Open Text Correlations

Stocks . Canada . 
Stock . Open Text Corp
OTEX Stock  CAD 44.70  0.49  1.08%   
The current 90-days correlation between Open Text Corp and Descartes Systems Group is 0.43 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Open Text moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Open Text Corp moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Open Text Correlation With Market

Modest diversification

The correlation between Open Text Corp and DJI is 0.22 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Open Text Corp and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Open Text could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Open Text 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 Open Text - 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 Open Text Corp to buy it.

Moving together with Open Stock

  0.88TAL PetroTal CorpPairCorr
  0.87RS Real Estate EPairCorr

Moving against Open Stock

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  0.79LFE Canadian Life CompaniesPairCorr
  0.77ESP Brompton Energy SplitPairCorr
  0.75AVR Avaron Mining CorpPairCorr
  0.74ENB-PFC Enbridge Pref 11PairCorr
  0.72PD Precision DrillingPairCorr
  0.71NPTH NeuPath HealthPairCorr
  0.7GS GOLDMAN SACHS CDRPairCorr
  0.68GMG Graphene ManufacturingPairCorr
  0.67ELD Eldorado Gold CorpPairCorr
  0.64FTU-PB US Financial 15PairCorr
  0.58GRID Tantalus Systems HoldingPairCorr
  0.5WPM Wheaton Precious MetalsPairCorr
  0.47CGNT Copper Giant ResourcesPairCorr
  0.46HAI Haivision SystemsPairCorr
  0.46DRT DIRTT EnvironmentalPairCorr
  0.42PGDC Patagonia Gold CorpPairCorr
  0.4XLY Auxly Cannabis GroupPairCorr
  0.31CN Condor ResourcesPairCorr
  0.91SAP Saputo IncPairCorr
  0.89PRM Big Pharma SplitPairCorr
  0.86KEC Kiwetinohk Energy CorpPairCorr
  0.78IGM IGM FinancialPairCorr
  0.72FFN North American FinancialPairCorr
  0.72TD Toronto Dominion BankPairCorr
  0.7WPK WinpakPairCorr
  0.68LDB-P LDB Capital CorpPairCorr
  0.67CGG China Gold InternationalPairCorr
  0.66VAU Viva Gold CorpPairCorr
  0.6PNTR Pantera Silver CorpPairCorr

Related Correlations Analysis


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

CMG
+ 0.95
LMN
DCBO
+ 0.92
NCI
NCI
+ 0.91
LMN
DCBO
+ 0.91
TOI
DCBO
+ 0.89
LMN
TOI
+ 0.88
LMN
  

High negative correlations

LSPD
- 0.07
LMN
LSPD
- 0.01
CMG
CTZ
- 0.01
DSG

Risk-Adjusted Indicators

There is a big difference between Open Stock performing well and Open Text 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 Open Text'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
DSG  1.35 (0.19) 0.00 (0.20) 0.00 
 0.00 
 1.95 
(3.16)
 17.53 
LMN  2.58 (0.56) 0.00 (0.58) 0.00 
 0.00 
 5.52 
(6.15)
 23.78 
TOI  1.72 (0.27) 0.00 (1.45) 0.00 
 0.00 
 3.02 
(4.28)
 15.21 
ENGH  0.92 (0.03) 0.00 (0.06) 0.00 
 0.00 
 1.92 
(2.50)
 6.15 
CMG  1.32 (0.29) 0.00 (0.52) 0.00 
 0.00 
 2.33 
(3.28)
 7.68 
NCI  3.19 (0.53) 0.00 (0.27) 0.00 
 0.00 
 5.88 
(7.48)
 24.03 
KXS  1.04 (0.04) 0.00 (0.84) 0.00 
 0.00 
 2.16 
(1.88)
 7.67 
DCBO  1.54 (0.44) 0.00 (0.35) 0.00 
 0.00 
 2.86 
(3.62)
 10.58 
LSPD  2.09  0.00  0.00  0.06  2.51 
(2.29)
 4.06 
(4.22)
 20.83 
CTZ  1.64  0.11  0.01 (0.74) 2.29 
(2.68)
 3.57 
(2.31)
 15.94 

Be your own money manager

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