Dollarama Correlations

DOL Stock

CAD 192.09 1.35 0.70%

The current 90-days correlation between Dollarama and Loblaw Companies Limited is 0.43 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Dollarama moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Dollarama moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Dollarama Correlation With Market

Very good diversification

The correlation between Dollarama and DJI is -0.44 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Dollarama and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Dollarama Stock

0.77	MKO	Mako Mining Corp	Pair Corr
0.76	TMG	Thermal Energy Inter	Pair Corr
0.74	TVE	Tamarack Valley Energy Earnings Call This Week	Pair Corr
0.72	PGDC	Patagonia Gold Corp	Pair Corr
0.7	ETG	Entree Resources	Pair Corr
0.67	RKR	ROKMASTER Resources Corp	Pair Corr
0.64	BMO	Bank of Montreal Earnings Call This Week	Pair Corr
0.64	ATH	Athabasca Oil Corp	Pair Corr
0.63	BNP	BNP Paribas CDR	Pair Corr
0.63	BTO	B2Gold Corp	Pair Corr
0.63	DOS	Dios Exploration	Pair Corr
0.58	BTE	Baytex Energy Corp	Pair Corr
0.58	WAST	Waste Management CDR	Pair Corr
0.5	BPF-UN	Boston Pizza Royalties	Pair Corr
0.48	PSLV	Sprott Physical Silver	Pair Corr
0.45	NICU	Magna Mining	Pair Corr
0.33	ILI	Imagine Lithium	Pair Corr
0.85	BBB	Brixton Metals Earnings Call This Week	Pair Corr
0.82	IPO	InPlay Oil Corp	Pair Corr
0.81	DAN	Arianne Phosphate	Pair Corr
0.81	AIM	Aimia Inc	Pair Corr
0.79	BCE	BCE Inc	Pair Corr
0.78	FTT	Finning International	Pair Corr
0.74	PWF-PA	Power Financial Corp	Pair Corr
0.72	TI	Titan Mining Corp	Pair Corr
0.67	ACQ	Autocanada	Pair Corr
0.66	COLA	Coca Cola	Pair Corr
0.61	CU	Canadian Utilities Earnings Call This Week	Pair Corr

Related Correlations Analysis

	MRU	L	WN	EMP-A	NWC	PESO	TPX-B	PBH	JWEL
MRU		-0.19	-0.28	0.5	-0.21	-0.58	-0.39	0.1	-0.29	MRU
L	-0.19		0.96	0.07	0.94	0.64	0.66	0.49	0.82	L
WN	-0.28	0.96		-0.02	0.92	0.66	0.7	0.44	0.82	WN
EMP-A	0.5	0.07	-0.02		-0.06	-0.57	-0.35	-0.17	-0.08	EMP-A
NWC	-0.21	0.94	0.92	-0.06		0.69	0.73	0.58	0.87	NWC
PESO	-0.58	0.64	0.66	-0.57	0.69		0.69	0.48	0.66	PESO
TPX-B	-0.39	0.66	0.7	-0.35	0.73	0.69		0.38	0.76	TPX-B
PBH	0.1	0.49	0.44	-0.17	0.58	0.48	0.38		0.32	PBH
JWEL	-0.29	0.82	0.82	-0.08	0.87	0.66	0.76	0.32		JWEL
	MRU	L	WN	EMP-A	NWC	PESO	TPX-B	PBH	JWEL

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

WN	+ 0.96	L
NWC	+ 0.94	L
NWC	+ 0.92	WN
JWEL	+ 0.87	NWC
JWEL	+ 0.82	L
JWEL	+ 0.82	WN

High negative correlations

PESO	- 0.58	MRU
PESO	- 0.57	EMP-A
TPX-B	- 0.39	MRU
TPX-B	- 0.35	EMP-A
JWEL	- 0.29	MRU
WN	- 0.28	MRU

Risk-Adjusted Indicators

There is a big difference between Dollarama Stock performing well and Dollarama 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 Dollarama'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
MRU	0.76	(0.02)	0.00	0.56	0.00	0.00	1.77	(1.77)	7.31
L	0.90	0.15	0.07	(1.06)	0.75	(1.07)	2.35	(1.44)	5.56
WN	0.79	0.11	0.03	(0.76)	0.87	(0.83)	2.13	(1.65)	4.17
EMP-A	1.15	(0.10)	0.00	0.31	0.00	0.00	2.87	(1.88)	11.60
NWC	0.92	0.23	0.12	(3.59)	1.08	(0.99)	2.43	(1.74)	7.13
PESO	3.25	0.51	0.06	(2.04)	4.13	(4.79)	7.14	(6.67)	27.99
TPX-B	1.73	0.11	0.01	(1.17)	1.95	(1.95)	3.78	(3.29)	8.93
PBH	1.11	0.29	0.13	(1.04)	1.29	(1.28)	2.93	(1.56)	11.56
JWEL	0.94	0.18	0.12	24.11	0.69	(1.17)	2.56	(1.36)	4.77

Be your own money manager

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