Canadian Utilities Correlations

CU Stock

CAD 48.25 1.24 2.64%

The current 90-days correlation between Canadian Utilities and Brookfield Renewable Corp is -0.05 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Canadian Utilities moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Canadian Utilities Limited moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Canadian Utilities Correlation With Market

Poor diversification

The correlation between Canadian Utilities Limited and DJI is 0.61 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Canadian Utilities Limited and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Canadian Utilities 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 Utilities 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 Utilities - 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 Utilities Limited to buy it.

Moving together with Canadian Stock

0.73	TAU	Thesis Gold	Pair Corr
0.76	DGS	Dividend Growth Split	Pair Corr
0.81	DF	Dividend 15 Split	Pair Corr
0.85	ESI	Ensign Energy Services	Pair Corr
0.61	MFC-PP	Manulife Financial Corp	Pair Corr
0.85	TF	Timbercreek Financial Earnings Call Tomorrow	Pair Corr
0.78	ATX	ATEX Resources	Pair Corr
0.61	GIGA	Giga Metals Corp	Pair Corr
0.79	PESO	Pesorama	Pair Corr
0.82	MU	Micron Technology	Pair Corr
0.88	TOT	Total Energy Services	Pair Corr
0.73	BTO	B2Gold Corp	Pair Corr
0.7	MCDS	McDonalds Corp CDR	Pair Corr
0.84	BPF-UN	Boston Pizza Royalties	Pair Corr
0.84	PML	Panoro Minerals	Pair Corr
0.67	RTG	RTG Mining	Pair Corr
0.61	GIG	XAU Resources Earnings Call This Week	Pair Corr
0.69	PGDC	Patagonia Gold Corp	Pair Corr
0.84	AQN-PD	Algonquin Power Utilities	Pair Corr
0.76	NSE	New Stratus Energy	Pair Corr
0.86	LNR	Linamar	Pair Corr
0.83	HLF	High Liner Foods Earnings Call Tomorrow	Pair Corr
0.68	RUP	Rupert Resources	Pair Corr
0.71	BN-PFI	Brookfield	Pair Corr
0.79	GQ	Great Quest Fertilizer Split	Pair Corr
0.84	BN-PC	Brookfield	Pair Corr
0.84	GUG	Gungnir Resources	Pair Corr

Moving against Canadian Stock

0.78	AAV	Advantage Oil Gas	Pair Corr
0.62	MKZ-UN	Mackenzie Mstr Un	Pair Corr

Related Correlations Analysis

	BEPC	ACO-X	BIP-PE	BIPC	AQN	TA	NPI	CPX	BEP-UN
BEPC		0.45	-0.03	0.57	0.36	0.41	0.33	0.27	0.88	BEPC
ACO-X	0.45		0.66	0.48	0.92	-0.45	0.9	0.07	0.71	ACO-X
BIP-PE	-0.03	0.66		0.45	0.57	-0.62	0.73	-0.07	0.33	BIP-PE
BIPC	0.57	0.48	0.45		0.31	0.09	0.43	0.11	0.72	BIPC
AQN	0.36	0.92	0.57	0.31		-0.55	0.86	-0.12	0.56	AQN
TA	0.41	-0.45	-0.62	0.09	-0.55		-0.5	0.51	0.17	TA
NPI	0.33	0.9	0.73	0.43	0.86	-0.5		0.05	0.62	NPI
CPX	0.27	0.07	-0.07	0.11	-0.12	0.51	0.05		0.37	CPX
BEP-UN	0.88	0.71	0.33	0.72	0.56	0.17	0.62	0.37		BEP-UN
	BEPC	ACO-X	BIP-PE	BIPC	AQN	TA	NPI	CPX	BEP-UN

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

AQN	+ 0.92	ACO-X
NPI	+ 0.9	ACO-X
BEP-UN	+ 0.88	BEPC
NPI	+ 0.86	AQN
NPI	+ 0.73	BIP-PE
BEP-UN	+ 0.72	BIPC

High negative correlations

TA	- 0.62	BIP-PE
TA	- 0.55	AQN
NPI	- 0.5	TA
TA	- 0.45	ACO-X
CPX	- 0.12	AQN
CPX	- 0.07	BIP-PE

Risk-Adjusted Indicators

There is a big difference between Canadian Stock performing well and Canadian Utilities 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 Utilities' 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
BEPC	1.34	(0.01)	(0.03)	0.04	1.65	(1.41)	2.27	(2.60)	9.63
ACO-X	0.72	0.25	0.18	(0.59)	0.59	(0.78)	1.53	(1.13)	3.88
BIP-PE	0.39	0.05	(0.03)	(0.36)	0.36	(0.51)	1.01	(0.84)	2.56
BIPC	1.07	0.04	0.02	0.13	1.08	(1.23)	2.19	(1.94)	7.21
AQN	0.99	0.15	0.08	12.56	0.87	(1.24)	2.89	(1.43)	6.43
TA	1.77	(0.20)	0.00	(0.52)	0.00	0.00	3.53	(4.15)	11.27
NPI	1.10	0.16	0.09	0.34	1.28	(1.13)	2.59	(2.38)	7.30
CPX	1.39	0.03	(0.01)	0.19	2.04	(1.36)	2.98	(2.89)	9.88
BEP-UN	1.09	0.14	0.07	0.46	1.15	(1.18)	2.82	(1.76)	7.75

Be your own money manager

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

Did you try this?

Run USA ETFs Now

USA ETFs

Find actively traded Exchange Traded Funds (ETF) in USA

All Next

Launch Module

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2026 Macroaxis LLC