Correlation Between Grande Portage and Osino Resources
Can any of the company-specific risk be diversified away by investing in both Grande Portage and Osino 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 Grande Portage and Osino Resources into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Grande Portage Resources and Osino Resources Corp, you can compare the effects of market volatilities on Grande Portage and Osino 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 Grande Portage with a short position of Osino Resources. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grande Portage and Osino Resources.
Diversification Opportunities for Grande Portage and Osino Resources
-0.14 | Correlation Coefficient |
Good diversification
The 3 months correlation between Grande and Osino is -0.14. Overlapping area represents the amount of risk that can be diversified away by holding Grande Portage Resources and Osino Resources Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Osino Resources Corp and Grande Portage 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 Grande Portage Resources are associated (or correlated) with Osino Resources. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Osino Resources Corp has no effect on the direction of Grande Portage i.e., Grande Portage and Osino Resources go up and down completely randomly.
Pair Corralation between Grande Portage and Osino Resources
Assuming the 90 days horizon Grande Portage Resources is expected to generate 2.21 times more return on investment than Osino Resources. However, Grande Portage is 2.21 times more volatile than Osino Resources Corp. It trades about 0.04 of its potential returns per unit of risk. Osino Resources Corp is currently generating about 0.07 per unit of risk. If you would invest 14.00 in Grande Portage Resources on August 25, 2024 and sell it today you would earn a total of 2.00 from holding Grande Portage Resources or generate 14.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 88.33% |
| Values | Daily Returns |
Grande Portage Resources vs. Osino Resources Corp
Performance |
| Timeline |
| Grande Portage Resources |
| Osino Resources Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Strong
Grande Portage and Osino Resources Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Grande Portage and Osino Resources
The main advantage of trading using opposite Grande Portage and Osino Resources positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grande Portage position performs unexpectedly, Osino 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 Osino Resources will offset losses from the drop in Osino Resources' long position.| Grande Portage vs. Puma Exploration | Grande Portage vs. Sixty North Gold | Grande Portage vs. Red Pine Exploration | Grande Portage vs. Altamira Gold Corp |
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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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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