Correlation Between Chevron Corp and Integra Resources

Can any of the company-specific risk be diversified away by investing in both Chevron Corp and Integra 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 Chevron Corp and Integra Resources into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Chevron Corp and Integra Resources Corp, you can compare the effects of market volatilities on Chevron Corp and Integra 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 Chevron Corp with a short position of Integra Resources. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chevron Corp and Integra Resources.

Diversification Opportunities for Chevron Corp and Integra Resources

-0.6

Correlation Coefficient

Chevron Corp  Integra Resources

Excellent diversification

The 3 months correlation between Chevron and Integra is -0.6. Overlapping area represents the amount of risk that can be diversified away by holding Chevron Corp and Integra Resources Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Integra Resources Corp and Chevron Corp 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 Chevron Corp are associated (or correlated) with Integra Resources. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Integra Resources Corp has no effect on the direction of Chevron Corp i.e., Chevron Corp and Integra Resources go up and down completely randomly.

Pair Corralation between Chevron Corp and Integra Resources

Considering the 90-day investment horizon Chevron Corp is expected to under-perform the Integra Resources. But the stock apears to be less risky and, when comparing its historical volatility, Chevron Corp is 3.98 times less risky than Integra Resources. The stock trades about -0.07 of its potential returns per unit of risk. The Integra Resources Corp is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest  246.00  in Integra Resources Corp on September 1, 2025 and sell it today you would earn a total of  104.00  from holding Integra Resources Corp or generate 42.28% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Weak
Accuracy	100.0%
Values	Daily Returns

Chevron Corp  vs.  Integra Resources Corp

Chevron Corp

Risk-Adjusted Performance

Weakest

Over the last 90 days Chevron Corp has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of fairly strong basic indicators, Chevron Corp is not utilizing all of its potentials. The latest stock price disturbance, may contribute to short-term losses for the investors.

Integra Resources Corp

Risk-Adjusted Performance

Good

Compared to the overall equity markets, risk-adjusted returns on investments in Integra Resources Corp are ranked lower than 11 (%) of all global equities and portfolios over the last 90 days. Despite nearly conflicting basic indicators, Integra Resources reported solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Chevron Corp and Integra Resources

The main advantage of trading using opposite Chevron Corp and Integra Resources positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chevron Corp position performs unexpectedly, Integra 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 Integra Resources will offset losses from the drop in Integra Resources' long position.

The idea behind Chevron Corp and Integra Resources Corp 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.

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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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.