources and Trigon Metals Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Copperbank Resources and Trigon Metals
The main advantage of trading using opposite Copperbank Resources and Trigon Metals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Copperbank Resources position performs unexpectedly, Trigon Metals 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 Trigon Metals will offset losses from the drop in Trigon Metals' long position.Copperbank Resources vs. Hudbay Minerals | Copperbank Resources vs. Ero Copper Corp | Copperbank Resources vs. Taseko Mines | Copperbank Resources vs. First Quantum Minerals |
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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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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