Correlation Between AfriTin Mining and Kinross Gold
Can any of the company-specific risk be diversified away by investing in both AfriTin Mining and Kinross 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 AfriTin Mining and Kinross Gold into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AfriTin Mining and Kinross Gold Corp, you can compare the effects of market volatilities on AfriTin Mining and Kinross 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 AfriTin Mining with a short position of Kinross Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of AfriTin Mining and Kinross Gold.
Diversification Opportunities for AfriTin Mining and Kinross Gold
0.07 | Correlation Coefficient |
Significant diversification
The 3 months correlation between AfriTin and Kinross is 0.07. Overlapping area represents the amount of risk that can be diversified away by holding AfriTin Mining and Kinross Gold Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kinross Gold Corp and AfriTin Mining 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 AfriTin Mining are associated (or correlated) with Kinross Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kinross Gold Corp has no effect on the direction of AfriTin Mining i.e., AfriTin Mining and Kinross Gold go up and down completely randomly.
Pair Corralation between AfriTin Mining and Kinross Gold
Assuming the 90 days trading horizon AfriTin Mining is expected to generate 1.88 times less return on investment than Kinross Gold. In addition to that, AfriTin Mining is 1.23 times more volatile than Kinross Gold Corp. It trades about 0.08 of its total potential returns per unit of risk. Kinross Gold Corp is currently generating about 0.18 per unit of volatility. If you would invest 2,616 in Kinross Gold Corp on August 19, 2025 and sell it today you would earn a total of 994.00 from holding Kinross Gold Corp or generate 38.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
AfriTin Mining vs. Kinross Gold Corp
Performance |
| Timeline |
| AfriTin Mining |
| Kinross Gold Corp |
AfriTin Mining and Kinross Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AfriTin Mining and Kinross Gold
The main advantage of trading using opposite AfriTin Mining and Kinross Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AfriTin Mining position performs unexpectedly, Kinross 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 Kinross Gold will offset losses from the drop in Kinross Gold's long position.| AfriTin Mining vs. Public Storage | AfriTin Mining vs. Datalogic | AfriTin Mining vs. Alliance Data Systems | AfriTin Mining vs. Premier Foods PLC |
| Kinross Gold vs. Atresmedia | Kinross Gold vs. LBG Media PLC | Kinross Gold vs. Liberty Media Corp | Kinross Gold vs. MediaZest plc |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
Other Complementary Tools
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios |