CES Energy Correlations

CEU Stock

CAD 15.23 0.61 4.17%

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

CES Energy Correlation With Market

Poor diversification

The correlation between CES Energy Solutions and DJI is 0.68 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding CES Energy Solutions and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with CES Stock

0.85	ENB-PFV	Enbridge Pref 5 Earnings Call This Week	Pair Corr
0.65	ENB-PFC	Enbridge Pref 11 Earnings Call This Week	Pair Corr
0.7	ENB-PFU	Enbridge Pref L Earnings Call This Week	Pair Corr
0.77	BBD-B	Bombardier Earnings Call This Week	Pair Corr
0.77	BCE	BCE Inc	Pair Corr
0.86	WN	George Weston Limited	Pair Corr
0.72	TRP	TC Energy Corp Earnings Call This Week	Pair Corr
0.72	MGA	Mega Uranium Earnings Call This Week	Pair Corr
0.82	L	Loblaw Companies	Pair Corr
0.8	SU	Suncor Energy	Pair Corr
0.8	BCE-PT	Bce Inc Pref	Pair Corr
0.88	HSTR	Heliostar Metals	Pair Corr
0.72	DNG	Dynacor Gold Mines	Pair Corr
0.85	GPCC-P	Green Panda Capital	Pair Corr
0.74	INO-UN	Inovalis Real Estate	Pair Corr
0.71	LIRC	Lithium Royalty Corp	Pair Corr

Moving against CES Stock

0.84	SAGE	Sage Potash Corp	Pair Corr
0.56	ENS-PA	E Split Corp	Pair Corr
0.4	X	TMX Group Limited	Pair Corr

Related Correlations Analysis

	EFX	PXT	HWX	FRU	AAV	BIR	VET	BTE	TCW	PSI
EFX		0.73	0.9	0.9	-0.74	0.05	0.47	0.61	0.87	0.59	EFX
PXT	0.73		0.86	0.87	-0.56	-0.02	0.75	0.57	0.89	0.63	PXT
HWX	0.9	0.86		0.98	-0.67	0.19	0.64	0.77	0.96	0.6	HWX
FRU	0.9	0.87	0.98		-0.61	0.21	0.69	0.75	0.96	0.61	FRU
AAV	-0.74	-0.56	-0.67	-0.61		0.45	-0.1	-0.38	-0.6	-0.29	AAV
BIR	0.05	-0.02	0.19	0.21	0.45		0.23	0.39	0.19	0.04	BIR
VET	0.47	0.75	0.64	0.69	-0.1	0.23		0.6	0.73	0.57	VET
BTE	0.61	0.57	0.77	0.75	-0.38	0.39	0.6		0.7	0.3	BTE
TCW	0.87	0.89	0.96	0.96	-0.6	0.19	0.73	0.7		0.65	TCW
PSI	0.59	0.63	0.6	0.61	-0.29	0.04	0.57	0.3	0.65		PSI
	EFX	PXT	HWX	FRU	AAV	BIR	VET	BTE	TCW	PSI

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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

FRU	+ 0.98	HWX
TCW	+ 0.96	HWX
TCW	+ 0.96	FRU
HWX	+ 0.9	EFX
FRU	+ 0.9	EFX
TCW	+ 0.89	PXT

High negative correlations

AAV	- 0.74	EFX
AAV	- 0.67	HWX
AAV	- 0.61	FRU
TCW	- 0.6	AAV
AAV	- 0.56	PXT
BTE	- 0.38	AAV

Risk-Adjusted Indicators

There is a big difference between CES Stock performing well and CES Energy 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 CES Energy'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
EFX	1.99	0.51	0.14	(100.78)	2.58	(2.18)	5.91	(4.02)	17.99
PXT	1.71	0.25	0.06	(2.19)	2.38	(1.58)	3.94	(3.67)	9.39
HWX	1.63	0.74	0.31	(2.02)	1.41	(1.98)	3.73	(2.53)	9.58
FRU	0.98	0.29	0.15	9.45	0.98	(1.04)	2.24	(1.89)	6.39
AAV	1.33	(0.07)	0.00	0.64	0.00	0.00	2.57	(3.21)	7.86
BIR	1.48	0.09	0.02	0.36	1.72	(1.61)	2.97	(2.96)	8.81
VET	2.21	0.49	0.16	(23.47)	2.12	(2.49)	5.02	(4.27)	13.05
BTE	1.94	0.62	0.22	4.46	1.95	(2.25)	4.54	(3.46)	19.59
TCW	1.60	0.52	0.18	(1.82)	1.96	(1.81)	3.20	(3.09)	10.95
PSI	1.12	0.11	0.03	0.61	1.41	(1.22)	2.31	(2.35)	6.37

Be your own money manager

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