OSISKO GOLD ROYALTIES LTD (Foreign) outperformed the broader market on Tuesday. It increased by +3.38% to close at 8.27. On a day when the overall market breadth was 34%, it closed higher than 7% of the market. In comparison, the benchmark SP500 index closed today at +0.01%.
OR showed a bullish trend over the last 3 months. During this period OR increased by +8.53% and saw a maximum drawdown of -14.13%. There were 2 long signals during this period that returned a cumulative of +2.12% to investors.
OR has been outperforming the SP500 index in recent time. It showed significant underperformance (compared to the SP500 index) from 1 Aug, 2016 to 27 Sep, 2018. Over the last 2 years 5 months and 11 days, OR underperformed the SP500 index on 52% days.
During the last three months OR was mostly profitable and delivered on average +0.16% per day. It's best return during this period (of +6.31%) was on Friday, 7 Dec, 2018. While it's worst loss in the same period (of -6.49%) was on Thursday, 25 Oct, 2018. The longest stort-term trend during this period was 5 profitable days, which started on 13 Nov, 2018 and went on till 19 Nov, 2018. This bullish trend returned +7.86% to investors.
During the last year OR had 4 profitable months and 8 loss making months. OR returned profits in fewer months than SP500 index. OR was also a more risky investment than SP500 index as it's worst month in the last year, Aug 2018, returned -16.51% compared to -7.75% returned by SP500 index in Dec 2018. OR had a longer winning streak of losing months than SP500 index. It went down in 4 straight months (from Jan 2018 to Apr 2018) during which period it delivered -17.42%. It is interesting to note that both OR and SP500 index significantly outperform during months when quarterly/annual results are announced.
The difference between playing the stock market and the horses is that one of the horses must win.
-- Joey Adams
OR is currently seeing overall fall in volatility. In comparison, the SP500 index is seeing increase in volatility. During the last three months, there was a significant surge in OR's volatility from 5 Oct, 2018 to 10 Dec, 2018. While there was a significant surge in the SP500 index's volatility from 19 Sep, 2018 to 29 Oct, 2018.
Advanced/professional short-term investors should note that OR has negative skewness in it's return distribution. This indicates that investors may need to stay invested through long periods of drawdown before expecting a recovery.
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