Canadian Solar Correlations

L5A Stock

EUR 9.58 0.30 3.23%

The current 90-days correlation between Canadian Solar and United Rentals is -0.14 (i.e., Good diversification). The correlation of Canadian Solar is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Canadian Solar Correlation With Market

Good diversification

The correlation between Canadian Solar and DJI is -0.03 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Canadian Solar and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Canadian Stock

0.76	F3A	First Solar	Pair Corr
0.79	3S9	Sunrun Inc	Pair Corr
0.87	ZJS1	JinkoSolar Holding Earnings Call This Week	Pair Corr

Moving against Canadian Stock

0.69	3WB	Waberers International	Pair Corr
0.66	RY4C	Ryanair Holdings plc	Pair Corr
0.65	8C9	China Sanjiang Fine	Pair Corr
0.57	PNE3	PNE AG	Pair Corr
0.48	WUW	Wstenrot Wrttembergische	Pair Corr
0.48	WCLA	Calibre Mining Corp	Pair Corr
0.44	GANA	NATURGY ENERGY ADR15E01	Pair Corr
0.31	GAN	GAS NATURAL SDG	Pair Corr
0.75	LX6	AUSTAL LIMITED	Pair Corr
0.65	AC1	Astronics	Pair Corr
0.63	4HM	Vicat SA	Pair Corr
0.62	HBC1	HSBC Holdings plc	Pair Corr
0.58	1JC1	JAPFA COMFEED	Pair Corr
0.58	BRU	mBank SA	Pair Corr
0.56	GOB	Compagnie de Saint	Pair Corr
0.56	TCW	TOKYU STRUCTION	Pair Corr
0.54	SKM	SKY PER JSAT	Pair Corr
0.52	SEBA	S E BANKEN	Pair Corr
0.48	JUS1	AEON Co	Pair Corr
0.48	E908	Lyxor 1	Pair Corr
0.48	DBPE	Xtrackers LevDAX	Pair Corr
0.44	RXI	Rex International Holding	Pair Corr
0.42	9EE	ZINZINO AB B	Pair Corr
0.41	E4U	ENWAVE CORP	Pair Corr

Related Correlations Analysis

	LNSX	JATA	UR3	NNR	9TG	BMT	E6Q
LNSX		0.6	0.56	0.04	-0.58	-0.46	-0.59	LNSX
JATA	0.6		0.65	0.49	-0.66	-0.3	-0.71	JATA
UR3	0.56	0.65		0.18	-0.4	-0.19	-0.31	UR3
NNR	0.04	0.49	0.18		-0.25	0.08	-0.2	NNR
9TG	-0.58	-0.66	-0.4	-0.25		0.45	0.69	9TG
BMT	-0.46	-0.3	-0.19	0.08	0.45		0.71	BMT
E6Q	-0.59	-0.71	-0.31	-0.2	0.69	0.71		E6Q
	LNSX	JATA	UR3	NNR	9TG	BMT	E6Q

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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

E6Q	+ 0.71	BMT
E6Q	+ 0.69	9TG
UR3	+ 0.65	JATA
JATA	+ 0.6	LNSX
UR3	+ 0.56	LNSX
NNR	+ 0.49	JATA

High negative correlations

E6Q	- 0.71	JATA
9TG	- 0.66	JATA
E6Q	- 0.59	LNSX
9TG	- 0.58	LNSX
BMT	- 0.46	LNSX
9TG	- 0.4	UR3

Risk-Adjusted Indicators

There is a big difference between Canadian Stock performing well and Canadian Solar 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 Solar'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
LNSX	0.85	0.04	0.05	0.18	1.32	(1.60)	2.15	(2.17)	10.34
JATA	0.76	(0.17)	0.00	1.17	0.00	0.00	1.72	(1.69)	5.72
UR3	1.80	(0.49)	0.00	(7.74)	0.00	0.00	3.34	(4.09)	14.00
NNR	1.04	(0.06)	0.00	(0.74)	0.00	0.00	1.53	(2.22)	8.20
9TG	1.75	0.14	0.08	0.35	2.43	(1.71)	4.16	(3.61)	17.33
BMT	0.96	0.09	0.09	3.75	1.93	(0.95)	2.00	(1.99)	13.42
E6Q	1.64	0.28	0.17	(3.21)	1.82	(1.89)	3.50	(3.25)	9.03

Be your own money manager

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