Correlation Analysis Between Kirkland Lake and Asanko Gold

This module allows you to analyze existing cross correlation between Kirkland Lake Gold Ltd and Asanko Gold. You can compare the effects of market volatilities on Kirkland Lake and Asanko Gold 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 Asanko Gold. See also your portfolio center. Please also check ongoing floating volatility patterns of Kirkland Lake and Asanko Gold.
Horizon     30 Days    Login   to change
Symbolsvs
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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 uncertain technical indicators, Kirkland Lake revealed solid returns over the last few months and may actually be approaching a breakup point.
Asanko Gold  
1414

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Asanko Gold are ranked lower than 14 (%) of all global equities and portfolios over the last 30 days. In spite of rather uncertain fundamental drivers, Asanko Gold exhibited solid returns over the last few months and may actually be approaching a breakup point.

Kirkland Lake and Asanko Gold Volatility Contrast

 Predicted Return Density 
      Returns 

Kirkland Lake Gold Ltd  vs.  Asanko Gold Inc

 Performance (%) 
      Timeline 

Pair Volatility

Allowing for the 30-days total investment horizon, Kirkland Lake is expected to generate 3.87 times less return on investment than Asanko Gold. But when comparing it to its historical volatility, Kirkland Lake Gold Ltd is 1.31 times less risky than Asanko Gold. It trades about 0.07 of its potential returns per unit of risk. Asanko Gold is currently generating about 0.21 of returns per unit of risk over similar time horizon. If you would invest  60.02  in Asanko Gold on August 20, 2019 and sell it today you would earn a total of  34.41  from holding Asanko Gold or generate 57.33% return on investment over 30 days.

Pair Corralation between Kirkland Lake and Asanko Gold

-0.27
Time Period3 Months [change]
DirectionNegative 
StrengthInsignificant
Accuracy98.41%
ValuesDaily Returns

Diversification Opportunities for Kirkland Lake and Asanko Gold

Kirkland Lake Gold Ltd diversification synergy

Very good diversification

Overlapping area represents the amount of risk that can be diversified away by holding Kirkland Lake Gold Ltd and Asanko Gold Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Asanko Gold 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 Asanko Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Asanko Gold has no effect on the direction of Kirkland Lake i.e. Kirkland Lake and Asanko Gold go up and down completely randomly.
See also your portfolio center. Please also try Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.


 
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