Correlation Between Maple Gold and Summa Silver
Can any of the company-specific risk be diversified away by investing in both Maple Gold and Summa Silver 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 Maple Gold and Summa Silver into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Maple Gold Mines and Summa Silver Corp, you can compare the effects of market volatilities on Maple Gold and Summa Silver 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 Maple Gold with a short position of Summa Silver. Check out your portfolio center. Please also check ongoing floating volatility patterns of Maple Gold and Summa Silver.
Diversification Opportunities for Maple Gold and Summa Silver
-0.21 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Maple and Summa is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding Maple Gold Mines and Summa Silver Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Summa Silver Corp and Maple Gold 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 Maple Gold Mines are associated (or correlated) with Summa Silver. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Summa Silver Corp has no effect on the direction of Maple Gold i.e., Maple Gold and Summa Silver go up and down completely randomly.
Pair Corralation between Maple Gold and Summa Silver
Assuming the 90 days horizon Maple Gold Mines is expected to generate 2.05 times more return on investment than Summa Silver. However, Maple Gold is 2.05 times more volatile than Summa Silver Corp. It trades about 0.17 of its potential returns per unit of risk. Summa Silver Corp is currently generating about -0.09 per unit of risk. If you would invest 59.00 in Maple Gold Mines on July 28, 2025 and sell it today you would earn a total of 54.00 from holding Maple Gold Mines or generate 91.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 12.31% |
| Values | Daily Returns |
Maple Gold Mines vs. Summa Silver Corp
Performance |
| Timeline |
| Maple Gold Mines |
| Summa Silver Corp |
Risk-Adjusted Performance
Weakest
Weak | Strong |
Maple Gold and Summa Silver Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Maple Gold and Summa Silver
The main advantage of trading using opposite Maple Gold and Summa Silver positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Maple Gold position performs unexpectedly, Summa Silver 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 Summa Silver will offset losses from the drop in Summa Silver's long position.| Maple Gold vs. Tectonic Metals | Maple Gold vs. Pasofino Gold Limited | Maple Gold vs. Theta Gold Mines | Maple Gold vs. Allegiant Gold |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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