Correlation Between Cboe UK and Osisko Gold
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By analyzing existing cross correlation between Cboe UK Consumer and Osisko Gold Royalties, you can compare the effects of market volatilities on Cboe UK 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 Cboe UK with a short position of Osisko Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cboe UK and Osisko Gold.
Diversification Opportunities for Cboe UK and Osisko Gold
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Cboe and Osisko is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding Cboe UK Consumer and Osisko Gold Royalties in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Osisko Gold Royalties and Cboe UK 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 Cboe UK Consumer 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 Royalties has no effect on the direction of Cboe UK i.e., Cboe UK and Osisko Gold go up and down completely randomly.
Pair Corralation between Cboe UK and Osisko Gold
Assuming the 90 days trading horizon Cboe UK Consumer is expected to generate 0.53 times more return on investment than Osisko Gold. However, Cboe UK Consumer is 1.89 times less risky than Osisko Gold. It trades about 0.5 of its potential returns per unit of risk. Osisko Gold Royalties is currently generating about -0.19 per unit of risk. If you would invest 2,925,026 in Cboe UK Consumer on August 30, 2024 and sell it today you would earn a total of 336,221 from holding Cboe UK Consumer or generate 11.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
Cboe UK Consumer vs. Osisko Gold Royalties
Performance |
| Timeline |
Cboe UK and Osisko Gold Volatility Contrast
Predicted Return Density |
| Returns |
Cboe UK Consumer
Pair trading matchups for Cboe UK
Osisko Gold Royalties
Pair trading matchups for Osisko Gold
Pair Trading with Cboe UK and Osisko Gold
The main advantage of trading using opposite Cboe UK and Osisko Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cboe UK 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.| Cboe UK vs. Liberty Media Corp | Cboe UK vs. XLMedia PLC | Cboe UK vs. Scandinavian Tobacco Group | Cboe UK vs. Catena Media PLC |
| Osisko Gold vs. Teradata Corp | Osisko Gold vs. Datagroup SE | Osisko Gold vs. JB Hunt Transport | Osisko Gold vs. Fidelity National Information |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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