Correlation Between Osisko Gold and Marathon Gold
Can any of the company-specific risk be diversified away by investing in both Osisko Gold and Marathon Gold 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 Gold and Marathon Gold into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Osisko Gold Ro and Marathon Gold, you can compare the effects of market volatilities on Osisko Gold and Marathon 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 Osisko Gold with a short position of Marathon Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of Osisko Gold and Marathon Gold.
Diversification Opportunities for Osisko Gold and Marathon Gold
-0.63 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Osisko and Marathon is -0.63. Overlapping area represents the amount of risk that can be diversified away by holding Osisko Gold Ro and Marathon Gold in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Marathon Gold and Osisko Gold 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 Gold Ro are associated (or correlated) with Marathon Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Marathon Gold has no effect on the direction of Osisko Gold i.e., Osisko Gold and Marathon Gold go up and down completely randomly.
Pair Corralation between Osisko Gold and Marathon Gold
If you would invest 1,442 in Osisko Gold Ro on August 24, 2024 and sell it today you would earn a total of 544.00 from holding Osisko Gold Ro or generate 37.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 0.4% |
| Values | Daily Returns |
Osisko Gold Ro vs. Marathon Gold
Performance |
| Timeline |
| Osisko Gold Ro |
| Marathon Gold |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Osisko Gold and Marathon Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Osisko Gold and Marathon Gold
The main advantage of trading using opposite Osisko Gold and Marathon Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Osisko Gold position performs unexpectedly, Marathon 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 Marathon Gold will offset losses from the drop in Marathon Gold's long position.| Osisko Gold vs. Wheaton Precious Metals | Osisko Gold vs. Franco Nevada | Osisko Gold vs. Royal Gold | Osisko Gold vs. Fortuna Silver Mines |
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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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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