Correlation Between Osisko Gold and Endeavour Mining
Can any of the company-specific risk be diversified away by investing in both Osisko Gold and Endeavour 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 Endeavour 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 Endeavour Mining Corp, you can compare the effects of market volatilities on Osisko Gold and Endeavour 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 Endeavour Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Osisko Gold and Endeavour Mining.
Diversification Opportunities for Osisko Gold and Endeavour Mining
0.43 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Osisko and Endeavour is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding Osisko Gold Ro and Endeavour Mining Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Endeavour Mining Corp 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 Endeavour Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Endeavour Mining Corp has no effect on the direction of Osisko Gold i.e., Osisko Gold and Endeavour Mining go up and down completely randomly.
Pair Corralation between Osisko Gold and Endeavour Mining
Assuming the 90 days horizon Osisko Gold is expected to generate 2.86 times less return on investment than Endeavour Mining. But when comparing it to its historical volatility, Osisko Gold Ro is 1.1 times less risky than Endeavour Mining. It trades about 0.06 of its potential returns per unit of risk. Endeavour Mining Corp is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest 4,871 in Endeavour Mining Corp on September 1, 2025 and sell it today you would earn a total of 1,546 from holding Endeavour Mining Corp or generate 31.74% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Osisko Gold Ro vs. Endeavour Mining Corp
Performance |
| Timeline |
| Osisko Gold Ro |
| Endeavour Mining Corp |
Osisko Gold and Endeavour Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Osisko Gold and Endeavour Mining
The main advantage of trading using opposite Osisko Gold and Endeavour Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Osisko Gold position performs unexpectedly, Endeavour 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 Endeavour Mining will offset losses from the drop in Endeavour Mining's long position.| Osisko Gold vs. Magna Mining | Osisko Gold vs. Aris Mining | Osisko Gold vs. Globex Mining Enterprises | Osisko Gold vs. Element Fleet Management |
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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 AI Portfolio Prophet module to use AI to generate optimal portfolios and find profitable investment opportunities.
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