Correlation Between I 80 and Hycroft Mining
Can any of the company-specific risk be diversified away by investing in both I 80 and Hycroft Mining 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 I 80 and Hycroft Mining into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between I 80 Gold Corp and Hycroft Mining Holding, you can compare the effects of market volatilities on I 80 and Hycroft Mining 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 I 80 with a short position of Hycroft Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of I 80 and Hycroft Mining.
Diversification Opportunities for I 80 and Hycroft Mining
0.18 | Correlation Coefficient |
Average diversification
The 3 months correlation between IAUX and Hycroft is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding I 80 Gold Corp and Hycroft Mining Holding in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hycroft Mining Holding and I 80 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 I 80 Gold Corp are associated (or correlated) with Hycroft Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hycroft Mining Holding has no effect on the direction of I 80 i.e., I 80 and Hycroft Mining go up and down completely randomly.
Pair Corralation between I 80 and Hycroft Mining
Given the investment horizon of 90 days I 80 Gold Corp is expected to generate 0.21 times more return on investment than Hycroft Mining. However, I 80 Gold Corp is 4.75 times less risky than Hycroft Mining. It trades about 0.02 of its potential returns per unit of risk. Hycroft Mining Holding is currently generating about -0.12 per unit of risk. If you would invest 60.00 in I 80 Gold Corp on March 9, 2025 and sell it today you would earn a total of 0.00 from holding I 80 Gold Corp or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 90.48% |
| Values | Daily Returns |
I 80 Gold Corp vs. Hycroft Mining Holding
Performance |
| Timeline |
| I 80 Gold |
| Hycroft Mining Holding |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
I 80 and Hycroft Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with I 80 and Hycroft Mining
The main advantage of trading using opposite I 80 and Hycroft Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if I 80 position performs unexpectedly, Hycroft Mining 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 Hycroft Mining will offset losses from the drop in Hycroft Mining's long position.| I 80 vs. K92 Mining | I 80 vs. Wesdome Gold Mines | I 80 vs. Fortuna Silver Mines | I 80 vs. Sandstorm Gold Ltd |
| Hycroft Mining vs. Hycroft Mining Holding | Hycroft Mining vs. Hycroft Mining Holding | Hycroft Mining vs. Hall of Fame |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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