Canon Correlations

CAJFF Stock

USD 32.09 0.21 0.65%

The current 90-days correlation between Canon Inc and NetApp Inc is 0.01 (i.e., Significant diversification). The correlation of Canon 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.

Canon Correlation With Market

Average diversification

The correlation between Canon Inc and DJI is 0.13 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Canon Inc and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Canon Pink Sheet

0.4	126650DL1	CVS HEALTH P	Pair Corr
0.36	WDC	Western Digital	Pair Corr
0.33	NTAP	NetApp Inc	Pair Corr
0.32	AXON	Axon Enterprise	Pair Corr
0.31	PCOR	Procore Technologies	Pair Corr
0.38	ITT	ITT Inc Earnings Call This Week	Pair Corr
0.38	DIS	Walt Disney Earnings Call This Week	Pair Corr
0.36	SE	Sea	Pair Corr
0.34	MSTR	MicroStrategy Incorporated Earnings Call This Week	Pair Corr
0.34	MSFT	Microsoft Downward Rally	Pair Corr

Related Correlations Analysis

	VJET	OSS	AITX	QUBT	CRSR	NTAP	STX	DELL	WDC	NNDM
VJET		-0.71	-0.5	-0.45	-0.61	0.02	0.14	0.53	0.17	-0.32	VJET
OSS	-0.71		0.58	0.63	0.56	-0.08	-0.23	-0.69	-0.37	0.53	OSS
AITX	-0.5	0.58		0.32	0.26	-0.28	-0.32	-0.27	-0.32	0.17	AITX
QUBT	-0.45	0.63	0.32		0.12	-0.17	-0.65	-0.54	-0.48	0.78	QUBT
CRSR	-0.61	0.56	0.26	0.12		0.45	0.37	-0.42	0.25	0.0	CRSR
NTAP	0.02	-0.08	-0.28	-0.17	0.45		0.55	0.23	0.71	-0.26	NTAP
STX	0.14	-0.23	-0.32	-0.65	0.37	0.55		0.28	0.68	-0.55	STX
DELL	0.53	-0.69	-0.27	-0.54	-0.42	0.23	0.28		0.39	-0.58	DELL
WDC	0.17	-0.37	-0.32	-0.48	0.25	0.71	0.68	0.39		-0.4	WDC
NNDM	-0.32	0.53	0.17	0.78	0.0	-0.26	-0.55	-0.58	-0.4		NNDM
	VJET	OSS	AITX	QUBT	CRSR	NTAP	STX	DELL	WDC	NNDM

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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

NNDM	+ 0.78	QUBT
WDC	+ 0.71	NTAP
WDC	+ 0.68	STX
QUBT	+ 0.63	OSS
AITX	+ 0.58	OSS
CRSR	+ 0.56	OSS

High negative correlations

OSS	- 0.71	VJET
DELL	- 0.69	OSS
STX	- 0.65	QUBT
CRSR	- 0.61	VJET
NNDM	- 0.58	DELL
NNDM	- 0.55	STX

Risk-Adjusted Indicators

There is a big difference between Canon Pink Sheet performing well and Canon 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 Canon'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
VJET	2.64	(0.30)	0.00	(0.92)	0.00	0.00	5.13	(4.52)	22.43
OSS	4.15	0.69	0.15	1.45	4.09	(5.12)	12.18	(7.44)	28.09
AITX	5.09	0.59	0.07	(0.46)	4.49	(10.40)	13.79	(8.33)	65.04
QUBT	16.43	6.09	0.37	(2.82)	12.66	(19.74)	55.45	(27.39)	136.09
CRSR	2.87	0.60	0.20	0.98	2.39	(3.39)	7.62	(4.32)	14.96
NTAP	1.52	0.01	(0.02)	0.10	2.21	(1.48)	3.14	(3.43)	9.60
STX	1.34	(0.09)	0.00	(0.07)	0.00	0.00	3.19	(3.10)	11.20
DELL	2.14	(0.18)	0.00	(3.30)	0.00	0.00	3.80	(4.74)	18.64
WDC	1.93	(0.11)	0.00	(0.12)	0.00	0.00	4.52	(4.47)	11.34
NNDM	2.67	0.19	0.01	(0.11)	2.83	(3.16)	8.06	(4.10)	23.92

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Our tools can tell you how much better you can do entering a position in Canon 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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Canon Corporate Management

Seymour Liebman	Managing Executive Officer	Profile
Hisahiro Minokawa	Executive Officer, Senior Manager of Human Resources Center	Profile
Warren Dyer	Chief Officer	Profile
Yoichi Iwabuchi	Executive Officer, Manager of Software Basic Technology Development Center	Profile

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