Correlation Analysis Between GOLD RESERVE and Kirkland Lake

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

Comparative Performance

GOLD RESERVE INC  
44

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in GOLD RESERVE INC are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days. In spite of rather uncertain fundamental drivers, GOLD RESERVE exhibited solid returns over the last few months and may actually be approaching a breakup point.
Kirkland Lake Gold  
55

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Kirkland Lake Gold Ltd are ranked lower than 5 (%) 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.

GOLD RESERVE and Kirkland Lake Volatility Contrast

 Predicted Return Density 
      Returns 

GOLD RESERVE INC  vs.  Kirkland Lake Gold Ltd

 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, GOLD RESERVE INC is expected to generate 1.43 times more return on investment than Kirkland Lake. However, GOLD RESERVE is 1.43 times more volatile than Kirkland Lake Gold Ltd. It trades about 0.06 of its potential returns per unit of risk. Kirkland Lake Gold Ltd is currently generating about 0.08 per unit of risk. If you would invest  156.00  in GOLD RESERVE INC on August 19, 2019 and sell it today you would earn a total of  20.01  from holding GOLD RESERVE INC or generate 12.83% return on investment over 30 days.

Pair Corralation between GOLD RESERVE and Kirkland Lake

-0.06
Time Period3 Months [change]
DirectionNegative 
StrengthInsignificant
Accuracy98.44%
ValuesDaily Returns

Diversification Opportunities for GOLD RESERVE and Kirkland Lake

GOLD RESERVE INC diversification synergy

Good diversification

Overlapping area represents the amount of risk that can be diversified away by holding GOLD RESERVE INC 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 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 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 GOLD RESERVE i.e. GOLD RESERVE and Kirkland Lake go up and down completely randomly.
See also your portfolio center. Please also try Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.


 
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