Correlation Analysis Between Yamana Gold and Israel Index

This module allows you to analyze existing cross correlation between Yamana Gold and Israel Index. You can compare the effects of market volatilities on Yamana Gold and Israel Index 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 Yamana Gold with a short position of Israel Index. See also your portfolio center. Please also check ongoing floating volatility patterns of Yamana Gold and Israel Index.
Horizon     30 Days    Login   to change
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Comparative Performance

 Predicted Return Density 
      Returns 

Yamana Gold Inc  vs.  Israel Index

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, Yamana Gold is expected to generate 3.21 times more return on investment than Israel Index. However, Yamana Gold is 3.21 times more volatile than Israel Index. It trades about 0.07 of its potential returns per unit of risk. Israel Index is currently generating about 0.13 per unit of risk. If you would invest  336.00  in Yamana Gold on November 15, 2019 and sell it today you would earn a total of  38.00  from holding Yamana Gold or generate 11.31% return on investment over 30 days.

Pair Corralation between Yamana Gold and Israel Index

-0.16
Time Period3 Months [change]
DirectionNegative 
StrengthInsignificant
Accuracy74.71%
ValuesDaily Returns

Diversification Opportunities for Yamana Gold and Israel Index

Yamana Gold Inc diversification synergy

Good diversification

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