Correlation Between GoGold Resources and Trilogy Metals
Can any of the company-specific risk be diversified away by investing in both GoGold Resources and Trilogy 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 GoGold Resources and Trilogy Metals into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GoGold Resources and Trilogy Metals, you can compare the effects of market volatilities on GoGold Resources and Trilogy 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 GoGold Resources with a short position of Trilogy Metals. Check out your portfolio center. Please also check ongoing floating volatility patterns of GoGold Resources and Trilogy Metals.
Diversification Opportunities for GoGold Resources and Trilogy Metals
0.43 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between GoGold and Trilogy is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding GoGold Resources and Trilogy Metals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Trilogy Metals and GoGold 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 GoGold Resources are associated (or correlated) with Trilogy Metals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Trilogy Metals has no effect on the direction of GoGold Resources i.e., GoGold Resources and Trilogy Metals go up and down completely randomly.
Pair Corralation between GoGold Resources and Trilogy Metals
Assuming the 90 days trading horizon GoGold Resources is expected to generate 10.4 times less return on investment than Trilogy Metals. But when comparing it to its historical volatility, GoGold Resources is 9.38 times less risky than Trilogy Metals. It trades about 0.12 of its potential returns per unit of risk. Trilogy Metals is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 170.00 in Trilogy Metals on July 11, 2025 and sell it today you would earn a total of 461.00 from holding Trilogy Metals or generate 271.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 98.44% |
| Values | Daily Returns |
GoGold Resources vs. Trilogy Metals
Performance |
| Timeline |
| GoGold Resources |
| Trilogy Metals |
GoGold Resources and Trilogy Metals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GoGold Resources and Trilogy Metals
The main advantage of trading using opposite GoGold Resources and Trilogy Metals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GoGold Resources position performs unexpectedly, Trilogy 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 Trilogy Metals will offset losses from the drop in Trilogy Metals' long position.| GoGold Resources vs. Defiance Silver Corp | GoGold Resources vs. Liberty Gold Corp | GoGold Resources vs. Dolly Varden Silver | GoGold Resources vs. Minaurum Gold |
| Trilogy Metals vs. Vizsla Resources Corp | Trilogy Metals vs. Americas Silver Corp | Trilogy Metals vs. Western Copper and | Trilogy Metals vs. Alphamin Resources 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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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