Autocanada Correlations

ACQ Stock

CAD 23.93 0.28 1.18%

The current 90-days correlation between Autocanada and Pollard Banknote Limited is 0.06 (i.e., Significant 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

Average diversification

The correlation between Autocanada and DJI is 0.17 (i.e., Average 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

0.84

MSG

Mithril Silver

Pair Corr

Moving against Autocanada Stock

0.86	POW	Power	Pair Corr
0.83	ISRG	Intuitive Surgical CDR	Pair Corr
0.76	DOL	Dollarama	Pair Corr
0.72	ROCK	Rockridge Resources	Pair Corr
0.66	PTEC	Principal Technologies	Pair Corr
0.49	GMG	Graphene Manufacturing	Pair Corr
0.39	CMC	Cielo Waste Solutions	Pair Corr
0.31	ELD	Eldorado Gold Corp	Pair Corr

Related Correlations Analysis

	PBL	TWC	GBT	MRE	PZA	CKI	MTY	XTC	KITS	GH
PBL		0.15	0.37	0.22	0.38	0.81	-0.1	0.18	0.12	-0.57	PBL
TWC	0.15		-0.17	0.37	0.41	-0.08	0.74	0.7	0.84	0.12	TWC
GBT	0.37	-0.17		-0.11	-0.02	0.44	-0.35	-0.21	-0.2	-0.36	GBT
MRE	0.22	0.37	-0.11		-0.01	0.21	0.31	0.22	0.33	0.01	MRE
PZA	0.38	0.41	-0.02	-0.01		-0.05	0.29	0.76	0.64	-0.18	PZA
CKI	0.81	-0.08	0.44	0.21	-0.05		-0.27	-0.22	-0.25	-0.55	CKI
MTY	-0.1	0.74	-0.35	0.31	0.29	-0.27		0.69	0.72	0.1	MTY
XTC	0.18	0.7	-0.21	0.22	0.76	-0.22	0.69		0.87	0.02	XTC
KITS	0.12	0.84	-0.2	0.33	0.64	-0.25	0.72	0.87		0.16	KITS
GH	-0.57	0.12	-0.36	0.01	-0.18	-0.55	0.1	0.02	0.16		GH
	PBL	TWC	GBT	MRE	PZA	CKI	MTY	XTC	KITS	GH

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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

KITS	+ 0.87	XTC
KITS	+ 0.84	TWC
CKI	+ 0.81	PBL
XTC	+ 0.76	PZA
MTY	+ 0.74	TWC
KITS	+ 0.72	MTY

High negative correlations

GH	- 0.57	PBL
GH	- 0.55	CKI
GH	- 0.36	GBT
MTY	- 0.35	GBT
MTY	- 0.27	CKI
KITS	- 0.25	CKI

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
PBL	1.45	(0.26)	0.00	(0.82)	0.00	0.00	2.67	(3.60)	9.84
TWC	1.09	0.01	(0.02)	0.81	1.94	(1.35)	2.27	(2.47)	11.46
GBT	1.19	0.05	(0.01)	(0.09)	1.66	(2.49)	3.90	(3.61)	10.38
MRE	1.18	(0.07)	0.00	(0.03)	0.00	0.00	2.04	(2.25)	8.42
PZA	0.61	0.01	(0.02)	0.11	1.07	(0.60)	0.97	(1.24)	5.89
CKI	1.00	(0.48)	0.00	(0.95)	0.00	0.00	1.76	(4.09)	8.64
MTY	1.32	0.02	(0.02)	(0.02)	2.23	(1.46)	2.04	(2.13)	21.01
XTC	0.92	0.04	0.00	0.18	1.12	(0.96)	1.67	(1.95)	5.39
KITS	2.26	0.23	0.09	0.20	2.54	(2.59)	5.25	(4.65)	12.62
GH	0.62	0.02	(0.03)	0.26	0.72	(0.70)	1.31	(1.35)	3.92

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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