Cargojet Correlations

CJT Stock

CAD 94.04 0.92 0.99%

The current 90-days correlation between Cargojet and Mullen Group is 0.27 (i.e., Modest diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Cargojet moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Cargojet moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Cargojet Correlation With Market

Very poor diversification

The correlation between Cargojet and DJI is 0.82 (i.e., Very poor 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 together with Cargojet Stock

0.74	HPQ	HPQ Silicon Resources	Pair Corr
0.64	DFR	Diamond Fields Resources	Pair Corr
0.85	INFI	Infinitum Copper Corp Split	Pair Corr
0.73	PSLV	Sprott Physical Silver	Pair Corr
0.93	ATX	ATEX Resources	Pair Corr
0.75	IVN	Ivanhoe Mines	Pair Corr
0.72	AQN-PD	Algonquin Power Utilities Earnings Call Tomorrow	Pair Corr
0.94	MU	Micron Technology	Pair Corr
0.83	SLF-PJ	Sun Life Financial	Pair Corr
0.89	PESO	Pesorama	Pair Corr
0.92	HLF	High Liner Foods	Pair Corr
0.76	URE	Ur Energy	Pair Corr
0.68	BTO	B2Gold Corp	Pair Corr
0.87	GUG	Gungnir Resources	Pair Corr
0.87	BPF-UN	Boston Pizza Royalties	Pair Corr
0.66	QNC	Quantum eMotion Corp	Pair Corr
0.62	RTG	RTG Mining	Pair Corr
0.83	OBE	Obsidian Energy	Pair Corr
0.68	GMG	Graphene Manufacturing	Pair Corr
0.87	FTEC	Fintech Select	Pair Corr
0.62	MOLY	Greenland Resources	Pair Corr
0.71	BN-PFI	Brookfield	Pair Corr
0.72	PML	Panoro Minerals	Pair Corr
0.76	ISO	IsoEnergy	Pair Corr
0.8	TOT	Total Energy Services Earnings Call This Week	Pair Corr

Moving against Cargojet Stock

0.49

EBM

Eastwood Bio Medical

Pair Corr

Related Correlations Analysis

	MTL	TCL-A	BLDP	WTE	MAL	BDI	BDT	SIS	ADEN
MTL		0.73	-0.75	0.89	0.8	0.88	0.94	0.93	0.85	MTL
TCL-A	0.73		-0.5	0.62	0.57	0.6	0.76	0.65	0.53	TCL-A
BLDP	-0.75	-0.5		-0.89	-0.49	-0.7	-0.76	-0.7	-0.68	BLDP
WTE	0.89	0.62	-0.89		0.73	0.87	0.9	0.86	0.83	WTE
MAL	0.8	0.57	-0.49	0.73		0.88	0.82	0.87	0.81	MAL
BDI	0.88	0.6	-0.7	0.87	0.88		0.9	0.95	0.92	BDI
BDT	0.94	0.76	-0.76	0.9	0.82	0.9		0.88	0.79	BDT
SIS	0.93	0.65	-0.7	0.86	0.87	0.95	0.88		0.96	SIS
ADEN	0.85	0.53	-0.68	0.83	0.81	0.92	0.79	0.96		ADEN
	MTL	TCL-A	BLDP	WTE	MAL	BDI	BDT	SIS	ADEN

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

ADEN	+ 0.96	SIS
SIS	+ 0.95	BDI
BDT	+ 0.94	MTL
SIS	+ 0.93	MTL
ADEN	+ 0.92	BDI
BDT	+ 0.9	WTE

High negative correlations

WTE	- 0.89	BLDP
BDT	- 0.76	BLDP
BLDP	- 0.75	MTL
SIS	- 0.7	BLDP
BDI	- 0.7	BLDP
ADEN	- 0.68	BLDP

Risk-Adjusted Indicators

There is a big difference between Cargojet Stock 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
MTL	1.06	0.26	0.12	0.31	1.82	(1.15)	2.27	(1.81)	12.17
TCL-A	1.14	0.23	0.15	12.49	0.99	(1.35)	1.91	(2.01)	21.90
BLDP	2.06	(0.52)	0.00	(0.29)	0.00	0.00	3.72	(4.57)	13.91
WTE	0.89	0.39	0.30	1.45	0.77	(1.04)	2.32	(1.53)	6.48
MAL	1.87	0.60	0.31	0.82	1.43	(2.24)	4.66	(2.86)	11.69
BDI	1.14	0.25	0.16	0.35	1.15	(1.30)	2.88	(1.77)	10.01
BDT	1.29	0.29	0.15	0.33	1.43	(1.31)	3.12	(2.66)	8.81
SIS	1.09	0.20	0.17	0.40	0.84	(1.36)	2.43	(1.75)	7.93
ADEN	1.23	0.17	0.11	0.68	1.13	(1.64)	3.00	(2.22)	9.45

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

Elected by the shareholders, the Cargojet's board of directors comprises two types of representatives: Cargojet inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Cargojet. The board's role is to monitor Cargojet's management team and ensure that shareholders' interests are well served. Cargojet's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Cargojet's outside directors are responsible for providing unbiased perspectives on the board's policies.

Arlene Dickinson	Independent Director	Profile
Scott Calver	Chief Officer	Profile
Sanjeev Maini	Interim Finance	Profile
Gord Johnston	Executive Sales	Profile
Aaron McKay	Chief Officer	Profile
Fernando Garcia	Vice Governance	Profile
Leo Cordeiro	Senior Engineering	Profile

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