Correlation Between Osino Resources and Altamira Gold
Can any of the company-specific risk be diversified away by investing in both Osino Resources and Altamira 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 Osino Resources and Altamira Gold into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Osino Resources Corp and Altamira Gold Corp, you can compare the effects of market volatilities on Osino Resources and Altamira 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 Osino Resources with a short position of Altamira Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of Osino Resources and Altamira Gold.
Diversification Opportunities for Osino Resources and Altamira Gold
0.05 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Osino and Altamira is 0.05. Overlapping area represents the amount of risk that can be diversified away by holding Osino Resources Corp and Altamira Gold Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Altamira Gold Corp and Osino Resources 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 Osino Resources Corp are associated (or correlated) with Altamira Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Altamira Gold Corp has no effect on the direction of Osino Resources i.e., Osino Resources and Altamira Gold go up and down completely randomly.
Pair Corralation between Osino Resources and Altamira Gold
Assuming the 90 days horizon Osino Resources Corp is expected to generate 0.38 times more return on investment than Altamira Gold. However, Osino Resources Corp is 2.66 times less risky than Altamira Gold. It trades about 0.08 of its potential returns per unit of risk. Altamira Gold Corp is currently generating about 0.01 per unit of risk. If you would invest 108.00 in Osino Resources Corp on September 14, 2024 and sell it today you would earn a total of 32.00 from holding Osino Resources Corp or generate 29.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 71.77% |
| Values | Daily Returns |
Osino Resources Corp vs. Altamira Gold Corp
Performance |
| Timeline |
| Osino Resources Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Altamira Gold Corp |
Osino Resources and Altamira Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Osino Resources and Altamira Gold
The main advantage of trading using opposite Osino Resources and Altamira Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Osino Resources position performs unexpectedly, Altamira 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 Altamira Gold will offset losses from the drop in Altamira Gold's long position.| Osino Resources vs. Minera Alamos | Osino Resources vs. Aurion Resources | Osino Resources vs. Minaurum Gold | Osino Resources vs. Rio2 Limited |
| Altamira Gold vs. Revival Gold | Altamira Gold vs. Galiano Gold | Altamira Gold vs. US Gold Corp | Altamira Gold vs. HUMANA INC |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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