Correlation Analysis Between Kirkland Lake and XU100

This module allows you to analyze existing cross correlation between Kirkland Lake Gold Ltd and XU100. You can compare the effects of market volatilities on Kirkland Lake and XU100 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 XU100. See also your portfolio center. Please also check ongoing floating volatility patterns of Kirkland Lake and XU100.
Horizon     30 Days    Login   to change
Symbolsvs
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Comparative Performance

 Predicted Return Density 
      Returns 

Kirkland Lake Gold Ltd  vs.  XU100

 Performance (%) 
      Timeline 

Pair Volatility

Allowing for the 30-days total investment horizon, Kirkland Lake Gold Ltd is expected to generate 1.9 times more return on investment than XU100. However, Kirkland Lake is 1.9 times more volatile than XU100. It trades about 0.1 of its potential returns per unit of risk. XU100 is currently generating about 0.03 per unit of risk. If you would invest  4,287  in Kirkland Lake Gold Ltd on July 26, 2019 and sell it today you would earn a total of  445.00  from holding Kirkland Lake Gold Ltd or generate 10.38% return on investment over 30 days.

Pair Corralation between Kirkland Lake and XU100

0.22
Time Period2 Months [change]
DirectionPositive 
StrengthVery Weak
Accuracy93.18%
ValuesDaily Returns

Diversification Opportunities for Kirkland Lake and XU100

Kirkland Lake Gold Ltd diversification synergy

Modest diversification

Overlapping area represents the amount of risk that can be diversified away by holding Kirkland Lake Gold Ltd and XU100 in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on XU100 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 XU100. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of XU100 has no effect on the direction of Kirkland Lake i.e. Kirkland Lake and XU100 go up and down completely randomly.
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See also your portfolio center. Please also try Fundamentals Matrix module to view fundamentals matrix and analyze how accounts are interrelated and interconnected with each other.


 
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