Correlation Analysis Between Kirkland Lake and Hecla Mining

This module allows you to analyze existing cross correlation between Kirkland Lake Gold Ltd and Hecla Mining Company. You can compare the effects of market volatilities on Kirkland Lake and Hecla Mining 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 Hecla Mining. See also your portfolio center. Please also check ongoing floating volatility patterns of Kirkland Lake and Hecla Mining.
Horizon     30 Days    Login   to change
Symbolsvs
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Comparative Performance

Kirkland Lake Gold  
11

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Kirkland Lake Gold Ltd are ranked lower than 1 (%) of all global equities and portfolios over the last 30 days. Even with considerably steady technical indicators, Kirkland Lake is not utilizing all of its potentials. The late stock price chaos, may contribute to medium term losses for the stakeholders.
Hecla Mining  
33

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Hecla Mining Company are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days. Even with considerably uncertain technical indicators, Hecla Mining revealed solid returns over the last few months and may actually be approaching a breakup point.

Kirkland Lake and Hecla Mining Volatility Contrast

 Predicted Return Density 
      Returns 

Kirkland Lake Gold Ltd  vs.  Hecla Mining Company

 Performance (%) 
      Timeline 

Pair Volatility

Allowing for the 30-days total investment horizon, Kirkland Lake is expected to generate 5.0 times less return on investment than Hecla Mining. But when comparing it to its historical volatility, Kirkland Lake Gold Ltd is 1.69 times less risky than Hecla Mining. It trades about 0.02 of its potential returns per unit of risk. Hecla Mining Company is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest  172.73  in Hecla Mining Company on September 13, 2019 and sell it today you would earn a total of  18.27  from holding Hecla Mining Company or generate 10.58% return on investment over 30 days.

Pair Corralation between Kirkland Lake and Hecla Mining

0.24
Time Period3 Months [change]
DirectionPositive 
StrengthVery Weak
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Kirkland Lake and Hecla Mining

Kirkland Lake Gold Ltd diversification synergy

Modest diversification

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