Correlation Between Osisko Gold and IAMGold
Can any of the company-specific risk be diversified away by investing in both Osisko Gold and IAMGold 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 IAMGold 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 IAMGold, you can compare the effects of market volatilities on Osisko Gold and IAMGold 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 IAMGold. Check out your portfolio center. Please also check ongoing floating volatility patterns of Osisko Gold and IAMGold.
Diversification Opportunities for Osisko Gold and IAMGold
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Osisko and IAMGold is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding Osisko Gold Ro and IAMGold in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on IAMGold 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 IAMGold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of IAMGold has no effect on the direction of Osisko Gold i.e., Osisko Gold and IAMGold go up and down completely randomly.
Pair Corralation between Osisko Gold and IAMGold
Assuming the 90 days horizon Osisko Gold Ro is expected to under-perform the IAMGold. But the stock apears to be less risky and, when comparing its historical volatility, Osisko Gold Ro is 1.46 times less risky than IAMGold. The stock trades about -0.19 of its potential returns per unit of risk. The IAMGold is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 1,912 in IAMGold on August 15, 2025 and sell it today you would earn a total of 109.00 from holding IAMGold or generate 5.7% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Osisko Gold Ro vs. IAMGold
Performance |
| Timeline |
| Osisko Gold Ro |
| IAMGold |
Osisko Gold and IAMGold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Osisko Gold and IAMGold
The main advantage of trading using opposite Osisko Gold and IAMGold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Osisko Gold position performs unexpectedly, IAMGold 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 IAMGold will offset losses from the drop in IAMGold's long position.| Osisko Gold vs. Artemis Gold | Osisko Gold vs. New Gold | Osisko Gold vs. B2Gold Corp | Osisko Gold vs. Triple Flag Precious |
| IAMGold vs. B2Gold Corp | IAMGold vs. Osisko Gold Ro | IAMGold vs. Eldorado Gold Corp | IAMGold vs. OceanaGold |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
Other Complementary Tools
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets |