Correlation Between Osisko Metals and Plaza Retail
Can any of the company-specific risk be diversified away by investing in both Osisko Metals and Plaza Retail 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 Plaza Retail into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Osisko Metals and Plaza Retail REIT, you can compare the effects of market volatilities on Osisko Metals and Plaza Retail 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 Plaza Retail. Check out your portfolio center. Please also check ongoing floating volatility patterns of Osisko Metals and Plaza Retail.
Diversification Opportunities for Osisko Metals and Plaza Retail
-0.46 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Osisko and Plaza is -0.46. Overlapping area represents the amount of risk that can be diversified away by holding Osisko Metals and Plaza Retail REIT in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Plaza Retail REIT 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 Plaza Retail. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Plaza Retail REIT has no effect on the direction of Osisko Metals i.e., Osisko Metals and Plaza Retail go up and down completely randomly.
Pair Corralation between Osisko Metals and Plaza Retail
Given the investment horizon of 90 days Osisko Metals is expected to generate 5.23 times more return on investment than Plaza Retail. However, Osisko Metals is 5.23 times more volatile than Plaza Retail REIT. It trades about 0.08 of its potential returns per unit of risk. Plaza Retail REIT is currently generating about 0.15 per unit of risk. If you would invest 33.00 in Osisko Metals on November 27, 2024 and sell it today you would earn a total of 2.00 from holding Osisko Metals or generate 6.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Osisko Metals vs. Plaza Retail REIT
Performance |
| Timeline |
| Osisko Metals |
| Plaza Retail REIT |
Osisko Metals and Plaza Retail Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Osisko Metals and Plaza Retail
The main advantage of trading using opposite Osisko Metals and Plaza Retail positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Osisko Metals position performs unexpectedly, Plaza Retail 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 Plaza Retail will offset losses from the drop in Plaza Retail's long position.| Osisko Metals vs. First Majestic Silver | Osisko Metals vs. Ivanhoe Energy | Osisko Metals vs. Flinders Resources Limited | Osisko Metals vs. Orezone Gold Corp |
| Plaza Retail vs. Automotive Properties Real | Plaza Retail vs. BTB Real Estate | Plaza Retail vs. CT Real Estate | Plaza Retail vs. Choice Properties Real |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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