Automotive Properties Correlations

APR-UN Stock

CAD 11.23 0.15 1.35%

The current 90-days correlation between Automotive Properties and Nexus Real Estate is 0.26 (i.e., Modest diversification). The correlation of Automotive Properties 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.

Automotive Properties Correlation With Market

Very poor diversification

The correlation between Automotive Properties Real and DJI is 0.84 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Automotive Properties Real and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Automotive Stock

0.75	WPRT	Westport Fuel Systems	Pair Corr
0.9	MKO	Mako Mining Corp	Pair Corr
0.77	WAST	Waste Management CDR	Pair Corr
0.61	COLA	Coca Cola	Pair Corr
0.85	NICU	Magna Mining	Pair Corr
0.7	EXE	Extendicare	Pair Corr
0.93	BPF-UN	Boston Pizza Royalties	Pair Corr
0.83	RKR	ROKMASTER Resources Corp	Pair Corr
0.83	BCE	BCE Inc	Pair Corr
0.65	BBB	Brixton Metals	Pair Corr
0.84	TI	Titan Mining Corp	Pair Corr
0.7	MS	Morgan Stanley CDR	Pair Corr
0.93	SGR-U	Slate Grocery REIT	Pair Corr
0.79	QNC	Quantum eMotion Corp	Pair Corr
0.86	PSLV	Sprott Physical Silver	Pair Corr
0.87	PML	Panoro Minerals	Pair Corr
0.89	PGDC	Patagonia Gold Corp	Pair Corr
0.74	BTO	B2Gold Corp Earnings Call This Week	Pair Corr
0.83	TMG	Thermal Energy Inter	Pair Corr
0.86	MGG	Minaurum Silver	Pair Corr
0.73	ETG	Entree Resources	Pair Corr
0.83	CU-PH	Canadian Utilities	Pair Corr
0.95	BCE-PT	Bce Inc Pref	Pair Corr
0.86	CWEB	Charlottes Web Holdings	Pair Corr
0.92	ACQ	Autocanada	Pair Corr
0.62	DAN	Arianne Phosphate	Pair Corr
0.64	CIA	Champion Iron	Pair Corr
0.74	TUF	Honey Badger Silver	Pair Corr
0.7	SBI	Serabi Gold PLC	Pair Corr
0.62	CCA	Cogeco Communications	Pair Corr
0.87	FTT	Finning International	Pair Corr

Moving against Automotive Stock

0.84	ORC-A	Orca Energy Group	Pair Corr
0.52	RCI-A	Rogers Communications	Pair Corr
0.34	DII-A	Dorel Industries ClA	Pair Corr

Related Correlations Analysis

	NXR-UN	MI-UN	WFC	PLZ-UN	AX-UN	MRG-UN	PRV-UN	HOM-U	BTB-UN	MRT-UN
NXR-UN		0.72	-0.35	0.79	0.61	0.73	0.84	0.68	0.79	0.74	NXR-UN
MI-UN	0.72		-0.15	0.7	0.79	0.94	0.7	0.63	0.9	0.73	MI-UN
WFC	-0.35	-0.15		-0.37	-0.14	-0.06	-0.32	-0.16	-0.27	-0.22	WFC
PLZ-UN	0.79	0.7	-0.37		0.79	0.72	0.92	0.86	0.86	0.9	PLZ-UN
AX-UN	0.61	0.79	-0.14	0.79		0.84	0.74	0.8	0.89	0.88	AX-UN
MRG-UN	0.73	0.94	-0.06	0.72	0.84		0.74	0.73	0.92	0.79	MRG-UN
PRV-UN	0.84	0.7	-0.32	0.92	0.74	0.74		0.88	0.83	0.87	PRV-UN
HOM-U	0.68	0.63	-0.16	0.86	0.8	0.73	0.88		0.76	0.9	HOM-U
BTB-UN	0.79	0.9	-0.27	0.86	0.89	0.92	0.83	0.76		0.89	BTB-UN
MRT-UN	0.74	0.73	-0.22	0.9	0.88	0.79	0.87	0.9	0.89		MRT-UN
	NXR-UN	MI-UN	WFC	PLZ-UN	AX-UN	MRG-UN	PRV-UN	HOM-U	BTB-UN	MRT-UN

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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

MRG-UN	+ 0.94	MI-UN
PRV-UN	+ 0.92	PLZ-UN
BTB-UN	+ 0.92	MRG-UN
BTB-UN	+ 0.9	MI-UN
MRT-UN	+ 0.9	PLZ-UN
MRT-UN	+ 0.9	HOM-U

High negative correlations

PLZ-UN	- 0.37	WFC
WFC	- 0.35	NXR-UN
PRV-UN	- 0.32	WFC
BTB-UN	- 0.27	WFC
MRT-UN	- 0.22	WFC
HOM-U	- 0.16	WFC

Risk-Adjusted Indicators

There is a big difference between Automotive Stock performing well and Automotive Properties 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 Automotive Properties' 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
NXR-UN	0.88	0.01	(0.04)	0.23	1.26	(0.85)	1.56	(2.09)	4.84
MI-UN	1.07	0.45	0.60	1.25	0.00	(1.33)	1.50	(1.19)	27.71
WFC	0.66	0.07	0.01	6.63	0.95	(1.23)	2.15	(1.56)	8.33
PLZ-UN	0.64	0.09	0.05	0.92	0.55	(0.83)	1.44	(1.17)	3.75
AX-UN	2.17	0.38	0.09	1.46	3.15	(2.14)	4.98	(5.85)	20.87
MRG-UN	0.70	0.11	0.08	0.84	0.61	(0.85)	1.64	(1.20)	3.63
PRV-UN	0.75	0.09	0.05	0.44	0.91	(0.83)	1.52	(1.36)	5.25
HOM-U	1.36	0.12	0.03	15.98	1.52	(1.53)	3.19	(2.88)	10.34
BTB-UN	0.54	0.10	0.05	0.53	0.59	(0.62)	1.03	(1.27)	3.10
MRT-UN	0.95	0.15	0.08	0.35	1.11	(1.11)	2.24	(1.65)	8.70

Be your own money manager

Our tools can tell you how much better you can do entering a position in Automotive Properties 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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