Canadian Net Correlations

NET-UN Stock

6.10 0.04 0.66%

The current 90-days correlation between Canadian Net Real and Parkit Enterprise is -0.06 (i.e., Good 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

Very poor diversification

The correlation between Canadian Net Real and DJI is 0.84 (i.e., Very poor 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

0.75	WPRT	Westport Fuel Systems	Pair Corr
0.93	MKO	Mako Mining Corp	Pair Corr
0.79	WAST	Waste Management CDR	Pair Corr
0.68	COLA	Coca Cola	Pair Corr
0.76	NICU	Magna Mining	Pair Corr
0.79	EXE	Extendicare Earnings Call This Week	Pair Corr
0.9	BPF-UN	Boston Pizza Royalties	Pair Corr
0.85	RKR	ROKMASTER Resources Corp	Pair Corr
0.88	BCE	BCE Inc	Pair Corr
0.74	BBB	Brixton Metals Earnings Call This Week	Pair Corr
0.86	TI	Titan Mining Corp	Pair Corr
0.91	SGR-U	Slate Grocery REIT	Pair Corr
0.71	QNC	Quantum eMotion Corp	Pair Corr
0.84	PSLV	Sprott Physical Silver	Pair Corr
0.89	PML	Panoro Minerals	Pair Corr
0.93	PGDC	Patagonia Gold Corp	Pair Corr
0.79	BTO	B2Gold Corp	Pair Corr
0.89	TMG	Thermal Energy Inter	Pair Corr
0.85	MGG	Minaurum Silver	Pair Corr
0.79	ETG	Entree Resources	Pair Corr
0.83	CU-PH	Canadian Utilities Earnings Call This Week	Pair Corr
0.94	BCE-PT	Bce Inc Pref	Pair Corr
0.83	CWEB	Charlottes Web Holdings	Pair Corr
0.93	ACQ	Autocanada	Pair Corr
0.69	DAN	Arianne Phosphate	Pair Corr
0.75	TUF	Honey Badger Silver	Pair Corr
0.66	SBI	Serabi Gold PLC	Pair Corr
0.65	CCA	Cogeco Communications	Pair Corr
0.93	FTT	Finning International	Pair Corr

Moving against Canadian Stock

0.92	ORC-A	Orca Energy Group	Pair Corr
0.43	RCI-A	Rogers Communications	Pair Corr

Related Correlations Analysis

	PKT	IVQ	ERE-UN	TNT-UN	BRE	MPCT-UN	UFC	FCD-UN	GDC	HMT
PKT		0.6	0.69	-0.22	0.75	0.74	0.63	0.78	0.58	-0.26	PKT
IVQ	0.6		0.74	0.18	0.56	0.68	0.73	0.65	0.31	-0.13	IVQ
ERE-UN	0.69	0.74		-0.04	0.76	0.83	0.8	0.86	0.47	-0.06	ERE-UN
TNT-UN	-0.22	0.18	-0.04		-0.36	-0.05	0.06	-0.27	-0.26	0.6	TNT-UN
BRE	0.75	0.56	0.76	-0.36		0.85	0.7	0.86	0.52	-0.51	BRE
MPCT-UN	0.74	0.68	0.83	-0.05	0.85		0.87	0.85	0.39	-0.22	MPCT-UN
UFC	0.63	0.73	0.8	0.06	0.7	0.87		0.78	0.3	-0.18	UFC
FCD-UN	0.78	0.65	0.86	-0.27	0.86	0.85	0.78		0.46	-0.28	FCD-UN
GDC	0.58	0.31	0.47	-0.26	0.52	0.39	0.3	0.46		-0.31	GDC
HMT	-0.26	-0.13	-0.06	0.6	-0.51	-0.22	-0.18	-0.28	-0.31		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

UFC	+ 0.87	MPCT-UN
FCD-UN	+ 0.86	ERE-UN
FCD-UN	+ 0.86	BRE
MPCT-UN	+ 0.85	BRE
FCD-UN	+ 0.85	MPCT-UN
MPCT-UN	+ 0.83	ERE-UN

High negative correlations

HMT	- 0.51	BRE
BRE	- 0.36	TNT-UN
HMT	- 0.31	GDC
HMT	- 0.28	FCD-UN
FCD-UN	- 0.27	TNT-UN
GDC	- 0.26	TNT-UN

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	2.40	0.18	0.02	(0.29)	2.99	(3.93)	6.78	(6.25)	17.55
IVQ	4.13	0.30	0.02	(0.11)	4.76	(9.94)	9.09	(8.33)	43.75
ERE-UN	0.70	0.08	0.02	(1.27)	0.70	(1.24)	1.80	(1.72)	4.37
TNT-UN	0.51	(0.09)	0.00	(0.25)	0.00	0.00	0.92	(1.02)	3.09
BRE	1.04	0.13	0.08	0.30	1.14	(1.14)	2.30	(2.52)	5.74
MPCT-UN	2.85	0.32	0.09	0.39	3.01	(3.74)	8.39	(4.76)	24.13
UFC	1.72	0.13	0.02	(0.45)	1.81	(4.18)	5.68	(4.44)	19.58
FCD-UN	0.52	0.06	0.01	(0.99)	0.67	(0.59)	1.19	(1.35)	3.40
GDC	1.46	0.02	0.00	0.07	1.93	(2.16)	4.06	(4.08)	14.31
HMT	1.17	(0.17)	0.00	(1.64)	0.00	0.00	5.00	(4.76)	21.52

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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