Correlation Between SSR Mining and IAMGold
Can any of the company-specific risk be diversified away by investing in both SSR Mining and IAMGold 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 SSR Mining and IAMGold into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SSR Mining and IAMGold, you can compare the effects of market volatilities on SSR Mining and IAMGold 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 SSR Mining with a short position of IAMGold. Check out your portfolio center. Please also check ongoing floating volatility patterns of SSR Mining and IAMGold.
Diversification Opportunities for SSR Mining and IAMGold
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between SSR and IAMGold is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding SSR Mining and IAMGold in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on IAMGold and SSR Mining 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 SSR Mining are associated (or correlated) with IAMGold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of IAMGold has no effect on the direction of SSR Mining i.e., SSR Mining and IAMGold go up and down completely randomly.
Pair Corralation between SSR Mining and IAMGold
Assuming the 90 days trading horizon SSR Mining is expected to generate 1.65 times less return on investment than IAMGold. But when comparing it to its historical volatility, SSR Mining is 1.06 times less risky than IAMGold. It trades about 0.15 of its potential returns per unit of risk. IAMGold is currently generating about 0.24 of returns per unit of risk over similar time horizon. If you would invest 1,034 in IAMGold on August 8, 2025 and sell it today you would earn a total of 664.00 from holding IAMGold or generate 64.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
SSR Mining vs. IAMGold
Performance |
| Timeline |
| SSR Mining |
| IAMGold |
SSR Mining and IAMGold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SSR Mining and IAMGold
The main advantage of trading using opposite SSR Mining and IAMGold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SSR Mining position performs unexpectedly, IAMGold 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 IAMGold will offset losses from the drop in IAMGold's long position.| SSR Mining vs. New Gold | SSR Mining vs. OceanaGold | SSR Mining vs. Eldorado Gold Corp | SSR Mining vs. G Mining Ventures |
| IAMGold vs. B2Gold Corp | IAMGold vs. Osisko Gold Ro | IAMGold vs. Eldorado Gold Corp | IAMGold vs. OceanaGold |
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 Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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