Correlation Between Yamana Gold and Kirkland Lake
Can any of the company-specific risk be diversified away by investing in both Yamana Gold and Kirkland Lake at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Yamana Gold and Kirkland Lake into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Yamana Gold and Kirkland Lake Gold, you can compare the effects of market volatilities on Yamana 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 Yamana Gold with a short position of Kirkland Lake. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yamana Gold and Kirkland Lake.
Diversification Opportunities for Yamana Gold and Kirkland Lake
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Yamana and Kirkland is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Yamana Gold and Kirkland Lake Gold in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kirkland Lake Gold and Yamana 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 Yamana Gold 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 Yamana Gold i.e., Yamana Gold and Kirkland Lake go up and down completely randomly.
Pair Corralation between Yamana Gold and Kirkland Lake
If you would invest (100.00) in Kirkland Lake Gold on January 26, 2024 and sell it today you would earn a total of 100.00 from holding Kirkland Lake Gold or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Yamana Gold vs. Kirkland Lake Gold
Performance |
| Timeline |
| Yamana Gold |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Kirkland Lake Gold |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Yamana Gold and Kirkland Lake Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yamana Gold and Kirkland Lake
The main advantage of trading using opposite Yamana Gold and Kirkland Lake positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yamana Gold position performs unexpectedly, Kirkland Lake can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Kirkland Lake will offset losses from the drop in Kirkland Lake's long position.| Yamana Gold vs. Agnico Eagle Mines | Yamana Gold vs. Wheaton Precious Metals | Yamana Gold vs. Newmont Goldcorp Corp | Yamana Gold vs. Kinross Gold |
| Kirkland Lake vs. Gentex | Kirkland Lake vs. Cleanaway Waste Management | Kirkland Lake vs. 51Talk Online Education | Kirkland Lake vs. Marine Products |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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