Correlation Analysis Between Agnico Eagle and GOLD RESERVE

This module allows you to analyze existing cross correlation between Agnico Eagle Mines Limited and GOLD RESERVE INC. You can compare the effects of market volatilities on Agnico Eagle and GOLD RESERVE 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 Agnico Eagle with a short position of GOLD RESERVE. See also your portfolio center. Please also check ongoing floating volatility patterns of Agnico Eagle and GOLD RESERVE.
Horizon     30 Days    Login   to change
Symbolsvs
Check Efficiency

Comparative Performance

Agnico Eagle Mines  
44

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Agnico Eagle Mines Limited are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days. Even with considerably uncertain technical indicators, Agnico Eagle may actually be approaching a critical reversion point that can send shares even higher in January 2020.
GOLD RESERVE INC  
00

Risk-Adjusted Performance

Over the last 30 days GOLD RESERVE INC has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of latest uncertain performance, the Stock's fundamental drivers remain sound and the ongoing tumult on Wall Street may also be a sign of longer-term gains for the firm shareholders.

Agnico Eagle and GOLD RESERVE Volatility Contrast

 Predicted Return Density 
      Returns 

Agnico Eagle Mines Limited  vs.  GOLD RESERVE INC

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, Agnico Eagle Mines Limited is expected to generate 0.39 times more return on investment than GOLD RESERVE. However, Agnico Eagle Mines Limited is 2.58 times less risky than GOLD RESERVE. It trades about 0.07 of its potential returns per unit of risk. GOLD RESERVE INC is currently generating about -0.04 per unit of risk. If you would invest  5,659  in Agnico Eagle Mines Limited on November 11, 2019 and sell it today you would earn a total of  440.00  from holding Agnico Eagle Mines Limited or generate 7.78% return on investment over 30 days.

Pair Corralation between Agnico Eagle and GOLD RESERVE

-0.58
Time Period3 Months [change]
DirectionNegative 
StrengthVery Weak
Accuracy98.46%
ValuesDaily Returns

Diversification Opportunities for Agnico Eagle and GOLD RESERVE

Agnico Eagle Mines Limited diversification synergy

Excellent diversification

Overlapping area represents the amount of risk that can be diversified away by holding Agnico Eagle Mines Limited and GOLD RESERVE INC in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on GOLD RESERVE INC and Agnico Eagle 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 Agnico Eagle Mines Limited are associated (or correlated) with GOLD RESERVE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GOLD RESERVE INC has no effect on the direction of Agnico Eagle i.e. Agnico Eagle and GOLD RESERVE go up and down completely randomly.
See also your portfolio center. Please also try World Markets Correlation module to find global opportunities by holding instruments from different markets.


 
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