Correlation Between Kinross Gold and WixCom
Can any of the company-specific risk be diversified away by investing in both Kinross Gold and WixCom 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 WixCom into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Kinross Gold and WixCom, you can compare the effects of market volatilities on Kinross Gold and WixCom 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 WixCom. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kinross Gold and WixCom.
Diversification Opportunities for Kinross Gold and WixCom
-0.83 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Kinross and WixCom is -0.83. Overlapping area represents the amount of risk that can be diversified away by holding Kinross Gold and WixCom in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on WixCom 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 WixCom. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of WixCom has no effect on the direction of Kinross Gold i.e., Kinross Gold and WixCom go up and down completely randomly.
Pair Corralation between Kinross Gold and WixCom
Considering the 90-day investment horizon Kinross Gold is expected to generate 0.94 times more return on investment than WixCom. However, Kinross Gold is 1.06 times less risky than WixCom. It trades about 0.24 of its potential returns per unit of risk. WixCom is currently generating about -0.04 per unit of risk. If you would invest 1,545 in Kinross Gold on June 4, 2025 and sell it today you would earn a total of 601.00 from holding Kinross Gold or generate 38.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kinross Gold vs. WixCom
Performance |
| Timeline |
| Kinross Gold |
| WixCom |
Kinross Gold and WixCom Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kinross Gold and WixCom
The main advantage of trading using opposite Kinross Gold and WixCom positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kinross Gold position performs unexpectedly, WixCom 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 WixCom will offset losses from the drop in WixCom's long position.| Kinross Gold vs. Agnico Eagle Mines | Kinross Gold vs. AngloGold Ashanti plc | Kinross Gold vs. B2Gold Corp | Kinross Gold vs. Eldorado Gold Corp |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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