Canadian Utilities Correlations

CU Stock

CAD 43.87 0.20 0.45%

The current 90-days correlation between Canadian Utilities and Brookfield Renewable Corp is -0.1 (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

Very weak diversification

The correlation between Canadian Utilities Limited and DJI is 0.56 (i.e., Very weak 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

0.78	III	Imperial Metals	Pair Corr
0.74	TAU	Thesis Gold	Pair Corr
0.75	DGS	Dividend Growth Split	Pair Corr
0.78	DF	Dividend 15 Split	Pair Corr
0.82	SIA	Sienna Senior Living	Pair Corr

Moving against Canadian Stock

0.35	MKZ-UN	Mackenzie Mstr Un	Pair Corr
0.32	AAV	Advantage Oil Gas	Pair Corr

Related Correlations Analysis

	BEPC	BIP-PE	CPX	BIPC	NPI	AQN	ALA	EMA	TA
BEPC		-0.73	0.72	0.14	0.67	-0.36	0.24	0.04	0.81	BEPC
BIP-PE	-0.73		-0.46	0.02	-0.3	0.39	-0.46	0.01	-0.67	BIP-PE
CPX	0.72	-0.46		0.1	0.84	-0.61	-0.21	-0.37	0.91	CPX
BIPC	0.14	0.02	0.1		-0.03	-0.23	0.05	-0.23	0.12	BIPC
NPI	0.67	-0.3	0.84	-0.03		-0.24	-0.33	-0.07	0.7	NPI
AQN	-0.36	0.39	-0.61	-0.23	-0.24		-0.03	0.65	-0.7	AQN
ALA	0.24	-0.46	-0.21	0.05	-0.33	-0.03		0.21	0.07	ALA
EMA	0.04	0.01	-0.37	-0.23	-0.07	0.65	0.21		-0.29	EMA
TA	0.81	-0.67	0.91	0.12	0.7	-0.7	0.07	-0.29		TA
	BEPC	BIP-PE	CPX	BIPC	NPI	AQN	ALA	EMA	TA

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

TA	+ 0.91	CPX
NPI	+ 0.84	CPX
TA	+ 0.81	BEPC
CPX	+ 0.72	BEPC
TA	+ 0.7	NPI
NPI	+ 0.67	BEPC

High negative correlations

BIP-PE	- 0.73	BEPC
TA	- 0.7	AQN
TA	- 0.67	BIP-PE
AQN	- 0.61	CPX
ALA	- 0.46	BIP-PE
CPX	- 0.46	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	1.36	(0.07)	0.00	(0.87)	0.00	0.00	2.84	(2.60)	7.67
BIP-PE	0.41	0.03	(0.03)	2.36	0.44	(0.54)	1.02	(0.85)	3.35
CPX	1.53	(0.27)	0.00	2.21	0.00	0.00	2.92	(4.69)	10.21
BIPC	1.10	0.11	0.08	0.19	1.09	(1.27)	2.46	(1.94)	7.62
NPI	1.60	(0.35)	0.00	8.90	0.00	0.00	2.30	(2.97)	28.76
AQN	1.15	0.21	0.14	(21.55)	0.92	(1.48)	2.89	(1.71)	10.69
ALA	0.89	0.02	(0.04)	(0.01)	1.10	(0.93)	1.69	(1.84)	5.54
EMA	0.61	0.03	(0.03)	(0.18)	0.71	(0.66)	1.35	(1.11)	4.85
TA	1.85	(0.46)	0.00	0.72	0.00	0.00	3.24	(5.06)	12.45

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.

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