Correlation Between Comstock Mining and Integra Resources

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

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

Diversification Opportunities for Comstock Mining and Integra Resources

-0.32

Correlation Coefficient

Comstock Mining  Integra Resources

Very good diversification

The 3 months correlation between Comstock and Integra is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding Comstock Mining 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 Comstock 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 Comstock Mining 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 Comstock Mining i.e., Comstock Mining and Integra Resources go up and down completely randomly.

Pair Corralation between Comstock Mining and Integra Resources

Given the investment horizon of 90 days Comstock Mining is expected to generate 1.23 times more return on investment than Integra Resources. However, Comstock Mining is 1.23 times more volatile than Integra Resources Corp. It trades about 0.12 of its potential returns per unit of risk. Integra Resources Corp is currently generating about 0.01 per unit of risk. If you would invest  239.00  in Comstock Mining on May 12, 2025 and sell it today you would earn a total of  78.00  from holding Comstock Mining or generate 32.64% return on investment over 90 days.

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

Comstock Mining  vs.  Integra Resources Corp

Comstock Mining

Risk-Adjusted Performance

Fair

Compared to the overall equity markets, risk-adjusted returns on investments in Comstock Mining are ranked lower than 9 (%) of all global equities and portfolios over the last 90 days. In spite of rather unfluctuating fundamental indicators, Comstock Mining exhibited solid returns over the last few months and may actually be approaching a breakup point.

Integra Resources Corp

Risk-Adjusted Performance

Weak

Compared to the overall equity markets, risk-adjusted returns on investments in Integra Resources Corp are ranked lower than 1 (%) of all global equities and portfolios over the last 90 days. Despite nearly stable basic indicators, Integra Resources is not utilizing all of its potentials. The current stock price disturbance, may contribute to mid-run losses for the stockholders.

Pair Trading with Comstock Mining and Integra Resources

The main advantage of trading using opposite Comstock Mining and Integra Resources positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Comstock Mining 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 Comstock Mining 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.

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 Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.