Canfor Correlations

Stocks Germany . 
Stock . Canfor
NKC Stock  EUR 11.90  0.10  0.83%   
The current 90-days correlation between Canfor and United Breweries Co is -0.11 (i.e., Good diversification). The correlation of Canfor 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.

Canfor Correlation With Market

Good diversification

The correlation between Canfor and DJI is -0.02 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Canfor and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Canfor could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Canfor 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 Canfor - 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 Canfor to buy it.

Moving together with Canfor Stock

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  0.71AMZ Amazon IncPairCorr
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  0.72CSA Accenture plcPairCorr
  0.76OGM1 Cogent CommunicationsPairCorr
  0.77BY6A BYD LimitedPairCorr
  0.66MSF MicrosoftPairCorr
  0.75MOB Monster Beverage CorpPairCorr
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  0.77GIS General MillsPairCorr
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Moving against Canfor Stock

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  0.59VOW Volkswagen AGPairCorr
  0.56VOW3 Volkswagen AGPairCorr
  0.55VOWB VOLKSWAGEN AG VZPairCorr
  0.55VOW3 Volkswagen AG VZOPairCorr
  0.5497S STELLA JONES INCPairCorr
  0.7DBPD Xtrackers ShortDAXPairCorr

Related Correlations Analysis

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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   
MOB
+ 0.85
20V
8Q8
+ 0.8
7SN
7E3
+ 0.71
20V
7E3
+ 0.53
MOB
20V
+ 0.52
CVU
MOB
+ 0.52
CVU
  
High negative correlations   
8Q8
- 0.7
20V
8Q8
- 0.67
MOB
MOB
- 0.67
7SN
CVU
- 0.65
7SN
20V
- 0.64
7SN
7E3
- 0.42
8Q8

Risk-Adjusted Indicators

There is a big difference between Canfor Stock performing well and Canfor 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 Canfor'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 Canfor 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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Canfor Corporate Management

Elected by the shareholders, the Canfor's board of directors comprises two types of representatives: Canfor inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Canfor. The board's role is to monitor Canfor's management team and ensure that shareholders' interests are well served. Canfor'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, Canfor's outside directors are responsible for providing unbiased perspectives on the board's policies.
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