Correlation Analysis Between AngloGold Ashanti and Kirkland Lake

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

AngloGold Ashanti  
55

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in AngloGold Ashanti Limited are ranked lower than 5 (%) of all global equities and portfolios over the last 30 days. In spite of comparatively fragile essential indicators, AngloGold Ashanti unveiled solid returns over the last few months and may actually be approaching a breakup point.
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 prevalent stock price chaos, may contribute to medium term losses for the stakeholders.

AngloGold Ashanti and Kirkland Lake Volatility Contrast

 Predicted Return Density 
      Returns 

AngloGold Ashanti Limited  vs.  Kirkland Lake Gold Ltd

 Performance (%) 
      Timeline 

Pair Volatility

Allowing for the 30-days total investment horizon, AngloGold Ashanti Limited is expected to generate 1.17 times more return on investment than Kirkland Lake. However, AngloGold Ashanti is 1.17 times more volatile than Kirkland Lake Gold Ltd. It trades about 0.08 of its potential returns per unit of risk. Kirkland Lake Gold Ltd is currently generating about 0.02 per unit of risk. If you would invest  1,780  in AngloGold Ashanti Limited on September 14, 2019 and sell it today you would earn a total of  255.00  from holding AngloGold Ashanti Limited or generate 14.33% return on investment over 30 days.

Pair Corralation between AngloGold Ashanti and Kirkland Lake

0.77
Time Period3 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for AngloGold Ashanti and Kirkland Lake

AngloGold Ashanti Limited diversification synergy

Poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding AngloGold Ashanti Limited and Kirkland Lake Gold Ltd in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Kirkland Lake Gold and AngloGold Ashanti 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 AngloGold Ashanti Limited are associated (or correlated) with Kirkland Lake. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kirkland Lake Gold has no effect on the direction of AngloGold Ashanti i.e. AngloGold Ashanti and Kirkland Lake go up and down completely randomly.
See also your portfolio center. Please also try Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.


 
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