GFL ENVIRONM Correlations

36E Stock

EUR 43.60 0.20 0.46%

The current 90-days correlation between GFL ENVIRONM and Superior Plus Corp is 0.01 (i.e., Significant diversification). The correlation of GFL ENVIRONM 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.

GFL ENVIRONM Correlation With Market

Average diversification

The correlation between GFL ENVIRONM and DJI is 0.18 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding GFL ENVIRONM and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to GFL ENVIRONM could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace GFL ENVIRONM when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back GFL ENVIRONM - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling GFL ENVIRONM to buy it.

Moving together with GFL Stock

0.88	UWS	Waste Management	Pair Corr
0.91	RPU	Republic Services	Pair Corr
0.86	UI51	Waste Connections	Pair Corr
0.61	CH6	Clean Harbors	Pair Corr
0.64	KBIA	KB Financial Group	Pair Corr

Moving against GFL Stock

0.78	VVD	Veolia Environnement	Pair Corr
0.76	VVD	Veolia Environnement	Pair Corr
0.76	PTI	Perusahaan Perseroan	Pair Corr
0.75	VVDH	Veolia Environnement	Pair Corr
0.73	PQ9	PT Bank Mandiri	Pair Corr
0.72	BYRA	PT Bank Rakyat	Pair Corr
0.71	TCID	Telkom Indonesia Tbk	Pair Corr
0.68	VVDH	Veolia Environnement	Pair Corr
0.44	SSU	Samsung Electronics	Pair Corr
0.43	SSUN	Samsung Electronics	Pair Corr
0.43	SSUN	Samsung Electronics	Pair Corr
0.43	SSU	Samsung Electronics	Pair Corr
0.36	NVJP	Umicore SA	Pair Corr
0.35	BZG2	PT Bank Central	Pair Corr

Related Correlations Analysis

	8SP	6NM	39O1	2DG	TLX	TM9	INVN	IUI1	6HW
8SP		0.66	0.32	0.73	0.24	0.26	-0.75	-0.84	0.61	8SP
6NM	0.66		0.45	0.22	0.22	0.23	-0.31	-0.43	0.16	6NM
39O1	0.32	0.45		0.17	-0.22	0.46	-0.05	-0.31	-0.13	39O1
2DG	0.73	0.22	0.17		0.11	0.18	-0.81	-0.87	0.8	2DG
TLX	0.24	0.22	-0.22	0.11		-0.01	-0.09	-0.06	0.35	TLX
TM9	0.26	0.23	0.46	0.18	-0.01		-0.05	-0.26	0.0	TM9
INVN	-0.75	-0.31	-0.05	-0.81	-0.09	-0.05		0.85	-0.77	INVN
IUI1	-0.84	-0.43	-0.31	-0.87	-0.06	-0.26	0.85		-0.64	IUI1
6HW	0.61	0.16	-0.13	0.8	0.35	0.0	-0.77	-0.64		6HW
	8SP	6NM	39O1	2DG	TLX	TM9	INVN	IUI1	6HW

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

IUI1	+ 0.85	INVN
6HW	+ 0.8	2DG
2DG	+ 0.73	8SP
6NM	+ 0.66	8SP
6HW	+ 0.61	8SP
TM9	+ 0.46	39O1

High negative correlations

IUI1	- 0.87	2DG
IUI1	- 0.84	8SP
INVN	- 0.81	2DG
6HW	- 0.77	INVN
INVN	- 0.75	8SP
6HW	- 0.64	IUI1

Risk-Adjusted Indicators

There is a big difference between GFL Stock performing well and GFL ENVIRONM 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 GFL ENVIRONM'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
8SP	2.10	(0.13)	0.00	1.09	0.00	0.00	3.38	(4.74)	20.22
6NM	1.23	0.00	(0.02)	0.12	1.76	(1.32)	2.79	(2.69)	9.64
39O1	3.77	0.20	0.04	0.41	3.51	(5.27)	8.41	(5.38)	34.42
2DG	3.89	(1.69)	0.00	(1.15)	0.00	0.00	6.45	(8.57)	52.42
TLX	0.97	(0.02)	(0.07)	0.08	1.13	(1.12)	2.67	(1.64)	7.58
TM9	2.78	0.08	(0.02)	(0.02)	4.26	(3.08)	5.56	(6.43)	36.50
INVN	2.16	0.13	0.04	0.28	2.54	(2.55)	5.61	(4.98)	14.01
IUI1	1.26	0.26	0.14	0.90	1.05	(1.49)	3.28	(1.96)	10.01
6HW	0.42	(0.10)	0.00	0.91	0.00	0.00	1.21	(1.80)	5.39

Be your own money manager

Our tools can tell you how much better you can do entering a position in GFL ENVIRONM without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

Did you try this?

Run Bollinger Bands Now

Bollinger Bands

Use Bollinger Bands indicator to analyze target price for a given investing horizon

All Next

Launch Module

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC