Correlation Between Osisko Metals and GALENA MINING
Can any of the company-specific risk be diversified away by investing in both Osisko Metals and GALENA MINING 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 GALENA MINING into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Osisko Metals and GALENA MINING LTD, you can compare the effects of market volatilities on Osisko Metals and GALENA MINING 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 GALENA MINING. Check out your portfolio center. Please also check ongoing floating volatility patterns of Osisko Metals and GALENA MINING.
Diversification Opportunities for Osisko Metals and GALENA MINING
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Osisko and GALENA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Osisko Metals and GALENA MINING LTD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GALENA MINING LTD 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 GALENA MINING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GALENA MINING LTD has no effect on the direction of Osisko Metals i.e., Osisko Metals and GALENA MINING go up and down completely randomly.
Pair Corralation between Osisko Metals and GALENA MINING
If you would invest 17.00 in Osisko Metals on October 12, 2024 and sell it today you would earn a total of 6.00 from holding Osisko Metals or generate 35.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 94.12% |
| Values | Daily Returns |
Osisko Metals vs. GALENA MINING LTD
Performance |
| Timeline |
| Osisko Metals |
| GALENA MINING LTD |
Osisko Metals and GALENA MINING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Osisko Metals and GALENA MINING
The main advantage of trading using opposite Osisko Metals and GALENA MINING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Osisko Metals position performs unexpectedly, GALENA MINING 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 GALENA MINING will offset losses from the drop in GALENA MINING's long position.| Osisko Metals vs. Japan Post Insurance | Osisko Metals vs. MAGNUM MINING EXP | Osisko Metals vs. United Insurance Holdings | Osisko Metals vs. GALENA MINING LTD |
| GALENA MINING vs. WisdomTree Investments | GALENA MINING vs. CHRYSALIS INVESTMENTS LTD | GALENA MINING vs. JLF INVESTMENT | GALENA MINING vs. Keck Seng Investments |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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