Kinaxis Correlations

KXS Stock

CAD 123.77 1.35 1.08%

The current 90-days correlation between Kinaxis and BlackBerry is 0.22 (i.e., Modest diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Kinaxis moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Kinaxis moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Kinaxis Correlation With Market

Excellent diversification

The correlation between Kinaxis and DJI is -0.62 (i.e., Excellent diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Kinaxis and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Kinaxis Stock

0.92	PWF-PA	Power Financial Corp	Pair Corr
0.91	BCE	BCE Inc	Pair Corr
0.9	TVE	Tamarack Valley Energy	Pair Corr
0.87	TMG	Thermal Energy Inter	Pair Corr
0.85	MKO	Mako Mining Corp	Pair Corr
0.8	CWEB	Charlottes Web Holdings	Pair Corr
0.76	SGR-U	Slate Grocery REIT	Pair Corr
0.76	RKR	ROKMASTER Resources Corp	Pair Corr
0.72	BPF-UN	Boston Pizza Royalties	Pair Corr
0.69	BTE	Baytex Energy Corp	Pair Corr
0.57	ROCK	Rockridge Resources	Pair Corr
0.51	PSLV	Sprott Physical Silver	Pair Corr
0.48	NICU	Magna Mining	Pair Corr
0.48	AGI	Alamos Gold Earnings Call This Week	Pair Corr
0.48	TUF	Honey Badger Silver	Pair Corr
0.44	PJX	PJX Resources	Pair Corr
0.42	BGI-UN	Brookfield Global	Pair Corr
0.41	CCA	Cogeco Communications	Pair Corr
0.4	WPRT	Westport Fuel Systems	Pair Corr
0.35	NZP	Chatham Rock Phosphate	Pair Corr
0.95	IPO	InPlay Oil Corp	Pair Corr
0.95	COLA	Coca Cola	Pair Corr
0.91	BBB	Brixton Metals	Pair Corr
0.89	FTT	Finning International	Pair Corr
0.85	ACQ	Autocanada	Pair Corr
0.78	DAN	Arianne Phosphate	Pair Corr
0.77	PGDC	Patagonia Gold Corp	Pair Corr
0.76	TI	Titan Mining Corp	Pair Corr
0.72	WAST	Waste Management CDR	Pair Corr
0.71	ATH	Athabasca Oil Corp	Pair Corr
0.71	BTO	B2Gold Corp Earnings Call This Week	Pair Corr
0.7	EXE	Extendicare	Pair Corr

Related Correlations Analysis

	BB	LSPD	TCS	LMN	DCBO	ENGH	IMP	THNC
BB		0.72	0.88	0.74	0.74	0.77	0.79	-0.49	BB
LSPD	0.72		0.69	0.75	0.75	0.85	0.32	-0.19	LSPD
TCS	0.88	0.69		0.87	0.79	0.83	0.83	-0.51	TCS
LMN	0.74	0.75	0.87		0.73	0.86	0.69	-0.54	LMN
DCBO	0.74	0.75	0.79	0.73		0.9	0.6	-0.37	DCBO
ENGH	0.77	0.85	0.83	0.86	0.9		0.57	-0.43	ENGH
IMP	0.79	0.32	0.83	0.69	0.6	0.57		-0.69	IMP
THNC	-0.49	-0.19	-0.51	-0.54	-0.37	-0.43	-0.69		THNC
	BB	LSPD	TCS	LMN	DCBO	ENGH	IMP	THNC

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

ENGH	+ 0.9	DCBO
TCS	+ 0.88	BB
LMN	+ 0.87	TCS
ENGH	+ 0.86	LMN
ENGH	+ 0.85	LSPD
ENGH	+ 0.83	TCS

High negative correlations

THNC	- 0.69	IMP
THNC	- 0.54	LMN
THNC	- 0.51	TCS
THNC	- 0.49	BB
THNC	- 0.43	ENGH
THNC	- 0.37	DCBO

Risk-Adjusted Indicators

There is a big difference between Kinaxis Stock performing well and Kinaxis 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 Kinaxis' 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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
BB	1.69	(0.46)	(0.99)	2.91	(3.02)	17.17
LSPD	1.72	(0.65)	(0.67)	2.46	(4.89)	14.57
TCS	1.82	(0.57)	(1.00)	3.14	(4.27)	12.96
LMN	2.37	(0.57)	(3.11)	5.52	(5.77)	23.78
DCBO	1.50	(0.39)	(1.02)	2.38	(3.39)	8.75
ENGH	0.95	(0.26)	(0.93)	1.55	(2.49)	8.77
IMP	2.69	(0.39)	(0.29)	4.42	(5.06)	17.19
THNC	2.22	(0.05)	(0.18)	5.17	(4.10)	12.76

Be your own money manager

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