National Bank Correlations

NA-PW Preferred Stock

CAD 23.71 0.04 0.17%

The current 90-days correlation between National Bank and Altagas Cum Red is 0.13 (i.e., Average diversification). The correlation of National Bank 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. If the correlation is 0, the equities are not correlated; they are entirely random.

National Bank Correlation With Market

Significant diversification

The correlation between National Bank of and DJI is 0.05 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding National Bank of and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with National Preferred Stock

0.62	WINS	Winshear Gold Corp Earnings Call This Week	Pair Corr
0.69	DFN	Dividend 15 Split	Pair Corr
0.86	FFN	North American Financial	Pair Corr
0.71	DGS	Dividend Growth Split	Pair Corr

Moving against National Preferred Stock

0.79	NRR-UN	Northview Residential	Pair Corr
0.72	TIL	Till Capital	Pair Corr
0.43	CNE	Canacol Energy	Pair Corr

Related Correlations Analysis

	FINC	ZUAG-U	TNO-H	XHB	EDGF	SOLR	0P0000OXA6	ALA-PA	ULV-U	ECO
FINC		-0.47	-0.03	0.68	0.6	-0.32	0.76	-0.75	0.66	0.29	FINC
ZUAG-U	-0.47		0.43	-0.22	-0.13	0.54	-0.82	0.43	-0.35	0.37	ZUAG-U
TNO-H	-0.03	0.43		0.01	0.23	0.33	-0.28	0.11	0.12	0.41	TNO-H
XHB	0.68	-0.22	0.01		0.51	-0.44	0.62	-0.67	0.81	0.17	XHB
EDGF	0.6	-0.13	0.23	0.51		-0.11	0.45	-0.39	0.38	0.33	EDGF
SOLR	-0.32	0.54	0.33	-0.44	-0.11		-0.59	0.31	-0.53	0.0	SOLR
0P0000OXA6	0.76	-0.82	-0.28	0.62	0.45	-0.59		-0.65	0.65	-0.08	0P0000OXA6
ALA-PA	-0.75	0.43	0.11	-0.67	-0.39	0.31	-0.65		-0.62	-0.19	ALA-PA
ULV-U	0.66	-0.35	0.12	0.81	0.38	-0.53	0.65	-0.62		0.17	ULV-U
ECO	0.29	0.37	0.41	0.17	0.33	0.0	-0.08	-0.19	0.17		ECO
	FINC	ZUAG-U	TNO-H	XHB	EDGF	SOLR	0P0000OXA6	ALA-PA	ULV-U	ECO

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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

ULV-U	+ 0.81	XHB
0P0000OXA6	+ 0.76	FINC
XHB	+ 0.68	FINC
ULV-U	+ 0.66	FINC
ULV-U	+ 0.65	0P0000OXA6
0P0000OXA6	+ 0.62	XHB

High negative correlations

0P0000OXA6	- 0.82	ZUAG-U
ALA-PA	- 0.75	FINC
ALA-PA	- 0.67	XHB
ALA-PA	- 0.65	0P0000OXA6
ULV-U	- 0.62	ALA-PA
0P0000OXA6	- 0.59	SOLR

Risk-Adjusted Indicators

There is a big difference between National Preferred Stock performing well and National Bank 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 National Bank'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
FINC	0.11	0.02	0.00	(0.09)	0.00	0.00	0.37	(0.41)	2.23
ZUAG-U	0.14	(0.03)	0.00	1.87	0.00	0.00	0.42	(0.46)	2.35
TNO-H	14.58	4.80	0.00	(0.45)	0.00	0.00	100.00	(50.00)	150.00
XHB	0.19	0.01	(0.49)	(0.22)	0.13	(0.26)	0.41	(0.31)	1.07
EDGF	0.81	0.01	(0.05)	0.18	1.11	(1.17)	2.20	(1.86)	6.42
SOLR	5.78	0.28	0.00	(0.06)	8.19	(23.96)	25.00	(20.00)	50.00
0P0000OXA6	0.50	0.09	(0.04)	1.11	0.55	(0.54)	1.07	(1.18)	4.34
ALA-PA	0.51	0.01	(0.17)	0.06	0.67	(0.60)	1.15	(1.45)	3.73
ULV-U	0.25	0.11	0.00	(1.23)	0.00	0.00	0.46	0.00	5.90
ECO	1.48	(0.03)	(0.05)	0.04	1.87	(1.71)	3.84	(3.00)	11.63

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