Correlation Between Kinross Gold and Sutter Gold
Can any of the company-specific risk be diversified away by investing in both Kinross Gold and Sutter Gold 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 Kinross Gold and Sutter Gold into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Kinross Gold and Sutter Gold Mining, you can compare the effects of market volatilities on Kinross Gold and Sutter Gold 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 Kinross Gold with a short position of Sutter Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kinross Gold and Sutter Gold.
Diversification Opportunities for Kinross Gold and Sutter Gold
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Kinross and Sutter is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Kinross Gold and Sutter Gold Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sutter Gold Mining and Kinross 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 Kinross Gold are associated (or correlated) with Sutter Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sutter Gold Mining has no effect on the direction of Kinross Gold i.e., Kinross Gold and Sutter Gold go up and down completely randomly.
Pair Corralation between Kinross Gold and Sutter Gold
If you would invest 950.00 in Kinross Gold on September 13, 2024 and sell it today you would earn a total of 55.00 from holding Kinross Gold or generate 5.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Kinross Gold vs. Sutter Gold Mining
Performance |
| Timeline |
| Kinross Gold |
| Sutter Gold Mining |
Kinross Gold and Sutter Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kinross Gold and Sutter Gold
The main advantage of trading using opposite Kinross Gold and Sutter Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kinross Gold position performs unexpectedly, Sutter Gold 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 Sutter Gold will offset losses from the drop in Sutter Gold's long position.| Kinross Gold vs. Pan American Silver | Kinross Gold vs. Newmont Goldcorp Corp | Kinross Gold vs. Wheaton Precious Metals | Kinross Gold vs. Franco Nevada |
| Sutter Gold vs. New Gold | Sutter Gold vs. Eldorado Gold Corp | Sutter Gold vs. Kinross Gold | Sutter Gold vs. Harmony Gold Mining |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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