Canadian Imperial Correlations

CM Stock

USD 65.38 0.49 0.76%

The current 90-days correlation between Canadian Imperial Bank and Bank of Montreal is 0.25 (i.e., Modest diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Canadian Imperial moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Canadian Imperial Bank moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Canadian Imperial Correlation With Market

Weak diversification

The correlation between Canadian Imperial Bank and DJI is 0.32 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Canadian Imperial Bank and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Canadian Imperial Bank. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in population.

Moving together with Canadian Stock

0.88	BK	Bank of New York Fiscal Year End 10th of January 2025	Pair Corr
0.89	RY	Royal Bank Fiscal Year End 5th of December 2024	Pair Corr
0.69	BML-PG	Bank of America	Pair Corr
0.83	BML-PH	Bank of America	Pair Corr
0.79	BML-PJ	Bank of America	Pair Corr
0.91	BML-PL	Bank of America	Pair Corr
0.7	EWBC	East West Bancorp Fiscal Year End 28th of January 2025	Pair Corr
0.7	BAC	Bank of America Fiscal Year End 10th of January 2025	Pair Corr
0.65	BCS	Barclays PLC ADR	Pair Corr
0.73	BMO	Bank of Montreal Fiscal Year End 6th of December 2024	Pair Corr
0.9	BNS	Bank of Nova Scotia Normal Trading	Pair Corr
0.75	JPM-PC	JPMorgan Chase	Pair Corr
0.7	JPM-PD	JPMorgan Chase	Pair Corr
0.61	NWG	Natwest Group PLC	Pair Corr
0.66	WFC	Wells Fargo Aggressive Push	Pair Corr
0.68	HSBC	HSBC Holdings PLC	Pair Corr
0.84	BAC-PB	Bank of America	Pair Corr
0.78	BAC-PE	Bank of America	Pair Corr
0.82	BAC-PK	Bank of America	Pair Corr

Moving against Canadian Stock

0.58	ING	ING Group NV	Pair Corr
0.33	TD	Toronto Dominion Bank Fiscal Year End 5th of December 2024	Pair Corr

Related Correlations Analysis

	BMO	TD	RY	C	BNS	BAC	JPM	WFC	NU
BMO		-0.46	0.53	0.76	0.76	0.74	0.59	0.75	0.15	BMO
TD	-0.46		-0.13	-0.57	-0.1	-0.69	-0.78	-0.78	-0.4	TD
RY	0.53	-0.13		0.31	0.82	0.45	0.24	0.39	0.15	RY
C	0.76	-0.57	0.31		0.57	0.92	0.89	0.91	0.23	C
BNS	0.76	-0.1	0.82	0.57		0.62	0.39	0.55	-0.06	BNS
BAC	0.74	-0.69	0.45	0.92	0.62		0.95	0.98	0.32	BAC
JPM	0.59	-0.78	0.24	0.89	0.39	0.95		0.96	0.34	JPM
WFC	0.75	-0.78	0.39	0.91	0.55	0.98	0.96		0.33	WFC
NU	0.15	-0.4	0.15	0.23	-0.06	0.32	0.34	0.33		NU
	BMO	TD	RY	C	BNS	BAC	JPM	WFC	NU

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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

WFC	+ 0.98	BAC
WFC	+ 0.96	JPM
JPM	+ 0.95	BAC
BAC	+ 0.92	C
WFC	+ 0.91	C
JPM	+ 0.89	C

High negative correlations

WFC	- 0.78	TD
JPM	- 0.78	TD
BAC	- 0.69	TD
C	- 0.57	TD
TD	- 0.46	BMO
NU	- 0.4	TD

Risk-Adjusted Indicators

There is a big difference between Canadian Stock performing well and Canadian Imperial 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 Imperial'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
BMO	0.82	0.07	0.04	0.18	1.14	(0.93)	1.74	(1.35)	7.91
TD	0.81	(0.12)	0.00	(0.14)	0.00	0.00	1.54	(1.42)	8.21
RY	0.66	0.09	0.05	0.32	0.55	(0.73)	1.69	(0.90)	4.27
C	1.42	0.01	0.07	0.09	1.39	(1.75)	3.56	(1.97)	10.33
BNS	0.74	0.25	0.23	0.80	0.40	(0.88)	1.92	(1.20)	4.91
BAC	1.07	0.15	0.20	0.18	0.65	(1.35)	2.19	(1.41)	9.84
JPM	1.09	0.03	0.06	0.10	1.43	(1.11)	2.05	(2.00)	15.87
WFC	1.51	0.26	0.20	0.21	1.33	(1.73)	3.60	(2.18)	16.76
NU	1.82	(0.20)	0.00	(0.09)	0.00	0.00	4.01	(4.46)	14.51

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