AutoCanada Correlations

AOCIF Stock

USD 17.29 0.00 0.00%

The current 90-days correlation between AutoCanada and Kamux Oyj is -0.49 (i.e., Very good diversification). The correlation of AutoCanada 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.

AutoCanada Correlation With Market

Average diversification

The correlation between AutoCanada and DJI is 0.1 (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 Pink Sheet

0.85	PLUG	Plug Power Buyout Trend	Pair Corr
0.8	GRAB	Grab Holdings	Pair Corr
0.81	NIO	Nio Class A Aggressive Push	Pair Corr
0.79	RXRX	Recursion Pharmaceuticals	Pair Corr
0.89	AUR	Aurora Innovation	Pair Corr
0.67	BA	Boeing	Pair Corr
0.72	HPQ	HP Inc	Pair Corr
0.86	HD	Home Depot	Pair Corr
0.77	MSFT	Microsoft	Pair Corr

Moving against AutoCanada Pink Sheet

0.89	KO	Coca Cola	Pair Corr
0.88	CSCO	Cisco Systems	Pair Corr
0.85	DD	Dupont De Nemours	Pair Corr
0.75	MMM	3M Company	Pair Corr
0.75	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr
0.74	F	Ford Motor	Pair Corr
0.74	JNJ	Johnson Johnson	Pair Corr
0.68	MRK	Merck Company	Pair Corr
0.65	TRV	The Travelers Companies	Pair Corr
0.63	IBM	International Business	Pair Corr
0.6	INFY	Infosys Ltd ADR	Pair Corr
0.58	RIVN	Rivian Automotive	Pair Corr
0.48	WMT	Walmart Common Stock Aggressive Push	Pair Corr
0.44	AA	Alcoa Corp	Pair Corr

Related Correlations Analysis

	KMUXF	FRFTF	GLVHF	TCISF	CRFCF	VTMTF	VDEVF	FCVFF	KRSOF	CMEIF
KMUXF		0.75	0.0	0.67	-0.36	-0.77	0.69	0.0	0.0	-0.26	KMUXF
FRFTF	0.75		0.0	0.9	-0.41	-0.8	0.94	0.0	0.0	-0.34	FRFTF
GLVHF	0.0	0.0		0.0	0.0	0.0	0.0	0.0	-1.0	0.0	GLVHF
TCISF	0.67	0.9	0.0		-0.45	-0.63	0.96	0.0	0.0	-0.39	TCISF
CRFCF	-0.36	-0.41	0.0	-0.45		0.37	-0.43	0.0	0.0	0.86	CRFCF
VTMTF	-0.77	-0.8	0.0	-0.63	0.37		-0.69	0.0	0.0	0.31	VTMTF
VDEVF	0.69	0.94	0.0	0.96	-0.43	-0.69		0.0	0.0	-0.37	VDEVF
FCVFF	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	FCVFF
KRSOF	0.0	0.0	-1.0	0.0	0.0	0.0	0.0	0.0		0.0	KRSOF
CMEIF	-0.26	-0.34	0.0	-0.39	0.86	0.31	-0.37	0.0	0.0		CMEIF
	KMUXF	FRFTF	GLVHF	TCISF	CRFCF	VTMTF	VDEVF	FCVFF	KRSOF	CMEIF

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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

VDEVF	+ 0.96	TCISF
VDEVF	+ 0.94	FRFTF
TCISF	+ 0.9	FRFTF
CMEIF	+ 0.86	CRFCF
FRFTF	+ 0.75	KMUXF
VDEVF	+ 0.69	KMUXF

High negative correlations

KRSOF	- 1.0	GLVHF
VTMTF	- 0.8	FRFTF
VTMTF	- 0.77	KMUXF
VDEVF	- 0.69	VTMTF
VTMTF	- 0.63	TCISF
CRFCF	- 0.45	TCISF

Risk-Adjusted Indicators

There is a big difference between AutoCanada Pink Sheet 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	Treynor Ratio	Maximum Drawdown
KMUXF	0.02	0.00	0.00	0.66
FRFTF	0.08	0.03	(15.97)	2.48
GLVHF	0.00	0.00	0.00	0.00
TCISF	0.70	0.36	(1.51)	13.21
CRFCF	1.21	(0.55)	0.62	27.93
VTMTF	0.14	(0.07)	(3.23)	3.61
VDEVF	0.22	0.11	(0.75)	7.22
FCVFF	0.00	0.00	0.00	0.00
KRSOF	0.00	0.00	0.00	0.00
CMEIF	1.07	(0.60)	(0.73)	36.00

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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