Correlation Between Osisko Metals and FIRST SAVINGS
Can any of the company-specific risk be diversified away by investing in both Osisko Metals and FIRST SAVINGS 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 Osisko Metals and FIRST SAVINGS into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Osisko Metals and FIRST SAVINGS FINL, you can compare the effects of market volatilities on Osisko Metals and FIRST SAVINGS 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 Osisko Metals with a short position of FIRST SAVINGS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Osisko Metals and FIRST SAVINGS.
Diversification Opportunities for Osisko Metals and FIRST SAVINGS
-0.34 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Osisko and FIRST is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding Osisko Metals and FIRST SAVINGS FINL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FIRST SAVINGS FINL and Osisko Metals 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 Osisko Metals are associated (or correlated) with FIRST SAVINGS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FIRST SAVINGS FINL has no effect on the direction of Osisko Metals i.e., Osisko Metals and FIRST SAVINGS go up and down completely randomly.
Pair Corralation between Osisko Metals and FIRST SAVINGS
Assuming the 90 days trading horizon Osisko Metals is expected to under-perform the FIRST SAVINGS. In addition to that, Osisko Metals is 1.52 times more volatile than FIRST SAVINGS FINL. It trades about -0.11 of its total potential returns per unit of risk. FIRST SAVINGS FINL is currently generating about -0.07 per unit of volatility. If you would invest 2,280 in FIRST SAVINGS FINL on November 5, 2024 and sell it today you would lose (80.00) from holding FIRST SAVINGS FINL or give up 3.51% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Osisko Metals vs. FIRST SAVINGS FINL
Performance |
| Timeline |
| Osisko Metals |
| FIRST SAVINGS FINL |
Osisko Metals and FIRST SAVINGS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Osisko Metals and FIRST SAVINGS
The main advantage of trading using opposite Osisko Metals and FIRST SAVINGS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Osisko Metals position performs unexpectedly, FIRST SAVINGS 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 FIRST SAVINGS will offset losses from the drop in FIRST SAVINGS's long position.| Osisko Metals vs. IMPERIAL TOBACCO | Osisko Metals vs. Hisense Home Appliances | Osisko Metals vs. Entravision Communications | Osisko Metals vs. DFS Furniture PLC |
| FIRST SAVINGS vs. Wyndham Hotels Resorts | FIRST SAVINGS vs. INTERCONT HOTELS | FIRST SAVINGS vs. NH HOTEL GROUP | FIRST SAVINGS vs. BRAEMAR HOTELS RES |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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