Correlation Between Yamana Gold and Osisko Gold
Can any of the company-specific risk be diversified away by investing in both Yamana Gold and Osisko Gold 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 Yamana Gold and Osisko Gold into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Yamana Gold and Osisko Gold Ro, you can compare the effects of market volatilities on Yamana Gold and Osisko Gold 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 Yamana Gold with a short position of Osisko Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yamana Gold and Osisko Gold.
Diversification Opportunities for Yamana Gold and Osisko Gold
-0.47 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Yamana and Osisko is -0.47. Overlapping area represents the amount of risk that can be diversified away by holding Yamana Gold and Osisko Gold Ro in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Osisko Gold Ro and Yamana 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 Yamana Gold are associated (or correlated) with Osisko Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Osisko Gold Ro has no effect on the direction of Yamana Gold i.e., Yamana Gold and Osisko Gold go up and down completely randomly.
Pair Corralation between Yamana Gold and Osisko Gold
If you would invest 1,245 in Osisko Gold Ro on January 19, 2024 and sell it today you would earn a total of 371.00 from holding Osisko Gold Ro or generate 29.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 0.81% |
| Values | Daily Returns |
Yamana Gold vs. Osisko Gold Ro
Performance |
| Timeline |
| Yamana Gold |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Osisko Gold Ro |
Yamana Gold and Osisko Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yamana Gold and Osisko Gold
The main advantage of trading using opposite Yamana Gold and Osisko Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yamana Gold position performs unexpectedly, Osisko Gold 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 Osisko Gold will offset losses from the drop in Osisko Gold's long position.| Yamana Gold vs. Agnico Eagle Mines | Yamana Gold vs. Wheaton Precious Metals | Yamana Gold vs. Newmont Goldcorp Corp | Yamana Gold vs. Kinross Gold |
| Osisko Gold vs. Paramount Gold Nevada | Osisko Gold vs. Liberty Gold Corp | Osisko Gold vs. International Tower Hill | Osisko 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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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