Correlation Between Osisko Gold and EMX Royalty
Can any of the company-specific risk be diversified away by investing in both Osisko Gold and EMX Royalty 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 EMX Royalty 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 EMX Royalty Corp, you can compare the effects of market volatilities on Osisko Gold and EMX Royalty 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 EMX Royalty. Check out your portfolio center. Please also check ongoing floating volatility patterns of Osisko Gold and EMX Royalty.
Diversification Opportunities for Osisko Gold and EMX Royalty
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Osisko and EMX is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Osisko Gold Ro and EMX Royalty Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EMX Royalty 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 EMX Royalty. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EMX Royalty Corp has no effect on the direction of Osisko Gold i.e., Osisko Gold and EMX Royalty go up and down completely randomly.
Pair Corralation between Osisko Gold and EMX Royalty
Allowing for the 90-day total investment horizon Osisko Gold Ro is expected to generate 0.92 times more return on investment than EMX Royalty. However, Osisko Gold Ro is 1.09 times less risky than EMX Royalty. It trades about 0.15 of its potential returns per unit of risk. EMX Royalty Corp is currently generating about 0.12 per unit of risk. If you would invest 2,075 in Osisko Gold Ro on March 26, 2025 and sell it today you would earn a total of 475.00 from holding Osisko Gold Ro or generate 22.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 98.39% |
| Values | Daily Returns |
Osisko Gold Ro vs. EMX Royalty Corp
Performance |
| Timeline |
| Osisko Gold Ro |
| EMX Royalty Corp |
Osisko Gold and EMX Royalty Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Osisko Gold and EMX Royalty
The main advantage of trading using opposite Osisko Gold and EMX Royalty positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Osisko Gold position performs unexpectedly, EMX Royalty 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 EMX Royalty will offset losses from the drop in EMX Royalty'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 |
| EMX Royalty vs. Metalla Royalty Streaming | EMX Royalty vs. Osisko Gold Ro | EMX Royalty vs. Equinox Gold Corp |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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