Correlation Analysis Between Hecla Mining and Kirkland Lake

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

Comparative Performance

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 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 and Kirkland Lake Volatility Contrast

 Predicted Return Density 
      Returns 

Hecla Mining Company  vs.  Kirkland Lake Gold Ltd

 Performance (%) 
      Timeline 

Pair Volatility

Allowing for the 30-days total investment horizon, Hecla Mining Company is expected to generate 1.69 times more return on investment than Kirkland Lake. However, Hecla Mining is 1.69 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 0.02 per unit of risk. 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 Hecla Mining and Kirkland Lake

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

Diversification Opportunities for Hecla Mining and Kirkland Lake

Hecla Mining Company diversification synergy

Modest diversification

Overlapping area represents the amount of risk that can be diversified away by holding Hecla Mining Company 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 Hecla Mining 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 Hecla Mining Company 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 Hecla Mining i.e. Hecla Mining and Kirkland Lake go up and down completely randomly.
See also your portfolio center. Please also try Cryptocurrency Correlation module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins and exchanges.


 
Search macroaxis.com