Aecon Correlations

ARE Stock

CAD 35.30 0.44 1.23%

The current 90-days correlation between Aecon Group and Bird Construction is 0.38 (i.e., Weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Aecon moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Aecon Group moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Aecon Correlation With Market

Very poor diversification

The correlation between Aecon Group 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 Aecon Group and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Aecon Stock

0.71	WMT	Walmart Inc CDR	Pair Corr
0.81	UPS	UPS CDR	Pair Corr
0.78	ECU	Element 29 Resources	Pair Corr
0.78	CFW	Calfrac Well Services	Pair Corr
0.8	SMD	Strategic Metals	Pair Corr
0.71	BOS	AirBoss of America	Pair Corr
0.66	CAF	Canaf Investments	Pair Corr
0.76	APM	Andean Precious Metals	Pair Corr
0.87	HCH	Hot Chili	Pair Corr
0.72	MRG-UN	Morguard North American	Pair Corr
0.8	GMG	Graphene Manufacturing	Pair Corr
0.74	LA	Los Andes Copper	Pair Corr
0.7	AZS	Arizona Gold Silver	Pair Corr
0.78	PGDC	Patagonia Gold Corp	Pair Corr
0.84	NEXG	NeXGold Mining Corp	Pair Corr
0.82	AZM	Azimut Exploration	Pair Corr

Moving against Aecon Stock

0.69	BRK	Berkshire Hathaway CDR	Pair Corr
0.69	BRK	Berkshire Hathaway CDR	Pair Corr

Related Correlations Analysis

	BDT	BDGI	TCL-A	SIS	WTE	RUS	BLDP	HPS-A
BDT		0.48	0.5	0.62	0.63	0.76	0.02	0.3	BDT
BDGI	0.48		0.68	0.73	0.83	0.72	-0.37	-0.19	BDGI
TCL-A	0.5	0.68		0.64	0.81	0.77	-0.72	-0.46	TCL-A
SIS	0.62	0.73	0.64		0.85	0.88	-0.36	-0.35	SIS
WTE	0.63	0.83	0.81	0.85		0.93	-0.57	-0.3	WTE
RUS	0.76	0.72	0.77	0.88	0.93		-0.52	-0.22	RUS
BLDP	0.02	-0.37	-0.72	-0.36	-0.57	-0.52		0.76	BLDP
HPS-A	0.3	-0.19	-0.46	-0.35	-0.3	-0.22	0.76		HPS-A
	BDT	BDGI	TCL-A	SIS	WTE	RUS	BLDP	HPS-A

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

RUS	+ 0.93	WTE
RUS	+ 0.88	SIS
WTE	+ 0.85	SIS
WTE	+ 0.83	BDGI
WTE	+ 0.81	TCL-A
RUS	+ 0.77	TCL-A

High negative correlations

BLDP	- 0.72	TCL-A
BLDP	- 0.57	WTE
BLDP	- 0.52	RUS
HPS-A	- 0.46	TCL-A
BLDP	- 0.37	BDGI
BLDP	- 0.36	SIS

Risk-Adjusted Indicators

There is a big difference between Aecon Stock performing well and Aecon 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 Aecon'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
BDT	1.47	0.00	(0.02)	0.04	2.69	(1.25)	3.10	(3.75)	11.62
BDGI	1.25	0.15	0.06	0.72	1.57	(1.31)	2.79	(2.68)	9.23
TCL-A	1.21	0.29	0.19	(0.77)	0.97	(1.52)	1.91	(1.97)	21.82
SIS	1.03	0.12	0.08	0.36	1.02	(1.21)	2.42	(1.95)	7.79
WTE	0.83	0.24	0.16	(6.91)	0.84	(0.94)	2.18	(1.53)	4.56
RUS	0.91	0.22	0.13	1.44	1.21	(1.00)	1.89	(1.44)	6.83
BLDP	2.26	(0.54)	0.00	(0.59)	0.00	0.00	3.76	(4.99)	15.09
HPS-A	2.27	(0.03)	(0.01)	0.00	3.35	(2.21)	4.13	(5.23)	19.50

Be your own money manager

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