Autocanada Correlations

ACQ Stock

CAD 23.85 0.76 3.09%

The current 90-days correlation between Autocanada and CCL Industries is -0.02 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Autocanada moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Autocanada moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Autocanada Correlation With Market

Very poor diversification

The correlation between Autocanada and DJI is 0.86 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Autocanada and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Autocanada could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Autocanada 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 Autocanada - 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 Autocanada to buy it.

Moving together with Autocanada Stock

0.7	FNV	Franco Nevada Earnings Call This Week	Pair Corr
0.66	AEM	Agnico Eagle Mines	Pair Corr
0.91	ATX	ATEX Resources	Pair Corr
0.84	SLF-PJ	Sun Life Financial	Pair Corr
0.8	BPF-UN	Boston Pizza Royalties	Pair Corr
0.63	AQN-PD	Algonquin Power Utilities Earnings Call Today	Pair Corr
0.87	BN-PC	Brookfield	Pair Corr
0.7	TOT	Total Energy Services Earnings Call This Week	Pair Corr
0.7	RUP	Rupert Resources	Pair Corr
0.67	BN-PFI	Brookfield	Pair Corr
0.64	GIGA	Giga Metals Corp	Pair Corr
0.81	FTEC	Fintech Select	Pair Corr
0.85	PESO	Pesorama	Pair Corr
0.73	OBE	Obsidian Energy	Pair Corr
0.65	TCL-A	Transcontinental Earnings Call This Week	Pair Corr
0.78	IVN	Ivanhoe Mines	Pair Corr
0.81	GUG	Gungnir Resources	Pair Corr
0.91	CJT	Cargojet	Pair Corr
0.87	IFA	iFabric Corp	Pair Corr
0.9	MU	Micron Technology	Pair Corr
0.62	GMG	Graphene Manufacturing	Pair Corr
0.69	URE	Ur Energy	Pair Corr

Moving against Autocanada Stock

0.87	CSU	Constellation Software Earnings Call This Week	Pair Corr
0.75	IFC	Intact Financial	Pair Corr
0.46	FFH	Fairfax Financial	Pair Corr
0.43	CLS	Celestica	Pair Corr

Related Correlations Analysis

	CCL-A	CCL-B	LNR	GIL	XTC	CTC-A	CTC	MRE	WPRT
CCL-A		0.42	0.2	0.05	0.03	0.29	-0.38	0.33	0.28	CCL-A
CCL-B	0.42		0.72	0.51	0.55	0.8	-0.46	0.66	0.38	CCL-B
LNR	0.2	0.72		0.9	0.84	0.84	-0.74	0.6	0.63	LNR
GIL	0.05	0.51	0.9		0.86	0.71	-0.76	0.44	0.49	GIL
XTC	0.03	0.55	0.84	0.86		0.86	-0.57	0.48	0.35	XTC
CTC-A	0.29	0.8	0.84	0.71	0.86		-0.53	0.58	0.46	CTC-A
CTC	-0.38	-0.46	-0.74	-0.76	-0.57	-0.53		-0.4	-0.51	CTC
MRE	0.33	0.66	0.6	0.44	0.48	0.58	-0.4		0.33	MRE
WPRT	0.28	0.38	0.63	0.49	0.35	0.46	-0.51	0.33		WPRT
	CCL-A	CCL-B	LNR	GIL	XTC	CTC-A	CTC	MRE	WPRT

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

GIL	+ 0.9	LNR
XTC	+ 0.86	GIL
CTC-A	+ 0.86	XTC
XTC	+ 0.84	LNR
CTC-A	+ 0.84	LNR
CTC-A	+ 0.8	CCL-B

High negative correlations

CTC	- 0.76	GIL
CTC	- 0.74	LNR
CTC	- 0.57	XTC
CTC	- 0.53	CTC-A
WPRT	- 0.51	CTC
CTC	- 0.46	CCL-B

Risk-Adjusted Indicators

There is a big difference between Autocanada Stock performing well and Autocanada 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 Autocanada'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
CCL-A	0.59	0.02	(0.01)	(0.62)	1.10	(1.98)	2.78	(1.07)	9.46
CCL-B	1.20	0.11	0.05	(1.28)	1.26	(1.32)	2.68	(1.77)	8.63
LNR	1.04	0.21	0.18	0.36	0.84	(1.20)	3.05	(1.63)	7.54
GIL	1.31	0.16	0.12	0.22	1.12	(1.59)	4.63	(2.14)	8.55
XTC	1.16	0.20	0.14	0.40	1.16	(1.29)	2.69	(2.02)	7.45
CTC-A	0.78	0.21	0.22	1.62	0.51	(0.87)	1.98	(1.30)	4.18
CTC	1.15	(0.15)	0.00	(1.85)	0.00	0.00	3.06	(3.76)	8.36
MRE	1.19	0.02	0.00	0.07	1.41	(1.35)	2.41	(2.12)	8.42
WPRT	2.96	0.34	0.12	0.41	2.59	(4.28)	7.79	(5.31)	23.27

Be your own money manager

Our tools can tell you how much better you can do entering a position in Autocanada 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.

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