Canadian TireLimited Correlations

CDNAF Stock

USD 130.47 1.80 1.36%

The current 90-days correlation between Canadian TireLimited and JD Sports Fashion is 0.26 (i.e., Modest diversification). The correlation of Canadian TireLimited 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.

Canadian TireLimited Correlation With Market

Poor diversification

The correlation between Canadian Tire and DJI is 0.7 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Canadian Tire and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Canadian Pink Sheet

0.72	DD	Dupont De Nemours	Pair Corr
0.61	INTC	Intel	Pair Corr
0.66	CVX	Chevron Corp	Pair Corr
0.66	JNJ	Johnson Johnson	Pair Corr
0.7	AA	Alcoa Corp	Pair Corr
0.72	BA	Boeing	Pair Corr
0.7	CAT	Caterpillar	Pair Corr
0.71	WMT	Walmart Common Stock Earnings Call Next Week	Pair Corr

Moving against Canadian Pink Sheet

0.65	HPQ	HP Inc	Pair Corr
0.62	MSFT	Microsoft	Pair Corr
0.38	IBM	International Business	Pair Corr

Related Correlations Analysis

	JDSPY	JDDSF	ELPQF	HNORY	ZLNDY	MCHVF	MONOY	BSDGY	DELHY	TOKUF
JDSPY		0.29	0.46	-0.01	0.66	-0.54	0.42	-0.45	0.74	0.39	JDSPY
JDDSF	0.29		0.42	-0.06	0.52	-0.38	0.38	-0.33	0.3	0.31	JDDSF
ELPQF	0.46	0.42		-0.05	0.36	-0.82	0.05	-0.84	0.59	0.66	ELPQF
HNORY	-0.01	-0.06	-0.05		-0.1	-0.12	-0.09	0.07	0.01	0.12	HNORY
ZLNDY	0.66	0.52	0.36	-0.1		-0.33	0.5	-0.44	0.55	0.16	ZLNDY
MCHVF	-0.54	-0.38	-0.82	-0.12	-0.33		0.0	0.84	-0.77	-0.83	MCHVF
MONOY	0.42	0.38	0.05	-0.09	0.5	0.0		0.14	0.13	-0.21	MONOY
BSDGY	-0.45	-0.33	-0.84	0.07	-0.44	0.84	0.14		-0.72	-0.73	BSDGY
DELHY	0.74	0.3	0.59	0.01	0.55	-0.77	0.13	-0.72		0.69	DELHY
TOKUF	0.39	0.31	0.66	0.12	0.16	-0.83	-0.21	-0.73	0.69		TOKUF
	JDSPY	JDDSF	ELPQF	HNORY	ZLNDY	MCHVF	MONOY	BSDGY	DELHY	TOKUF

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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

BSDGY	+ 0.84	MCHVF
DELHY	+ 0.74	JDSPY
TOKUF	+ 0.69	DELHY
ZLNDY	+ 0.66	JDSPY
TOKUF	+ 0.66	ELPQF
DELHY	+ 0.59	ELPQF

High negative correlations

BSDGY	- 0.84	ELPQF
TOKUF	- 0.83	MCHVF
MCHVF	- 0.82	ELPQF
DELHY	- 0.77	MCHVF
TOKUF	- 0.73	BSDGY
DELHY	- 0.72	BSDGY

Risk-Adjusted Indicators

There is a big difference between Canadian Pink Sheet performing well and Canadian TireLimited 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 Canadian TireLimited'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
JDSPY	3.05	0.01	0.00	0.10	3.62	(3.36)	6.19	(5.61)	15.07
JDDSF	0.11	(0.03)	0.00	(0.05)	0.00	0.00	0.00	0.00	5.31
ELPQF	0.35	0.08	0.00	2.17	0.00	0.00	0.00	0.00	11.64
HNORY	0.77	(0.40)	0.00	11.33	0.00	0.00	0.00	0.00	25.82
ZLNDY	1.95	0.10	(0.02)	(0.05)	3.26	(1.83)	4.34	(3.57)	17.18
MCHVF	1.08	(0.40)	0.00	5.44	0.00	0.00	0.00	(2.38)	21.41
MONOY	1.96	(0.08)	0.00	(0.04)	0.00	0.00	3.30	(4.96)	15.07
BSDGY	1.05	(0.05)	0.00	0.04	0.00	0.00	1.22	(4.57)	17.99
DELHY	3.32	0.30	0.09	0.27	3.59	(3.84)	7.76	(6.44)	26.52
TOKUF	0.23	0.09	0.00	0.56	0.00	0.00	0.00	0.00	7.13

Be your own money manager

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