Nutrien Correlations

NTR Stock

CAD 101.68 1.87 1.81%

The current 90-days correlation between Nutrien and Kinross Gold Corp is 0.31 (i.e., Weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Nutrien moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Nutrien moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Nutrien Correlation With Market

Poor diversification

The correlation between Nutrien and DJI is 0.67 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nutrien and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Nutrien Stock

0.92	AG	First Majestic Silver	Pair Corr
0.91	ORE	Orezone Gold Corp	Pair Corr
0.84	FDY	Faraday Copper Corp Earnings Call This Week	Pair Corr
0.68	INFM	Infinico Metals Corp Split	Pair Corr
0.9	ATX	ATEX Resources	Pair Corr
0.82	BN-PC	Brookfield	Pair Corr
0.87	MU	Micron Technology	Pair Corr
0.81	RUP	Rupert Resources	Pair Corr
0.85	BTO	B2Gold Corp	Pair Corr
0.64	CBR	Cabral Gold	Pair Corr
0.81	BN-PFI	Brookfield	Pair Corr
0.72	RTG	RTG Mining	Pair Corr
0.9	HLF	High Liner Foods	Pair Corr
0.73	DE	Decisive Dividend Corp Earnings Call This Week	Pair Corr
0.85	CJT	Cargojet	Pair Corr
0.68	FTEC	Fintech Select	Pair Corr
0.65	URE	Ur Energy	Pair Corr
0.82	PESO	Pesorama	Pair Corr
0.63	MFC-PP	Manulife Financial Corp	Pair Corr
0.67	TF	Timbercreek Financial	Pair Corr
0.68	ISO	IsoEnergy	Pair Corr
0.81	NSE	New Stratus Energy	Pair Corr
0.88	PGDC	Patagonia Gold Corp	Pair Corr
0.69	FFU	F4 Uranium Corp	Pair Corr
0.88	OBE	Obsidian Energy	Pair Corr

Moving against Nutrien Stock

0.59	FFH	Fairfax Financial	Pair Corr
0.56	BRK	Berkshire Hathaway CDR	Pair Corr

Related Correlations Analysis

	K	TECK-B	TECK-A	LUG	FNV	AGI	PAAS	KRN	TIE	FM
K		0.82	0.83	0.43	0.96	0.73	0.91	-0.25	0.61	0.82	K
TECK-B	0.82		1.0	0.04	0.87	0.74	0.84	-0.26	0.74	0.69	TECK-B
TECK-A	0.83	1.0		0.03	0.87	0.73	0.84	-0.27	0.75	0.7	TECK-A
LUG	0.43	0.04	0.03		0.4	0.48	0.45	0.28	-0.12	0.45	LUG
FNV	0.96	0.87	0.87	0.4		0.85	0.93	-0.2	0.67	0.74	FNV
AGI	0.73	0.74	0.73	0.48	0.85		0.85	0.06	0.49	0.54	AGI
PAAS	0.91	0.84	0.84	0.45	0.93	0.85		0.0	0.59	0.82	PAAS
KRN	-0.25	-0.26	-0.27	0.28	-0.2	0.06	0.0		-0.42	0.08	KRN
TIE	0.61	0.74	0.75	-0.12	0.67	0.49	0.59	-0.42		0.36	TIE
FM	0.82	0.69	0.7	0.45	0.74	0.54	0.82	0.08	0.36		FM
	K	TECK-B	TECK-A	LUG	FNV	AGI	PAAS	KRN	TIE	FM

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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

TECK-A	+ 1.0	TECK-B
FNV	+ 0.96	K
PAAS	+ 0.93	FNV
PAAS	+ 0.91	K
FNV	+ 0.87	TECK-B
FNV	+ 0.87	TECK-A

High negative correlations

TIE	- 0.42	KRN
KRN	- 0.27	TECK-A
KRN	- 0.26	TECK-B
KRN	- 0.25	K
KRN	- 0.2	FNV
TIE	- 0.12	LUG

Risk-Adjusted Indicators

There is a big difference between Nutrien Stock performing well and Nutrien 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 Nutrien'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
K	2.33	0.29	0.07	0.35	3.69	(2.29)	5.14	(5.21)	18.30
TECK-B	2.08	0.36	0.13	0.47	2.49	(2.18)	4.48	(4.00)	13.86
TECK-A	2.15	0.35	0.11	0.42	2.61	(2.22)	4.48	(4.23)	14.20
LUG	2.36	0.02	0.00	0.07	3.94	(2.11)	4.33	(5.00)	19.84
FNV	1.78	0.30	0.10	0.31	2.69	(1.78)	3.71	(5.64)	13.54
AGI	2.69	0.51	0.12	0.50	3.69	(2.69)	6.07	(6.20)	16.74
PAAS	2.93	0.55	0.14	0.47	3.60	(3.33)	6.31	(8.15)	24.04
KRN	8.24	1.38	0.14	0.36	8.01	(12.88)	20.00	(18.52)	90.49
TIE	6.17	1.14	0.12	0.88	5.36	(18.16)	20.00	(11.11)	76.55
FM	2.18	0.30	0.09	0.27	2.91	(2.17)	5.04	(6.02)	13.78

Be your own money manager

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