Kinross Gold Correlations

KGC Stock

USD 11.79 0.90 7.09%

The current 90-days correlation between Kinross Gold and Pan American Silver is 0.78 (i.e., Poor diversification). The correlation of Kinross Gold is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Kinross Gold Correlation With Market

Weak diversification

The correlation between Kinross Gold and DJI is 0.33 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Kinross Gold and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Kinross Gold. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in price.

For information on how to trade Kinross Stock refer to our How to Trade Kinross Stock guide.

Moving together with Kinross Stock

0.86	X	United States Steel	Pair Corr
0.65	AG	First Majestic Silver	Pair Corr
0.96	AU	AngloGold Ashanti plc	Pair Corr
0.64	MT	ArcelorMittal SA ADR	Pair Corr
0.86	OR	Osisko Gold Ro	Pair Corr
0.61	TX	Ternium SA ADR Downward Rally	Pair Corr
0.65	HYMCL	Hycroft Mining Holding	Pair Corr
0.92	AEM	Agnico Eagle Mines	Pair Corr
0.87	AGI	Alamos Gold	Pair Corr
0.62	BTG	B2Gold Corp	Pair Corr
0.81	DRD	DRDGOLD Limited ADR	Pair Corr
0.84	EQX	Equinox Gold Corp	Pair Corr
0.91	FNV	Franco Nevada	Pair Corr
0.88	FSM	Fortuna Silver Mines	Pair Corr
0.9	GFI	Gold Fields	Pair Corr
0.94	HMY	Harmony Gold Mining	Pair Corr

Moving against Kinross Stock

0.65	WS	Worthington Steel	Pair Corr
0.61	DOW	Dow Inc	Pair Corr
0.56	HYMCW	Hycroft Mining Holding	Pair Corr
0.53	IE	Ivanhoe Electric	Pair Corr
0.5	AA	Alcoa Corp	Pair Corr
0.36	CE	Celanese	Pair Corr
0.68	OLN	Olin	Pair Corr
0.44	HUN	Huntsman	Pair Corr
0.43	LXU	Lsb Industries	Pair Corr
0.32	PFH	Prudential Financial 4125	Pair Corr
0.31	HLP	Hongli Group Ordinary	Pair Corr

Related Correlations Analysis

	PAAS	NEM	WPM	FNV	AEM	GFI	AU	HMY	EGO
PAAS		0.91	0.92	0.92	0.94	0.91	0.89	0.82	0.18	PAAS
NEM	0.91		0.9	0.91	0.94	0.92	0.95	0.9	0.3	NEM
WPM	0.92	0.9		0.98	0.97	0.98	0.94	0.86	0.3	WPM
FNV	0.92	0.91	0.98		0.99	0.98	0.96	0.9	0.36	FNV
AEM	0.94	0.94	0.97	0.99		0.98	0.97	0.93	0.3	AEM
GFI	0.91	0.92	0.98	0.98	0.98		0.97	0.93	0.32	GFI
AU	0.89	0.95	0.94	0.96	0.97	0.97		0.96	0.42	AU
HMY	0.82	0.9	0.86	0.9	0.93	0.93	0.96		0.48	HMY
EGO	0.18	0.3	0.3	0.36	0.3	0.32	0.42	0.48		EGO
	PAAS	NEM	WPM	FNV	AEM	GFI	AU	HMY	EGO

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Risk-Adjusted Indicators

There is a big difference between Kinross Stock performing well and Kinross Gold Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Kinross Gold's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
PAAS	2.20	0.35	0.10	0.13	3.03	(2.36)	4.83	(4.46)	12.73
NEM	1.57	0.44	0.18	0.32	2.24	(1.61)	3.61	(3.35)	9.47
WPM	1.46	0.51	0.21	0.42	2.09	(1.53)	2.99	(2.53)	7.60
FNV	1.23	0.46	0.22	0.46	1.85	(1.27)	3.01	(2.14)	7.88
AEM	1.48	0.51	0.24	0.53	2.06	(1.68)	3.84	(2.31)	9.76
GFI	2.10	0.79	0.27	1.06	2.73	(2.39)	4.48	(3.04)	11.38
AU	2.06	0.76	0.28	0.87	2.31	(2.29)	4.73	(3.33)	12.42
HMY	2.56	0.90	0.25	0.90	3.00	(2.73)	5.10	(4.36)	13.50
EGO	2.18	0.32	0.09	0.23	3.82	(1.98)	4.64	(5.86)	16.79

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