Cardinal Energy Correlations
| CJ Stock | CAD 8.87 0.18 1.99% |
The current 90-days correlation between Cardinal Energy and Parex Resources is 0.61 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Cardinal Energy moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Cardinal Energy moves in either direction, the perfectly negatively correlated security will move in the opposite direction.
Cardinal Energy Correlation With Market
Average diversification
The correlation between Cardinal Energy and DJI is 0.12 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Cardinal Energy and DJI in the same portfolio, assuming nothing else is changed.
Cardinal |
The ability to find closely correlated positions to Cardinal 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 Cardinal 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 Cardinal 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 Cardinal Energy to buy it.
Moving together with Cardinal Stock
| 0.66 | ENS | E Split Corp | PairCorr |
| 0.66 | GOOG | Alphabet CDR Earnings Call This Week | PairCorr |
| 0.66 | GOOG | Alphabet CDR | PairCorr |
Moving against Cardinal Stock
| 0.65 | SAGE | Sage Potash Corp | PairCorr |
| 0.63 | MSFT | Microsoft CDR | PairCorr |
| 0.63 | MSFT | Microsoft Corp CDR | PairCorr |
Related Correlations Analysis
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Our tools can tell you how much better you can do entering a position in Cardinal 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.Did you try this?
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