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|
Predicted Return Density
Kirkland Lake Gold Ltd vs. NQTH
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
|Time Period||2 Months [change]|
Diversification Opportunities for Kirkland Lake and NQTH
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.
See also your portfolio center. Please also try Portfolio Reporting module to create custom reports across your portfolios and generate quick suggestion pitch.