Correlation Between Osisko Gold and Kirkland Lake
Can any of the company-specific risk be diversified away by investing in both Osisko Gold and Kirkland Lake 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 Kirkland Lake 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 Kirkland Lake Gold, you can compare the effects of market volatilities on Osisko Gold and Kirkland Lake 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 Kirkland Lake. Check out your portfolio center. Please also check ongoing floating volatility patterns of Osisko Gold and Kirkland Lake.
Diversification Opportunities for Osisko Gold and Kirkland Lake
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Osisko and Kirkland is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Osisko Gold Ro and Kirkland Lake Gold in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kirkland Lake Gold 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 Kirkland Lake. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kirkland Lake Gold has no effect on the direction of Osisko Gold i.e., Osisko Gold and Kirkland Lake go up and down completely randomly.
Pair Corralation between Osisko Gold and Kirkland Lake
If you would invest 1,574 in Osisko Gold Ro on January 25, 2024 and sell it today you would earn a total of 0.00 from holding Osisko Gold Ro or generate 0.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
Osisko Gold Ro vs. Kirkland Lake Gold
Performance |
Timeline |
Osisko Gold Ro |
Kirkland Lake Gold |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Osisko Gold and Kirkland Lake Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Osisko Gold and Kirkland Lake
The main advantage of trading using opposite Osisko Gold and Kirkland Lake positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Osisko Gold position performs unexpectedly, Kirkland Lake 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 Kirkland Lake will offset losses from the drop in Kirkland Lake's long position.The idea behind Osisko Gold Ro and Kirkland Lake Gold pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.Kirkland Lake vs. Arrow Electronics | Kirkland Lake vs. Digi International | Kirkland Lake vs. Kite Realty Group | Kirkland Lake vs. Usio 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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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