Correlation Between Procter Gamble and Osisko Mining

Specify exactly 2 symbols:
Can any of the company-specific risk be diversified away by investing in both Procter Gamble and Osisko 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 Procter Gamble and Osisko Mining into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Procter Gamble and Osisko Mining, you can compare the effects of market volatilities on Procter Gamble and Osisko 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 Procter Gamble with a short position of Osisko Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Procter Gamble and Osisko Mining.

Diversification Opportunities for Procter Gamble and Osisko Mining

0.11
  Correlation Coefficient

Average diversification

The 3 months correlation between Procter and Osisko is 0.11. Overlapping area represents the amount of risk that can be diversified away by holding Procter Gamble and Osisko Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Osisko Mining and Procter Gamble 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 Procter Gamble are associated (or correlated) with Osisko Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Osisko Mining has no effect on the direction of Procter Gamble i.e., Procter Gamble and Osisko Mining go up and down completely randomly.

Pair Corralation between Procter Gamble and Osisko Mining

If you would invest  351.00  in Osisko Mining on October 7, 2024 and sell it today you would earn a total of  0.00  from holding Osisko Mining or generate 0.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthInsignificant
Accuracy5.0%
ValuesDaily Returns

Procter Gamble  vs.  Osisko Mining

 Performance 
       Timeline  
Procter Gamble 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days Procter Gamble has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable technical and fundamental indicators, Procter Gamble is not utilizing all of its potentials. The recent stock price disturbance, may contribute to mid-run losses for the stockholders.
Osisko Mining 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days Osisko Mining has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable basic indicators, Osisko Mining is not utilizing all of its potentials. The current stock price disturbance, may contribute to mid-run losses for the stockholders.

Procter Gamble and Osisko Mining Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Procter Gamble and Osisko Mining

The main advantage of trading using opposite Procter Gamble and Osisko Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Procter Gamble position performs unexpectedly, Osisko 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 Osisko Mining will offset losses from the drop in Osisko Mining's long position.
The idea behind Procter Gamble and Osisko Mining 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.
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.

Other Complementary Tools

Portfolio Dashboard
Portfolio dashboard that provides centralized access to all your investments
Equity Search
Search for actively traded equities including funds and ETFs from over 30 global markets
USA ETFs
Find actively traded Exchange Traded Funds (ETF) in USA
Risk-Return Analysis
View associations between returns expected from investment and the risk you assume
Companies Directory
Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals