Correlation Analysis Between Osisko Gold and Kirkland Lake

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

Osisko Gold Royalties  
33

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Osisko Gold Royalties Ltd are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days. In defiance of relatively sluggish forward-looking signals, Osisko Gold may actually be approaching a critical reversion point that can send shares even higher in October 2019.
Kirkland Lake Gold  
55

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Kirkland Lake Gold Ltd are ranked lower than 5 (%) of all global equities and portfolios over the last 30 days. Even with considerably sluggish technical indicators, Kirkland Lake revealed solid returns over the last few months and may actually be approaching a breakup point.

Osisko Gold and Kirkland Lake Volatility Contrast

 Predicted Return Density 
      Returns 

Osisko Gold Royalties Ltd  vs.  Kirkland Lake Gold Ltd

 Performance (%) 
      Timeline 

Pair Volatility

Allowing for the 30-days total investment horizon, Osisko Gold is expected to generate 1.58 times less return on investment than Kirkland Lake. But when comparing it to its historical volatility, Osisko Gold Royalties Ltd is 1.14 times less risky than Kirkland Lake. It trades about 0.06 of its potential returns per unit of risk. Kirkland Lake Gold Ltd is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest  4,096  in Kirkland Lake Gold Ltd on August 19, 2019 and sell it today you would earn a total of  525.00  from holding Kirkland Lake Gold Ltd or generate 12.82% return on investment over 30 days.

Pair Corralation between Osisko Gold and Kirkland Lake

0.98
Time Period3 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Osisko Gold and Kirkland Lake

Osisko Gold Royalties Ltd diversification synergy

Almost no diversification

Overlapping area represents the amount of risk that can be diversified away by holding Osisko Gold Royalties Ltd 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 Osisko Gold 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 Osisko Gold Royalties Ltd 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 Osisko Gold i.e. Osisko Gold and Kirkland Lake go up and down completely randomly.
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