Canadian Tire Correlations

CTC Stock

CAD 217.25 2.85 1.29%

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

Canadian Tire Correlation With Market

Pay attention - limited upside

The correlation between Canadian Tire and DJI is -0.81 (i.e., Pay attention - limited upside) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Canadian Tire and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Canadian Stock

0.93	LUN	Lundin Mining	Pair Corr
0.9	GS	GOLDMAN SACHS CDR	Pair Corr
0.85	GMIN	G Mining Ventures	Pair Corr
0.84	DAU	Desert Gold Ventures	Pair Corr
0.82	FFH	Fairfax Financial	Pair Corr
0.81	BNK	Bankers Petroleum	Pair Corr
0.7	TBRD	Thunderbird Entertainment	Pair Corr
0.56	ELL	Everybody Loves Languages	Pair Corr
0.52	BKNG	Booking CDR	Pair Corr

Related Correlations Analysis

	ATZ	DOO	CCL-B	LNF	GIL	CCL-A	PET	GBT	LNR	ECOM
ATZ		0.8	0.75	-0.02	0.64	0.76	-0.54	0.52	0.91	0.79	ATZ
DOO	0.8		0.55	0.1	0.63	0.51	-0.31	0.34	0.74	0.67	DOO
CCL-B	0.75	0.55		-0.42	0.54	0.84	-0.65	0.29	0.82	0.67	CCL-B
LNF	-0.02	0.1	-0.42		0.14	-0.46	0.35	0.25	-0.07	-0.04	LNF
GIL	0.64	0.63	0.54	0.14		0.33	0.0	0.54	0.8	0.76	GIL
CCL-A	0.76	0.51	0.84	-0.46	0.33		-0.69	0.26	0.71	0.59	CCL-A
PET	-0.54	-0.31	-0.65	0.35	0.0	-0.69		-0.03	-0.48	-0.36	PET
GBT	0.52	0.34	0.29	0.25	0.54	0.26	-0.03		0.55	0.29	GBT
LNR	0.91	0.74	0.82	-0.07	0.8	0.71	-0.48	0.55		0.82	LNR
ECOM	0.79	0.67	0.67	-0.04	0.76	0.59	-0.36	0.29	0.82		ECOM
	ATZ	DOO	CCL-B	LNF	GIL	CCL-A	PET	GBT	LNR	ECOM

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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

LNR	+ 0.91	ATZ
CCL-A	+ 0.84	CCL-B
LNR	+ 0.82	CCL-B
ECOM	+ 0.82	LNR
DOO	+ 0.8	ATZ
LNR	+ 0.8	GIL

High negative correlations

PET	- 0.69	CCL-A
PET	- 0.65	CCL-B
PET	- 0.54	ATZ
LNR	- 0.48	PET
CCL-A	- 0.46	LNF
LNF	- 0.42	CCL-B

Risk-Adjusted Indicators

There is a big difference between Canadian Stock performing well and Canadian Tire 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 Tire'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
ATZ	1.45	0.41	0.17	1.17	1.74	(1.62)	4.14	(2.74)	11.28
DOO	1.51	0.27	0.12	1.83	1.41	(1.95)	4.92	(2.38)	13.29
CCL-B	1.08	0.20	0.11	0.79	0.97	(1.21)	1.92	(1.35)	10.95
LNF	0.90	(0.05)	0.00	(0.04)	0.00	0.00	1.46	(2.12)	9.71
GIL	1.31	0.13	0.04	0.62	1.29	(1.61)	3.66	(2.17)	8.10
CCL-A	0.82	0.19	0.03	(0.52)	0.95	(2.89)	2.94	(1.07)	13.40
PET	1.41	(0.29)	0.00	(0.73)	0.00	0.00	2.67	(2.56)	18.72
GBT	1.40	0.12	0.02	1.17	1.52	(2.86)	4.57	(3.49)	10.38
LNR	1.08	0.29	0.19	1.18	0.78	(1.31)	3.73	(1.67)	8.76
ECOM	4.75	0.55	0.06	0.76	4.75	(11.08)	13.33	(11.11)	51.14

Be your own money manager

Our tools can tell you how much better you can do entering a position in Canadian Tire 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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