Canadian Utilities Correlations

CDUTF Stock

USD 17.56 0.00 0.00%

The correlation of Canadian Utilities 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 Utilities Correlation With Market

Significant diversification

The correlation between Canadian Utilities Limited and DJI is 0.06 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Canadian Utilities Limited and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Canadian Utilities 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 Utilities 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 Utilities - 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 Utilities Limited to buy it.

Moving together with Canadian Pink Sheet

0.78	MCHB	Mechanics Bank Symbol Change	Pair Corr
0.75	FDX	FedEx	Pair Corr
0.88	ZTO	ZTO Express	Pair Corr
0.78	BELFB	Bel Fuse B	Pair Corr
0.8	CVNA	Carvana	Pair Corr
0.61	ARHUF	AAK AB	Pair Corr
0.71	GSVRF	Guanajuato Silver	Pair Corr
0.78	URBN	Urban Outfitters	Pair Corr
0.78	EWBC	East West Bancorp	Pair Corr
0.73	SLB	Schlumberger NV	Pair Corr
0.76	BKRIY	Bank of Ireland	Pair Corr
0.67	SLDE	Slide Insurance Holdings, Normal Trading	Pair Corr
0.85	GS	Goldman Sachs Group	Pair Corr
0.77	COF	Capital One Financial	Pair Corr
0.85	BK	Bank of New York	Pair Corr
0.69	VNDA	Vanda Pharmaceuticals	Pair Corr
0.7	PLAB	Photronics	Pair Corr
0.84	C	Citigroup Aggressive Push	Pair Corr

Moving against Canadian Pink Sheet

0.75	TRNR	Interactive Strength	Pair Corr
0.75	CLIR	ClearSign Combustion	Pair Corr
0.7	XAGEW	Longevity Health Hol Symbol Change	Pair Corr
0.47	53225HAA8	LIGADO NETWORKS LLC	Pair Corr
0.38	OCEA	Ocean Biomedical	Pair Corr
0.32	NEE-PS	NextEra Energy,	Pair Corr

Related Correlations Analysis

	ACEJF	ACLTF	CGASY	CRGGF	ACLLF	CNUTF	GGDVF	COENF	HKCVF	CPWIF
ACEJF		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	ACEJF
ACLTF	0.0		0.48	0.71	0.8	0.61	-0.1	0.64	-0.33	0.0	ACLTF
CGASY	0.0	0.48		0.66	0.4	0.31	-0.21	0.68	-0.68	0.0	CGASY
CRGGF	0.0	0.71	0.66		0.47	0.37	-0.14	0.9	-0.45	0.0	CRGGF
ACLLF	0.0	0.8	0.4	0.47		0.76	-0.1	0.4	-0.35	0.0	ACLLF
CNUTF	0.0	0.61	0.31	0.37	0.76		-0.08	0.33	-0.26	0.0	CNUTF
GGDVF	0.0	-0.1	-0.21	-0.14	-0.1	-0.08		-0.22	0.31	0.0	GGDVF
COENF	0.0	0.64	0.68	0.9	0.4	0.33	-0.22		-0.41	0.0	COENF
HKCVF	0.0	-0.33	-0.68	-0.45	-0.35	-0.26	0.31	-0.41		0.0	HKCVF
CPWIF	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		CPWIF
	ACEJF	ACLTF	CGASY	CRGGF	ACLLF	CNUTF	GGDVF	COENF	HKCVF	CPWIF

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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

COENF	+ 0.9	CRGGF
ACLLF	+ 0.8	ACLTF
CNUTF	+ 0.76	ACLLF
CRGGF	+ 0.71	ACLTF
COENF	+ 0.68	CGASY
CRGGF	+ 0.66	CGASY

High negative correlations

HKCVF	- 0.68	CGASY
HKCVF	- 0.45	CRGGF
HKCVF	- 0.41	COENF
HKCVF	- 0.35	ACLLF
HKCVF	- 0.33	ACLTF
HKCVF	- 0.26	CNUTF

Risk-Adjusted Indicators

There is a big difference between Canadian Pink Sheet performing well and Canadian Utilities 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 Utilities' 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
ACEJF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
ACLTF	0.88	0.43	0.00	0.81	0.00	0.00	2.65	0.00	12.18
CGASY	0.23	0.11	0.00	(0.77)	0.00	0.00	0.00	0.00	7.64
CRGGF	0.51	0.24	0.00	1.44	0.00	0.00	0.00	0.00	16.94
ACLLF	0.82	0.23	0.17	(2.04)	0.76	(0.95)	1.85	(1.23)	5.83
CNUTF	0.56	0.28	0.00	(2.62)	0.00	0.00	0.00	0.00	15.07
GGDVF	0.14	0.01	0.00	(0.34)	0.00	0.00	0.00	0.00	3.45
COENF	0.29	0.05	0.00	(0.73)	0.00	0.00	0.00	0.00	8.87
HKCVF	0.71	(0.37)	0.00	7.19	0.00	0.00	0.00	0.00	23.88
CPWIF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Canadian Utilities Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with Canadian Utilities pink sheet to make a market-neutral strategy. Peer analysis of Canadian Utilities could also be used in its relative valuation, which is a method of valuing Canadian Utilities by comparing valuation metrics with similar companies.

ACEA SpA ATCO China Resources Gas China Resources Gas Atco Canadian Utilities Limited Guangdong Investment Limited Contact Energy Limited HK Electric Investments China Power International American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup

Risk & Return

Correlation

Canadian Utilities Corporate Management

Myles Dougan	Senior Manager - Investor Relations	Profile
Sarah Shortreed	Ex CTO	Profile
Kurt Kadatz	Communications Mang	Profile
Robert Myles	Exec Devel	Profile

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