Canada Nickel Correlations

CNIKF Stock

USD 0.69 0.01 1.43%

The current 90-days correlation between Canada Nickel and Lotus Resources Limited is -0.03 (i.e., Good diversification). The correlation of Canada Nickel 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.

Canada Nickel Correlation With Market

Average diversification

The correlation between Canada Nickel and DJI is 0.13 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Canada Nickel and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Canada OTC Stock

0.72	FNMFO	Federal National Mortgage	Pair Corr
0.68	GM	General Motors Aggressive Push	Pair Corr
0.64	ZM	Zoom Video Communications Earnings Call This Week	Pair Corr
0.57	RCAT	Red Cat Holdings Trending	Pair Corr
0.57	MRVL	Marvell Technology Earnings Call This Week	Pair Corr
0.54	ALAB	Astera Labs, Common Tech Boost	Pair Corr
0.47	BRK-B	Berkshire Hathaway	Pair Corr
0.46	CRWD	Crowdstrike Holdings Earnings Call This Week	Pair Corr
0.45	NVDA	NVIDIA	Pair Corr
0.44	ADSK	Autodesk	Pair Corr
0.42	KB	KB Financial Group	Pair Corr
0.39	STLD	Steel Dynamics Fiscal Year End 28th of January 2025	Pair Corr
0.37	CIB	Bancolombia SA ADR	Pair Corr
0.32	AVAL	Grupo Aval	Pair Corr

Related Correlations Analysis

	NBTRF	JUGRF	SPCNF	LTSRF	ARRRF	CTTZF	PANRF	CCWOF	BLSTF	CHXMF
NBTRF		-0.72	0.04	-0.09	-0.09	0.25	-0.44	-0.66	-0.05	-0.74	NBTRF
JUGRF	-0.72		0.02	0.04	-0.06	-0.34	0.49	0.82	-0.06	0.87	JUGRF
SPCNF	0.04	0.02		0.7	0.48	0.62	-0.29	-0.24	-0.1	0.03	SPCNF
LTSRF	-0.09	0.04	0.7		0.47	0.66	-0.18	-0.18	-0.03	0.0	LTSRF
ARRRF	-0.09	-0.06	0.48	0.47		0.4	-0.25	-0.07	0.18	-0.04	ARRRF
CTTZF	0.25	-0.34	0.62	0.66	0.4		-0.33	-0.59	0.26	-0.52	CTTZF
PANRF	-0.44	0.49	-0.29	-0.18	-0.25	-0.33		0.49	-0.05	0.49	PANRF
CCWOF	-0.66	0.82	-0.24	-0.18	-0.07	-0.59	0.49		0.06	0.84	CCWOF
BLSTF	-0.05	-0.06	-0.1	-0.03	0.18	0.26	-0.05	0.06		-0.27	BLSTF
CHXMF	-0.74	0.87	0.03	0.0	-0.04	-0.52	0.49	0.84	-0.27		CHXMF
	NBTRF	JUGRF	SPCNF	LTSRF	ARRRF	CTTZF	PANRF	CCWOF	BLSTF	CHXMF

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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

CHXMF	+ 0.87	JUGRF
CHXMF	+ 0.84	CCWOF
CCWOF	+ 0.82	JUGRF
LTSRF	+ 0.7	SPCNF
CTTZF	+ 0.66	LTSRF
CTTZF	+ 0.62	SPCNF

High negative correlations

CHXMF	- 0.74	NBTRF
JUGRF	- 0.72	NBTRF
CCWOF	- 0.66	NBTRF
CCWOF	- 0.59	CTTZF
CHXMF	- 0.52	CTTZF
PANRF	- 0.44	NBTRF

Risk-Adjusted Indicators

There is a big difference between Canada OTC Stock performing well and Canada Nickel OTC Stock 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 Canada Nickel'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
NBTRF	1.18	0.26	0.00	0.01	0.00	0.00	0.00	0.00	23.24
JUGRF	5.04	(0.45)	0.00	0.44	0.00	0.00	11.67	(13.41)	48.26
SPCNF	4.42	0.90	0.00	(1.10)	0.00	0.00	0.00	(10.36)	132.43
LTSRF	4.39	0.08	(0.01)	(1.06)	4.84	(7.71)	11.11	(6.67)	27.62
ARRRF	1.87	(0.11)	0.00	(0.24)	0.00	0.00	3.85	(7.69)	39.58
CTTZF	3.62	0.44	0.04	(0.54)	3.75	(6.34)	7.69	(7.41)	29.17
PANRF	9.01	2.28	0.00	0.87	0.00	0.00	0.00	0.00	375.00
CCWOF	4.38	(0.49)	0.00	0.34	0.00	0.00	10.00	(9.09)	32.50
BLSTF	805.90	402.17	7.63	4.35	0.00	(3,442)	23.38	(15.19)	27,083
CHXMF	3.53	(0.35)	0.00	(1.72)	0.00	0.00	7.69	(8.00)	21.67

Be your own money manager

Our tools can tell you how much better you can do entering a position in Canada Nickel 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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