Cameco Corp Correlations

CCJ Stock

USD 50.07 1.47 3.02%

A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Cameco Corp moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Cameco Corp moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Cameco Corp Correlation With Market

Average diversification

The correlation between Cameco Corp and DJI is 0.15 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Cameco Corp and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Cameco Corp. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in main economic indicators.

For more information on how to buy Cameco Stock please use our How to buy in Cameco Stock guide.

Moving together with Cameco Stock

0.86	DNN	Denison Mines Corp Buyout Trend	Pair Corr
0.94	NXE	NexGen Energy Buyout Trend	Pair Corr
0.9	UEC	Uranium Energy Corp	Pair Corr
0.75	URG	Ur Energy	Pair Corr
0.79	UUUU	Energy Fuels Buyout Trend	Pair Corr

Moving against Cameco Stock

0.56	TK	Teekay	Pair Corr
0.32	BP	BP PLC ADR Earnings Call This Week	Pair Corr
0.4	APA	APA Corporation	Pair Corr
0.4	BRY	Berry Petroleum Corp	Pair Corr
0.37	EPSN	Epsilon Energy	Pair Corr

Related Correlations Analysis

	UUUU	NXE	UEC	URG	DNN	EU
UUUU		0.87	0.79	0.72	0.84	0.45	UUUU
NXE	0.87		0.91	0.84	0.96	0.55	NXE
UEC	0.79	0.91		0.84	0.9	0.56	UEC
URG	0.72	0.84	0.84		0.9	0.77	URG
DNN	0.84	0.96	0.9	0.9		0.68	DNN
EU	0.45	0.55	0.56	0.77	0.68		EU
	UUUU	NXE	UEC	URG	DNN	EU

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Risk-Adjusted Indicators

There is a big difference between Cameco Stock performing well and Cameco Corp 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 Cameco Corp'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	Potential Upside	Value @Risk	Maximum Drawdown
UUUU	2.81	(0.12)	(0.10)	7.10	(4.92)	20.18
NXE	2.41	(0.15)	(0.27)	6.33	(4.66)	26.34
UEC	3.02	(0.07)	(0.17)	5.98	(5.34)	25.64
URG	2.48	(0.11)	0.70	4.84	(4.32)	22.52
DNN	2.64	(0.19)	(1.04)	4.41	(4.62)	30.33
EU	2.26	(0.27)	(2.24)	4.51	(4.78)	16.65

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