Correlation Analysis Between Kirkland Lake and NIKKEI 225

This module allows you to analyze existing cross correlation between Kirkland Lake Gold Ltd and NIKKEI 225. You can compare the effects of market volatilities on Kirkland Lake and NIKKEI 225 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 NIKKEI 225. See also your portfolio center. Please also check ongoing floating volatility patterns of Kirkland Lake and NIKKEI 225.
Horizon     30 Days    Login   to change
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Comparative Performance

 Predicted Return Density 

Kirkland Lake Gold Ltd  vs.  NIKKEI 225

 Performance (%) 

Pair Volatility

Allowing for the 30-days total investment horizon, Kirkland Lake Gold Ltd is expected to generate 1.84 times more return on investment than NIKKEI 225. However, Kirkland Lake is 1.84 times more volatile than NIKKEI 225. It trades about 0.1 of its potential returns per unit of risk. NIKKEI 225 is currently generating about -0.03 per unit of risk. If you would invest  4,281  in Kirkland Lake Gold Ltd on July 25, 2019 and sell it today you would earn a total of  451.00  from holding Kirkland Lake Gold Ltd or generate 10.53% return on investment over 30 days.

Pair Corralation between Kirkland Lake and NIKKEI 225

Time Period2 Months [change]
ValuesDaily Returns

Diversification Opportunities for Kirkland Lake and NIKKEI 225

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 NIKKEI 225 in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on NIKKEI 225 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 NIKKEI 225. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NIKKEI 225 has no effect on the direction of Kirkland Lake i.e. Kirkland Lake and NIKKEI 225 go up and down completely randomly.
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