Nutrien Correlations

NTR Stock

CAD 95.04 1.35 1.44%

The current 90-days correlation between Nutrien and Kinross Gold Corp is 0.26 (i.e., Modest 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 0.77 (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

0.91	AG	First Majestic Silver	Pair Corr
0.86	IE	Ivanhoe Energy	Pair Corr
0.93	ORE	Orezone Gold Corp	Pair Corr
0.88	FDY	Faraday Copper Corp	Pair Corr
0.85	BTO	B2Gold Corp	Pair Corr
0.73	CNQ	Canadian Natural Res	Pair Corr
0.74	TD	Toronto Dominion Bank	Pair Corr
0.75	MFC	Manulife Financial Corp Earnings Call Tomorrow	Pair Corr
0.72	TRP	TC Energy Corp Earnings Call This Week	Pair Corr
0.85	SU	Suncor Energy	Pair Corr
0.87	DML	Denison Mines Corp	Pair Corr
0.67	PJX	PJX Resources	Pair Corr
0.85	GIL	Gildan Activewear	Pair Corr
0.85	DNG	Dynacor Gold Mines	Pair Corr
0.84	GPCC-P	Green Panda Capital	Pair Corr
0.8	HSTR	Heliostar Metals	Pair Corr
0.7	CRE	Critical Elements	Pair Corr
0.8	LIRC	Lithium Royalty Corp	Pair Corr
0.79	GMG	Graphene Manufacturing	Pair Corr
0.62	DG	Dixie Gold	Pair Corr
0.76	WAST	Waste Management,	Pair Corr
0.85	SGU	Signature Resources	Pair Corr
0.86	INO-UN	Inovalis Real Estate	Pair Corr
0.88	MER	Meren Energy	Pair Corr
0.84	LEXI	Lithium Energi Explo	Pair Corr
0.83	FTZ	Fitzroy Minerals	Pair Corr
0.61	SC-H	Serrano Resources	Pair Corr

Moving against Nutrien Stock

0.61	CSTR	CryptoStar Corp	Pair Corr
0.46	MTLO	Martello Technologies Earnings Call This Week	Pair Corr

Related Correlations Analysis

	K	TECK-B	TECK-A	LUG	FNV	AGI	PAAS	KRN	TIE	FM
K		0.88	0.88	0.57	0.99	0.86	0.93	0.29	0.46	0.9	K
TECK-B	0.88		1.0	0.26	0.87	0.75	0.86	0.28	0.57	0.9	TECK-B
TECK-A	0.88	1.0		0.25	0.87	0.75	0.86	0.27	0.58	0.9	TECK-A
LUG	0.57	0.26	0.25		0.54	0.7	0.57	0.43	-0.14	0.52	LUG
FNV	0.99	0.87	0.87	0.54		0.82	0.9	0.24	0.5	0.88	FNV
AGI	0.86	0.75	0.75	0.7	0.82		0.93	0.59	0.18	0.87	AGI
PAAS	0.93	0.86	0.86	0.57	0.9	0.93		0.56	0.35	0.95	PAAS
KRN	0.29	0.28	0.27	0.43	0.24	0.59	0.56		-0.24	0.55	KRN
TIE	0.46	0.57	0.58	-0.14	0.5	0.18	0.35	-0.24		0.32	TIE
FM	0.9	0.9	0.9	0.52	0.88	0.87	0.95	0.55	0.32		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	+ 0.99	K
FM	+ 0.95	PAAS
PAAS	+ 0.93	K
PAAS	+ 0.93	AGI
FM	+ 0.9	K

High negative correlations

TIE	- 0.24	KRN
TIE	- 0.14	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	2.15	0.43	0.12	0.59	3.17	(2.27)	5.04	(4.34)	19.82
TECK-B	2.22	0.42	0.13	0.87	2.54	(2.33)	4.48	(4.23)	13.86
TECK-A	2.16	0.43	0.13	0.75	2.61	(2.29)	4.48	(4.25)	14.20
LUG	2.27	0.10	0.02	0.23	3.51	(2.18)	4.75	(4.52)	21.00
FNV	1.59	0.30	0.11	0.42	2.17	(1.68)	3.50	(3.21)	14.64
AGI	2.32	0.41	0.11	0.47	3.11	(2.40)	5.77	(5.86)	16.85
PAAS	2.78	0.76	0.21	0.76	3.06	(3.26)	7.32	(4.53)	24.05
KRN	8.55	1.18	0.12	0.39	8.10	(14.36)	22.73	(18.52)	90.49
TIE	5.15	0.75	0.06	1.53	5.13	(22.03)	20.00	(11.11)	76.55
FM	2.09	0.42	0.13	0.56	2.70	(2.19)	5.00	(5.30)	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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