Correlation Between Osisko Gold and Equinox Gold
Can any of the company-specific risk be diversified away by investing in both Osisko Gold and Equinox 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 Osisko Gold and Equinox Gold 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 Equinox Gold Corp, you can compare the effects of market volatilities on Osisko Gold and Equinox 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 Osisko Gold with a short position of Equinox Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of Osisko Gold and Equinox Gold.
Diversification Opportunities for Osisko Gold and Equinox Gold
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Osisko and Equinox is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding Osisko Gold Ro and Equinox Gold Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Equinox Gold 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 Equinox Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Equinox Gold Corp has no effect on the direction of Osisko Gold i.e., Osisko Gold and Equinox Gold go up and down completely randomly.
Pair Corralation between Osisko Gold and Equinox Gold
Allowing for the 90-day total investment horizon Osisko Gold Ro is expected to generate 0.87 times more return on investment than Equinox Gold. However, Osisko Gold Ro is 1.15 times less risky than Equinox Gold. It trades about 0.23 of its potential returns per unit of risk. Equinox Gold Corp is currently generating about 0.07 per unit of risk. If you would invest 3,465 in Osisko Gold Ro on October 10, 2025 and sell it today you would earn a total of 371.00 from holding Osisko Gold Ro or generate 10.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Osisko Gold Ro vs. Equinox Gold Corp
Performance |
| Timeline |
| Osisko Gold Ro |
| Equinox Gold Corp |
Osisko Gold and Equinox Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Osisko Gold and Equinox Gold
The main advantage of trading using opposite Osisko Gold and Equinox Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Osisko Gold position performs unexpectedly, Equinox 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 Equinox Gold will offset losses from the drop in Equinox Gold's long position.| Osisko Gold vs. New Gold | Osisko Gold vs. B2Gold Corp | Osisko Gold vs. Hecla Mining | Osisko Gold vs. Triple Flag Precious |
| Equinox Gold vs. Hecla Mining | Equinox Gold vs. Sibanye Gold Ltd | Equinox Gold vs. Coeur Mining | Equinox Gold vs. IAMGold |
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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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