Capital Power Correlations

CPX Stock

CAD 58.55 0.26 0.45%

The current 90-days correlation between Capital Power and AltaGas is 0.03 (i.e., Significant diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Capital Power moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Capital Power moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Capital Power Correlation With Market

Significant diversification

The correlation between Capital Power and DJI is 0.05 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Capital Power and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Capital Stock

0.86	MSFT	Microsoft Corp CDR	Pair Corr
0.86	MSFT	Microsoft CDR	Pair Corr

Moving against Capital Stock

0.93	DOL	Dollarama	Pair Corr
0.88	ISRG	Intuitive Surgical CDR	Pair Corr
0.88	PTEC	Principal Technologies	Pair Corr
0.81	LA	Los Andes Copper	Pair Corr
0.8	POW	Power	Pair Corr
0.79	GOOG	Alphabet CDR	Pair Corr
0.79	GOOG	Alphabet CDR	Pair Corr
0.69	ELD	Eldorado Gold Corp	Pair Corr
0.66	AAPL	Apple Inc CDR	Pair Corr
0.66	AAPL	Apple CDR	Pair Corr
0.66	GMG	Graphene Manufacturing	Pair Corr
0.65	BRK	Berkshire Hathaway CDR	Pair Corr
0.64	BRK	Berkshire Hathaway CDR	Pair Corr
0.6	ENB-PFA	Enbridge Pref 9	Pair Corr
0.49	PGDC	Patagonia Gold Corp	Pair Corr

Related Correlations Analysis

	ALA	BIP-PE	TA	BEP-UN	EMA	CU	BEPC	ACO-X	BIPC	MXG
ALA		-0.41	-0.19	-0.3	0.35	0.13	-0.15	0.04	-0.31	-0.34	ALA
BIP-PE	-0.41		-0.51	-0.05	-0.16	0.69	0.05	0.64	0.5	-0.27	BIP-PE
TA	-0.19	-0.51		0.68	0.27	-0.59	0.54	-0.36	0.09	0.53	TA
BEP-UN	-0.3	-0.05	0.68		0.28	-0.04	0.93	0.17	0.38	0.19	BEP-UN
EMA	0.35	-0.16	0.27	0.28		0.22	0.44	0.45	0.22	-0.18	EMA
CU	0.13	0.69	-0.59	-0.04	0.22		0.2	0.92	0.46	-0.67	CU
BEPC	-0.15	0.05	0.54	0.93	0.44	0.2		0.38	0.52	-0.07	BEPC
ACO-X	0.04	0.64	-0.36	0.17	0.45	0.92	0.38		0.5	-0.5	ACO-X
BIPC	-0.31	0.5	0.09	0.38	0.22	0.46	0.52	0.5		-0.27	BIPC
MXG	-0.34	-0.27	0.53	0.19	-0.18	-0.67	-0.07	-0.5	-0.27		MXG
	ALA	BIP-PE	TA	BEP-UN	EMA	CU	BEPC	ACO-X	BIPC	MXG

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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

BEPC	+ 0.93	BEP-UN
ACO-X	+ 0.92	CU
CU	+ 0.69	BIP-PE
BEP-UN	+ 0.68	TA
ACO-X	+ 0.64	BIP-PE
BEPC	+ 0.54	TA

High negative correlations

MXG	- 0.67	CU
CU	- 0.59	TA
TA	- 0.51	BIP-PE
MXG	- 0.5	ACO-X
BIP-PE	- 0.41	ALA
ACO-X	- 0.36	TA

Risk-Adjusted Indicators

There is a big difference between Capital Stock performing well and Capital Power 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 Capital Power'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
ALA	0.78	(0.02)	0.00	(1.02)	0.00	0.00	1.66	(1.69)	5.54
BIP-PE	0.35	0.07	0.06	26.64	0.21	(0.52)	1.00	(0.60)	3.35
TA	1.83	(0.14)	0.00	(0.15)	0.00	0.00	3.58	(5.03)	18.90
BEP-UN	1.36	0.07	0.01	(0.54)	1.67	(1.51)	3.61	(2.96)	10.25
EMA	0.60	0.06	0.01	(0.41)	0.61	(0.67)	1.30	(1.12)	3.82
CU	0.62	0.17	0.21	4.60	0.33	(0.78)	1.66	(0.98)	4.54
BEPC	1.50	0.16	0.07	(0.99)	1.45	(1.87)	4.10	(2.50)	10.21
ACO-X	0.72	0.21	0.18	8.83	0.58	(0.77)	1.85	(1.15)	4.69
BIPC	1.26	0.12	0.06	0.22	1.45	(1.42)	2.59	(2.25)	7.69
MXG	1.35	(0.08)	0.00	(0.76)	0.00	0.00	2.40	(2.38)	7.68

Be your own money manager

Our tools can tell you how much better you can do entering a position in Capital Power 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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