Canadian Solar Correlations

Stocks . Germany . 
Stock . Canadian Solar
L5A Stock  EUR 16.50  0.98  5.61%   
The current 90-days correlation between Canadian Solar and PT Astra International is 0.08 (i.e., Significant 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

Excellent diversification

The correlation between Canadian Solar and DJI is -0.7 (i.e., Excellent 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

  0.66BRH Berkshire HathawayPairCorr
  0.7LSPP Chocoladefabriken LindtPairCorr

Moving against Canadian Stock

  0.7801H HORIBAPairCorr
  0.78NCO Nedbank Group LimitedPairCorr
  0.77ALV Allianz SEPairCorr
  0.77WCE CECO ENVIRONMENTALPairCorr
  0.76317A STINGRAY GROUP INCPairCorr
  0.75O3I FLOW TRADERS LTDPairCorr
  0.733YL SMARTOPTICS GRP AS Earnings Call This WeekPairCorr
  0.7S0V SeaboardPairCorr
  0.77LB Lotus Bakeries NVPairCorr
  0.696IC Iridium CommunicationsPairCorr
  0.68SZL SOLSTAD OFFSHOREPairCorr
  0.65T4W Toro EnergyPairCorr
  0.657GA Gestamp AutomociónPairCorr
  0.64DJDA DIeteren Group SAPairCorr
  0.64LPK LPKF Laser ElectronicsPairCorr
  0.63VVD Veolia EnvironnementPairCorr
  0.57QIA QIAGEN NV SplitPairCorr
  0.56HZ8 Insteel IndustriesPairCorr
  0.55WNI WHITE MTNS INSPairCorr
  0.51HHX HAMMONIA SchiffsholdingPairCorr
  0.49TWA TOWAPairCorr
  0.472G0 Food Life CompaniesPairCorr
  0.42NVE NVR IncPairCorr
  0.4SKFA AB SKFPairCorr
  0.4IMK IMAX China Holding Earnings Call This WeekPairCorr
  0.31SJ3 Sherwin WilliamsPairCorr
  0.8SZG Salzgitter AGPairCorr
  0.79KGHA KGHM Polska MiedzPairCorr
  0.76H3M Hochschild Mining plcPairCorr
  0.76WWR Woolworths GroupPairCorr
  0.74AOMD Alstom SAPairCorr
  0.73ENR Siemens Energy AGPairCorr
  0.72GLDA Amundi Physical GoldPairCorr
  0.7NEF Neste OyjPairCorr
  0.7MSI Mitsui ChemicalsPairCorr
  0.69UN0 Uniper SEPairCorr

Related Correlations Analysis


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

SSUN
+ 0.99
SSU
SSU
+ 0.99
SSU
SSUN
+ 0.99
SSU
SSUN
+ 0.98
SSU
SSU
+ 0.98
SSUN
SSUN
+ 0.98
SSUN
  

High negative correlations

TCID
- 0.64
SSUN
TCID
- 0.64
SSU
TCID
- 0.64
SSUN
TCID
- 0.63
SSU
ASJA
- 0.49
TCID
TCID
- 0.27
SSUN

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.

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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Canadian Solar Corporate Executives

Elected by the shareholders, the Canadian Solar's board of directors comprises two types of representatives: Canadian Solar inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Canadian. The board's role is to monitor Canadian Solar's management team and ensure that shareholders' interests are well served. Canadian Solar's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Canadian Solar's outside directors are responsible for providing unbiased perspectives on the board's policies.
Xinbo ZhuSenior CFOProfile
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