Cargojet Correlations

CGJTF Stock

USD 85.52 0.98 1.13%

The current 90-days correlation between Cargojet and Columbus McKinnon is 0.11 (i.e., Average diversification). The correlation of Cargojet 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.

Cargojet Correlation With Market

Significant diversification

The correlation between Cargojet and DJI is 0.02 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Cargojet and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Cargojet Pink Sheet

0.66	NDAQ	Nasdaq Inc	Pair Corr
0.61	JPM	JPMorgan Chase Sell-off Trend	Pair Corr
0.59	DIS	Walt Disney Aggressive Push	Pair Corr
0.58	WMT	Walmart Aggressive Push	Pair Corr
0.46	CVX	Chevron Corp Sell-off Trend	Pair Corr
0.42	CTPR	CTPartners Executive	Pair Corr
0.4	AXP	American Express Fiscal Year End 24th of January 2025	Pair Corr
0.38	TRV	The Travelers Companies Fiscal Year End 17th of January 2025	Pair Corr
0.37	T	ATT Inc Aggressive Push	Pair Corr

Related Correlations Analysis

	DE	CMCO	HY	MTW	TEX	WNC	PCAR	ALG	UGRO	CEAD
DE		0.59	0.08	0.29	0.17	0.02	0.54	0.32	0.15	-0.43	DE
CMCO	0.59		-0.32	0.67	0.38	0.4	0.78	0.75	-0.08	-0.47	CMCO
HY	0.08	-0.32		-0.41	0.17	-0.52	-0.32	-0.68	0.07	0.53	HY
MTW	0.29	0.67	-0.41		0.43	0.5	0.63	0.66	0.01	-0.42	MTW
TEX	0.17	0.38	0.17	0.43		0.37	0.38	0.38	-0.03	-0.07	TEX
WNC	0.02	0.4	-0.52	0.5	0.37		0.15	0.66	-0.54	-0.31	WNC
PCAR	0.54	0.78	-0.32	0.63	0.38	0.15		0.68	0.42	-0.5	PCAR
ALG	0.32	0.75	-0.68	0.66	0.38	0.66	0.68		-0.03	-0.58	ALG
UGRO	0.15	-0.08	0.07	0.01	-0.03	-0.54	0.42	-0.03		-0.11	UGRO
CEAD	-0.43	-0.47	0.53	-0.42	-0.07	-0.31	-0.5	-0.58	-0.11		CEAD
	DE	CMCO	HY	MTW	TEX	WNC	PCAR	ALG	UGRO	CEAD

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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

PCAR	+ 0.78	CMCO
ALG	+ 0.75	CMCO
ALG	+ 0.68	PCAR
MTW	+ 0.67	CMCO
ALG	+ 0.66	MTW
ALG	+ 0.66	WNC

High negative correlations

ALG	- 0.68	HY
CEAD	- 0.58	ALG
UGRO	- 0.54	WNC
WNC	- 0.52	HY
CEAD	- 0.5	PCAR
CEAD	- 0.47	CMCO

Risk-Adjusted Indicators

There is a big difference between Cargojet Pink Sheet performing well and Cargojet 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 Cargojet'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
DE	1.14	0.28	0.13	5.31	1.08	(1.32)	2.16	(1.86)	6.32
CMCO	1.79	0.02	0.08	0.13	1.71	(1.99)	3.87	(2.70)	10.66
HY	1.89	(0.22)	0.00	(0.07)	0.00	0.00	3.61	(3.35)	20.12
MTW	2.37	0.01	(0.01)	0.12	2.75	(2.80)	5.49	(4.10)	19.29
TEX	1.87	(0.25)	(0.04)	0.00	2.66	(1.74)	4.13	(3.93)	16.23
WNC	1.55	(0.14)	(0.04)	0.03	1.78	(1.66)	3.00	(2.92)	9.47
PCAR	1.25	0.16	0.15	0.22	1.12	(1.50)	3.32	(2.43)	10.18
ALG	1.43	(0.05)	0.02	0.09	1.46	(1.53)	2.41	(2.40)	12.98
UGRO	3.56	0.44	0.02	(0.13)	5.55	(3.41)	7.48	(6.10)	32.08
CEAD	1.81	(0.30)	0.00	(1.66)	0.00	0.00	3.93	(4.93)	13.35

Be your own money manager

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

George Sugar	Sr. VP of Flight Operations	Profile
Ajay MBA	CEO, Founder	Profile
Scott Calver	Chief Officer	Profile
Anju Virmani	Chief Officer	Profile
Sanjeev Maini	VP Fin	Profile

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