Correlation Analysis Between Kirkland Lake and NQTH

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

 Predicted Return Density 
      Returns 

Kirkland Lake Gold Ltd  vs.  NQTH

 Performance (%) 
      Timeline 

Pair Volatility

Allowing for the 30-days total investment horizon, Kirkland Lake Gold Ltd is expected to generate 3.41 times more return on investment than NQTH. However, Kirkland Lake is 3.41 times more volatile than NQTH. It trades about 0.06 of its potential returns per unit of risk. NQTH is currently generating about -0.19 per unit of risk. If you would invest  4,299  in Kirkland Lake Gold Ltd on July 22, 2019 and sell it today you would earn a total of  251.00  from holding Kirkland Lake Gold Ltd or generate 5.84% return on investment over 30 days.

Pair Corralation between Kirkland Lake and NQTH

-0.54
Time Period2 Months [change]
DirectionNegative 
StrengthVery Weak
Accuracy97.67%
ValuesDaily Returns

Diversification Opportunities for Kirkland Lake and NQTH

Kirkland Lake Gold Ltd diversification synergy

Excellent diversification

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