Correlation Between IAMGold and Altius Minerals
Can any of the company-specific risk be diversified away by investing in both IAMGold and Altius Minerals 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 IAMGold and Altius Minerals into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between IAMGold and Altius Minerals, you can compare the effects of market volatilities on IAMGold and Altius Minerals 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 IAMGold with a short position of Altius Minerals. Check out your portfolio center. Please also check ongoing floating volatility patterns of IAMGold and Altius Minerals.
Diversification Opportunities for IAMGold and Altius Minerals
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between IAMGold and Altius is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding IAMGold and Altius Minerals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Altius Minerals and IAMGold 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 IAMGold are associated (or correlated) with Altius Minerals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Altius Minerals has no effect on the direction of IAMGold i.e., IAMGold and Altius Minerals go up and down completely randomly.
Pair Corralation between IAMGold and Altius Minerals
Considering the 90-day investment horizon IAMGold is expected to generate 1.7 times more return on investment than Altius Minerals. However, IAMGold is 1.7 times more volatile than Altius Minerals. It trades about 0.24 of its potential returns per unit of risk. Altius Minerals is currently generating about 0.25 per unit of risk. If you would invest 827.00 in IAMGold on August 17, 2025 and sell it today you would earn a total of 546.00 from holding IAMGold or generate 66.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 98.44% |
| Values | Daily Returns |
IAMGold vs. Altius Minerals
Performance |
| Timeline |
| IAMGold |
| Altius Minerals |
IAMGold and Altius Minerals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IAMGold and Altius Minerals
The main advantage of trading using opposite IAMGold and Altius Minerals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IAMGold position performs unexpectedly, Altius Minerals 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 Altius Minerals will offset losses from the drop in Altius Minerals' long position.The idea behind IAMGold and Altius Minerals 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.| Altius Minerals vs. Labrador Iron Ore | Altius Minerals vs. Lithium Americas Corp | Altius Minerals vs. Alphamin Res | Altius Minerals vs. Almonty Industries |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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