IGM Financial Correlations

IGM Stock

CAD 67.07 0.55 0.81%

The current 90-days correlation between IGM Financial and Onex Corp is 0.32 (i.e., Weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as IGM Financial moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if IGM Financial moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

IGM Financial Correlation With Market

Poor diversification

The correlation between IGM Financial and DJI is 0.79 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding IGM Financial and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with IGM Stock

0.83	CTF-UN	Citadel Income	Pair Corr
0.91	MAXQ	Maritime Launch Services	Pair Corr
0.77	BN-PFI	Brookfield	Pair Corr
0.74	MFC-PP	Manulife Financial Corp	Pair Corr
0.84	BN-PC	Brookfield	Pair Corr
0.9	ATX	ATEX Resources	Pair Corr
0.69	GLD	GoldOn Resources	Pair Corr
0.8	SLF-PJ	Sun Life Financial	Pair Corr
0.76	PML	Panoro Minerals	Pair Corr
0.65	NIM	Nicola Mining	Pair Corr
0.84	GUG	Gungnir Resources	Pair Corr
0.9	BPF-UN	Boston Pizza Royalties	Pair Corr
0.66	NAR	North Arrow Minerals	Pair Corr
0.8	TOT	Total Energy Services Earnings Call This Week	Pair Corr
0.88	MU	Micron Technology	Pair Corr
0.82	PSLV	Sprott Physical Silver	Pair Corr
0.86	PGDC	Patagonia Gold Corp	Pair Corr
0.86	RUP	Rupert Resources	Pair Corr
0.7	TCL-A	Transcontinental Earnings Call This Week	Pair Corr
0.74	ISO	IsoEnergy	Pair Corr
0.84	PESO	Pesorama	Pair Corr
0.71	AZT	Aztec Minerals Corp	Pair Corr
0.82	TUO	Teuton Resources Corp	Pair Corr
0.71	MOLY	Greenland Resources	Pair Corr
0.79	ENB-PFC	Enbridge Pref 11	Pair Corr
0.84	CJT	Cargojet	Pair Corr
0.68	BTO	B2Gold Corp	Pair Corr
0.73	QNC	Quantum eMotion Corp	Pair Corr
0.73	NXR-UN	Nexus Real Estate Earnings Call This Week	Pair Corr
0.64	GIGA	Giga Metals Corp	Pair Corr
0.79	TF	Timbercreek Financial	Pair Corr

Related Correlations Analysis

	ONEX	IAG	X	GCG-A	GCG	DFY	OLY	BBUC	IFC	CYB
ONEX		0.65	0.78	-0.43	-0.39	0.6	-0.68	0.43	0.21	-0.37	ONEX
IAG	0.65		0.57	-0.51	-0.51	0.71	-0.74	0.45	0.51	-0.56	IAG
X	0.78	0.57		-0.76	-0.69	0.78	-0.79	0.4	0.58	-0.67	X
GCG-A	-0.43	-0.51	-0.76		0.83	-0.62	0.78	-0.44	-0.78	0.9	GCG-A
GCG	-0.39	-0.51	-0.69	0.83		-0.65	0.69	-0.25	-0.77	0.8	GCG
DFY	0.6	0.71	0.78	-0.62	-0.65		-0.64	0.24	0.78	-0.71	DFY
OLY	-0.68	-0.74	-0.79	0.78	0.69	-0.64		-0.51	-0.57	0.72	OLY
BBUC	0.43	0.45	0.4	-0.44	-0.25	0.24	-0.51		0.34	-0.43	BBUC
IFC	0.21	0.51	0.58	-0.78	-0.77	0.78	-0.57	0.34		-0.9	IFC
CYB	-0.37	-0.56	-0.67	0.9	0.8	-0.71	0.72	-0.43	-0.9		CYB
	ONEX	IAG	X	GCG-A	GCG	DFY	OLY	BBUC	IFC	CYB

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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

CYB	+ 0.9	GCG-A
GCG	+ 0.83	GCG-A
CYB	+ 0.8	GCG
X	+ 0.78	ONEX
DFY	+ 0.78	X
OLY	+ 0.78	GCG-A

High negative correlations

CYB	- 0.9	IFC
OLY	- 0.79	X
IFC	- 0.78	GCG-A
IFC	- 0.77	GCG
GCG-A	- 0.76	X
OLY	- 0.74	IAG

Risk-Adjusted Indicators

There is a big difference between IGM Stock performing well and IGM Financial 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 IGM Financial'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
ONEX	1.06	(0.10)	0.00	(0.11)	0.00	0.00	1.87	(2.82)	9.47
IAG	1.04	(0.12)	0.00	(0.21)	0.00	0.00	1.59	(1.74)	13.42
X	1.11	(0.11)	0.00	(0.30)	0.00	0.00	2.28	(3.03)	10.88
GCG-A	0.08	0.00	(0.30)	0.21	0.00	(0.11)	0.15	(0.21)	0.80
GCG	0.12	0.01	(0.10)	(0.30)	0.11	(0.22)	0.25	(0.33)	2.57
DFY	1.10	(0.09)	0.00	0.69	0.00	0.00	2.51	(2.38)	8.82
OLY	0.82	0.09	0.07	0.75	0.79	(0.92)	1.81	(1.66)	4.99
BBUC	1.70	(0.03)	(0.02)	0.00	2.18	(1.82)	3.44	(3.35)	10.74
IFC	0.93	(0.14)	0.00	0.84	0.00	0.00	1.69	(1.77)	6.79
CYB	1.11	0.12	0.07	0.25	1.26	(1.16)	1.97	(1.94)	7.25

Be your own money manager

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