Correlation Analysis Between GOLD RESERVE and Agnico Eagle

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

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 Mines  
22

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Agnico Eagle Mines Limited are ranked lower than 2 (%) of all global equities and portfolios over the last 30 days. Even with considerably steady technical indicators, Agnico Eagle is not utilizing all of its potentials. The late stock price chaos, may contribute to medium term losses for the stakeholders.

GOLD RESERVE and Agnico Eagle Volatility Contrast

 Predicted Return Density 
      Returns 

GOLD RESERVE INC  vs.  Agnico Eagle Mines Limited

 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, GOLD RESERVE INC is expected to under-perform the Agnico Eagle. In addition to that, GOLD RESERVE is 2.62 times more volatile than Agnico Eagle Mines Limited. It trades about -0.03 of its total potential returns per unit of risk. Agnico Eagle Mines Limited is currently generating about 0.04 per unit of volatility. If you would invest  5,722  in Agnico Eagle Mines Limited on November 10, 2019 and sell it today you would earn a total of  199.00  from holding Agnico Eagle Mines Limited or generate 3.48% return on investment over 30 days.

Pair Corralation between GOLD RESERVE and Agnico Eagle

-0.56
Time Period3 Months [change]
DirectionNegative 
StrengthVery Weak
Accuracy98.46%
ValuesDaily Returns

Diversification Opportunities for GOLD RESERVE and Agnico Eagle

GOLD RESERVE INC diversification synergy

Excellent diversification

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