Correlation Between Osisko Gold and Zhaojin Mining
Can any of the company-specific risk be diversified away by investing in both Osisko Gold and Zhaojin 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 Gold and Zhaojin Mining 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 Zhaojin Mining Industry, you can compare the effects of market volatilities on Osisko Gold and Zhaojin 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 Gold with a short position of Zhaojin Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Osisko Gold and Zhaojin Mining.
Diversification Opportunities for Osisko Gold and Zhaojin Mining
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Osisko and Zhaojin is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Osisko Gold Ro and Zhaojin Mining Industry in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhaojin Mining Industry 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 Zhaojin Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhaojin Mining Industry has no effect on the direction of Osisko Gold i.e., Osisko Gold and Zhaojin Mining go up and down completely randomly.
Pair Corralation between Osisko Gold and Zhaojin Mining
Allowing for the 90-day total investment horizon Osisko Gold Ro is expected to generate 1.15 times more return on investment than Zhaojin Mining. However, Osisko Gold is 1.15 times more volatile than Zhaojin Mining Industry. It trades about 0.04 of its potential returns per unit of risk. Zhaojin Mining Industry is currently generating about -0.12 per unit of risk. If you would invest 1,723 in Osisko Gold Ro on November 28, 2024 and sell it today you would earn a total of 125.00 from holding Osisko Gold Ro or generate 7.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 60.66% |
| Values | Daily Returns |
Osisko Gold Ro vs. Zhaojin Mining Industry
Performance |
| Timeline |
| Osisko Gold Ro |
| Zhaojin Mining Industry |
Osisko Gold and Zhaojin Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Osisko Gold and Zhaojin Mining
The main advantage of trading using opposite Osisko Gold and Zhaojin Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Osisko Gold position performs unexpectedly, Zhaojin 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 Zhaojin Mining will offset losses from the drop in Zhaojin Mining'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 |
| Zhaojin Mining vs. Franco Nevada | Zhaojin Mining vs. Wheaton Precious Metals | Zhaojin Mining vs. Seabridge Gold | Zhaojin Mining vs. Osisko Gold Ro |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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