Canadian Net Correlations

NET-UN Stock

5.65 0.01 0.18%

The current 90-days correlation between Canadian Net Real and Parkit Enterprise is 0.22 (i.e., Modest diversification). The correlation of Canadian Net 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 Net Correlation With Market

Good diversification

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

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

Moving together with Canadian Stock

0.84	FFH-PI	Fairfax Financial	Pair Corr
0.85	PNTR	Pantera Silver Corp	Pair Corr
0.79	SEA	Seabridge Gold	Pair Corr
0.68	WPK	Winpak	Pair Corr
0.82	CGNT	Copper Giant Resources	Pair Corr
0.84	GMG	Graphene Manufacturing	Pair Corr
0.76	CGG	China Gold International	Pair Corr
0.88	PD	Precision Drilling	Pair Corr
0.92	FFN	North American Financial	Pair Corr
0.73	ENB-PFC	Enbridge Pref 11	Pair Corr
0.82	NPTH	NeuPath Health	Pair Corr
0.84	SAP	Saputo Inc	Pair Corr
0.74	SFI	Solution Financial	Pair Corr
0.89	TD	Toronto Dominion Bank	Pair Corr
0.85	IGM	IGM Financial	Pair Corr
0.8	YES	CHAR Technologies	Pair Corr
0.74	GRID	Tantalus Systems Holding	Pair Corr
0.62	ELR	Eastern Platinum	Pair Corr
0.78	PRM	Big Pharma Split	Pair Corr
0.88	FTU-PB	US Financial 15	Pair Corr

Moving against Canadian Stock

0.35

AEMC

Alaska Energy Metals

Pair Corr

Related Correlations Analysis

	PKT	IVQ	ERE-UN	TNT-UN	BRE	MPCT-UN	UFC	FCD-UN	GDC	HMT
PKT		-0.02	0.34	0.2	0.54	0.43	-0.23	0.05	0.41	0.1	PKT
IVQ	-0.02		-0.08	0.13	0.03	0.13	-0.24	-0.34	0.21	-0.29	IVQ
ERE-UN	0.34	-0.08		0.06	0.54	0.4	-0.05	-0.16	0.25	0.11	ERE-UN
TNT-UN	0.2	0.13	0.06		0.47	0.64	-0.47	-0.19	0.7	-0.22	TNT-UN
BRE	0.54	0.03	0.54	0.47		0.89	-0.44	-0.24	0.77	-0.08	BRE
MPCT-UN	0.43	0.13	0.4	0.64	0.89		-0.58	-0.33	0.87	-0.11	MPCT-UN
UFC	-0.23	-0.24	-0.05	-0.47	-0.44	-0.58		0.16	-0.55	0.15	UFC
FCD-UN	0.05	-0.34	-0.16	-0.19	-0.24	-0.33	0.16		-0.38	0.32	FCD-UN
GDC	0.41	0.21	0.25	0.7	0.77	0.87	-0.55	-0.38		-0.27	GDC
HMT	0.1	-0.29	0.11	-0.22	-0.08	-0.11	0.15	0.32	-0.27		HMT
	PKT	IVQ	ERE-UN	TNT-UN	BRE	MPCT-UN	UFC	FCD-UN	GDC	HMT

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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

MPCT-UN	+ 0.89	BRE
GDC	+ 0.87	MPCT-UN
GDC	+ 0.77	BRE
GDC	+ 0.7	TNT-UN
MPCT-UN	+ 0.64	TNT-UN
BRE	+ 0.54	PKT

High negative correlations

UFC	- 0.58	MPCT-UN
GDC	- 0.55	UFC
UFC	- 0.47	TNT-UN
UFC	- 0.44	BRE
GDC	- 0.38	FCD-UN
FCD-UN	- 0.34	IVQ

Risk-Adjusted Indicators

There is a big difference between Canadian Stock performing well and Canadian Net 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 Net'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
PKT	2.28	0.04	(0.01)	(0.01)	2.98	(4.71)	7.14	(6.67)	19.09
IVQ	2.87	(0.03)	0.00	(0.41)	0.00	0.00	8.33	(8.33)	17.42
ERE-UN	2.20	(0.73)	0.00	(7.60)	0.00	0.00	3.85	(1.89)	58.67
TNT-UN	0.66	(0.05)	0.00	(0.19)	0.00	0.00	1.10	(1.40)	3.99
BRE	1.11	(0.23)	0.00	(0.37)	0.00	0.00	2.40	(3.03)	7.94
MPCT-UN	2.18	(0.56)	0.00	(0.84)	0.00	0.00	3.68	(5.63)	24.13
UFC	1.77	0.16	0.01	(0.17)	2.71	(4.63)	6.17	(4.76)	24.16
FCD-UN	0.42	0.00	(0.07)	0.05	0.61	(0.46)	1.01	(1.00)	3.36
GDC	1.54	(0.14)	0.00	(0.69)	0.00	0.00	3.34	(4.62)	12.59
HMT	1.17	(0.03)	(0.01)	0.03	1.93	(4.87)	5.00	(4.76)	14.09

Be your own money manager

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