Correlation Analysis Between Kirkland Lake and Agnico Eagle

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

Kirkland Lake Gold  
44

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Kirkland Lake Gold Ltd are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days. Even with considerably unsteady technical indicators, Kirkland Lake revealed solid returns over the last few months and may actually be approaching a breakup point.
Agnico Eagle Mines  
88

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Agnico Eagle Mines Limited are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days. Even with considerably unsteady technical indicators, Agnico Eagle revealed solid returns over the last few months and may actually be approaching a breakup point.

Kirkland Lake and Agnico Eagle Volatility Contrast

 Predicted Return Density 
      Returns 

Kirkland Lake Gold Ltd  vs.  Agnico Eagle Mines Limited

 Performance (%) 
      Timeline 

Pair Volatility

Allowing for the 30-days total investment horizon, Kirkland Lake is expected to generate 1.16 times less return on investment than Agnico Eagle. In addition to that, Kirkland Lake is 1.54 times more volatile than Agnico Eagle Mines Limited. It trades about 0.07 of its total potential returns per unit of risk. Agnico Eagle Mines Limited is currently generating about 0.13 per unit of volatility. If you would invest  4,831  in Agnico Eagle Mines Limited on August 18, 2019 and sell it today you would earn a total of  755.00  from holding Agnico Eagle Mines Limited or generate 15.63% return on investment over 30 days.

Pair Corralation between Kirkland Lake and Agnico Eagle

0.0
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Kirkland Lake and Agnico Eagle

Kirkland Lake Gold Ltd diversification synergy

Pay attention

Overlapping area represents the amount of risk that can be diversified away by holding Kirkland Lake Gold Ltd 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 Kirkland Lake 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 Kirkland Lake Gold Ltd 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 Kirkland Lake i.e. Kirkland Lake and Agnico Eagle go up and down completely randomly.
See also your portfolio center. Please also try Price Ceiling Movement module to calculate and plot price ceiling movement for different equity instruments.


 
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