Correlation Between Riley Gold and Cosigo Resources
Can any of the company-specific risk be diversified away by investing in both Riley Gold and Cosigo Resources 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 Riley Gold and Cosigo Resources into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Riley Gold Corp and Cosigo Resources, you can compare the effects of market volatilities on Riley Gold and Cosigo Resources 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 Riley Gold with a short position of Cosigo Resources. Check out your portfolio center. Please also check ongoing floating volatility patterns of Riley Gold and Cosigo Resources.
Diversification Opportunities for Riley Gold and Cosigo Resources
-0.21 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Riley and Cosigo is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding Riley Gold Corp and Cosigo Resources in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cosigo Resources and Riley 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 Riley Gold Corp are associated (or correlated) with Cosigo Resources. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cosigo Resources has no effect on the direction of Riley Gold i.e., Riley Gold and Cosigo Resources go up and down completely randomly.
Pair Corralation between Riley Gold and Cosigo Resources
Assuming the 90 days horizon Riley Gold Corp is expected to under-perform the Cosigo Resources. But the otc stock apears to be less risky and, when comparing its historical volatility, Riley Gold Corp is 14.1 times less risky than Cosigo Resources. The otc stock trades about -0.03 of its potential returns per unit of risk. The Cosigo Resources is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 9.00 in Cosigo Resources on July 25, 2025 and sell it today you would lose (4.00) from holding Cosigo Resources or give up 44.44% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Riley Gold Corp vs. Cosigo Resources
Performance |
| Timeline |
| Riley Gold Corp |
| Cosigo Resources |
Riley Gold and Cosigo Resources Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Riley Gold and Cosigo Resources
The main advantage of trading using opposite Riley Gold and Cosigo Resources positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Riley Gold position performs unexpectedly, Cosigo Resources 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 Cosigo Resources will offset losses from the drop in Cosigo Resources' long position.| Riley Gold vs. Stornoway Diamond | Riley Gold vs. Mountain Province Diamonds | Riley Gold vs. Tsodilo Resources Limited | Riley Gold vs. ExGen Resources |
| Cosigo Resources vs. Tsodilo Resources Limited | Cosigo Resources vs. Clifton Mining Co | Cosigo Resources vs. Silver Wolf Exploration | Cosigo Resources vs. Silver Grail Resources |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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