Correlation Between Kinross Gold and Elemental Royalties
Can any of the company-specific risk be diversified away by investing in both Kinross Gold and Elemental Royalties 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 Elemental Royalties into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Kinross Gold Corp and Elemental Royalties Corp, you can compare the effects of market volatilities on Kinross Gold and Elemental Royalties 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 Elemental Royalties. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kinross Gold and Elemental Royalties.
Diversification Opportunities for Kinross Gold and Elemental Royalties
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Kinross and Elemental is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding Kinross Gold Corp and Elemental Royalties Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Elemental Royalties Corp 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 Corp are associated (or correlated) with Elemental Royalties. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Elemental Royalties Corp has no effect on the direction of Kinross Gold i.e., Kinross Gold and Elemental Royalties go up and down completely randomly.
Pair Corralation between Kinross Gold and Elemental Royalties
Given the investment horizon of 90 days Kinross Gold Corp is expected to generate 0.97 times more return on investment than Elemental Royalties. However, Kinross Gold Corp is 1.03 times less risky than Elemental Royalties. It trades about 0.13 of its potential returns per unit of risk. Elemental Royalties Corp is currently generating about 0.07 per unit of risk. If you would invest 757.00 in Kinross Gold Corp on August 16, 2025 and sell it today you would earn a total of 2,823 from holding Kinross Gold Corp or generate 372.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kinross Gold Corp vs. Elemental Royalties Corp
Performance |
| Timeline |
| Kinross Gold Corp |
| Elemental Royalties Corp |
Kinross Gold and Elemental Royalties Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kinross Gold and Elemental Royalties
The main advantage of trading using opposite Kinross Gold and Elemental Royalties positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kinross Gold position performs unexpectedly, Elemental Royalties 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 Elemental Royalties will offset losses from the drop in Elemental Royalties' long position.| Kinross Gold vs. Nutrien | Kinross Gold vs. Franco Nevada | Kinross Gold vs. Lundin Gold | Kinross Gold vs. Alamos Gold |
| Elemental Royalties vs. Steppe Gold | Elemental Royalties vs. International Tower Hill | Elemental Royalties vs. Heliostar Metals | Elemental Royalties vs. Jaguar 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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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