Cardinal Energy Correlations

CRLFF Stock

USD 6.14 0.04 0.65%

The current 90-days correlation between Cardinal Energy and Kelt Exploration is 0.52 (i.e., Very weak diversification). The correlation of Cardinal Energy 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.

Cardinal Energy Correlation With Market

Significant diversification

The correlation between Cardinal Energy and DJI is 0.09 (i.e., Significant 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.

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 Pink Sheet

0.66	BRK-A	Berkshire Hathaway	Pair Corr
0.77	MRK	Merck Company	Pair Corr
0.73	CSCO	Cisco Systems	Pair Corr
0.74	PFE	Pfizer Inc	Pair Corr
0.72	DD	Dupont De Nemours	Pair Corr
0.66	XOM	Exxon Mobil Corp	Pair Corr

Moving against Cardinal Pink Sheet

0.75	HPQ	HP Inc	Pair Corr
0.7	MSFT	Microsoft	Pair Corr
0.56	TRNR	Interactive Strength	Pair Corr

Related Correlations Analysis

	KELTF	DALXF	BWEFF	SOGFF	COPJF	AOIFF	KRNGF	KWTEF	OILRF	PARXF
KELTF		0.89	-0.48	0.0	-0.19	0.4	-0.25	0.51	0.63	0.55	KELTF
DALXF	0.89		-0.61	0.0	-0.1	0.32	-0.24	0.37	0.69	0.55	DALXF
BWEFF	-0.48	-0.61		0.0	0.05	-0.03	-0.02	0.1	-0.48	-0.43	BWEFF
SOGFF	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	SOGFF
COPJF	-0.19	-0.1	0.05	0.0		0.15	0.18	-0.17	0.0	0.16	COPJF
AOIFF	0.4	0.32	-0.03	0.0	0.15		0.04	0.24	0.48	0.33	AOIFF
KRNGF	-0.25	-0.24	-0.02	0.0	0.18	0.04		-0.45	-0.04	-0.17	KRNGF
KWTEF	0.51	0.37	0.1	0.0	-0.17	0.24	-0.45		0.29	0.21	KWTEF
OILRF	0.63	0.69	-0.48	0.0	0.0	0.48	-0.04	0.29		0.4	OILRF
PARXF	0.55	0.55	-0.43	0.0	0.16	0.33	-0.17	0.21	0.4		PARXF
	KELTF	DALXF	BWEFF	SOGFF	COPJF	AOIFF	KRNGF	KWTEF	OILRF	PARXF

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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

DALXF	+ 0.89	KELTF
OILRF	+ 0.69	DALXF
OILRF	+ 0.63	KELTF
PARXF	+ 0.55	KELTF
PARXF	+ 0.55	DALXF
KWTEF	+ 0.51	KELTF

High negative correlations

BWEFF	- 0.61	DALXF
OILRF	- 0.48	BWEFF
BWEFF	- 0.48	KELTF
KWTEF	- 0.45	KRNGF
PARXF	- 0.43	BWEFF
KRNGF	- 0.25	KELTF

Risk-Adjusted Indicators

There is a big difference between Cardinal Pink Sheet performing well and Cardinal Energy 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 Cardinal Energy'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
KELTF	2.22	0.21	0.05	0.53	2.29	(3.07)	7.50	(4.12)	18.62
DALXF	2.18	0.00	0.14	0.00	2.22	(2.62)	4.99	(3.91)	17.62
BWEFF	2.60	1.02	0.00	(0.28)	0.00	0.00	5.63	0.00	73.80
SOGFF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
COPJF	64.69	30.75	0.00	3.47	0.00	0.00	0.00	0.00	1,100
AOIFF	1.70	(0.02)	(0.03)	0.01	1.97	(2.26)	3.82	(3.10)	10.14
KRNGF	1.57	0.15	0.00	(0.08)	3.15	(8.04)	4.50	(5.10)	37.94
KWTEF	0.47	0.23	0.00	2.00	0.00	0.00	1.92	(0.11)	6.02
OILRF	4.43	1.09	0.05	(0.39)	5.16	(16.15)	24.00	(16.67)	53.69
PARXF	1.43	0.01	(0.03)	0.14	2.08	(1.38)	2.46	(3.53)	10.02

Be your own money manager

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.

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