Open Text Correlations

OTEX Stock

CAD 32.51 1.36 4.02%

The current 90-days correlation between Open Text Corp and Descartes Systems Group is 0.46 (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

Excellent diversification

The correlation between Open Text Corp and DJI is -0.66 (i.e., Excellent 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

0.78

UNH

UnitedHealth Group CDR

Pair Corr

Moving against Open Stock

0.9	TOT	Total Energy Services	Pair Corr
0.88	MDM	Madoro Metals Corp	Pair Corr
0.87	UPS	UPS CDR	Pair Corr
0.86	GUG	Gungnir Resources	Pair Corr
0.84	WMT	Walmart Inc CDR	Pair Corr
0.84	UPS	UPS CDR	Pair Corr
0.84	ATX	ATEX Resources	Pair Corr
0.83	TUO	Teuton Resources Corp	Pair Corr
0.82	PESO	Pesorama	Pair Corr
0.8	TF	Timbercreek Financial Earnings Call Tomorrow	Pair Corr
0.79	HD	HOME DEPOT CDR	Pair Corr
0.77	IFA	iFabric Corp	Pair Corr
0.76	FFU	F4 Uranium Corp	Pair Corr
0.75	DE	Decisive Dividend Corp	Pair Corr
0.75	BTO	B2Gold Corp	Pair Corr
0.74	RTG	RTG Mining	Pair Corr
0.67	SLF-PJ	Sun Life Financial	Pair Corr
0.58	ENB-PFC	Enbridge Pref 11	Pair Corr
0.53	GIGA	Giga Metals Corp	Pair Corr
0.52	PSLV	Sprott Physical Silver	Pair Corr
0.51	AZT	Aztec Minerals Corp	Pair Corr
0.48	QNC	Quantum eMotion Corp	Pair Corr
0.39	CBR	Cabral Gold	Pair Corr
0.88	HLF	High Liner Foods Earnings Call Tomorrow	Pair Corr
0.87	MU	Micron Technology	Pair Corr
0.86	NIM	Nicola Mining	Pair Corr
0.84	BN-PC	Brookfield	Pair Corr
0.84	CJT	Cargojet Earnings Call Today	Pair Corr
0.83	NAR	North Arrow Minerals	Pair Corr
0.82	NSE	New Stratus Energy	Pair Corr
0.82	BPF-UN	Boston Pizza Royalties	Pair Corr
0.79	LNR	Linamar	Pair Corr
0.78	OYL	CGX Energy	Pair Corr

Related Correlations Analysis

	DSG	LMN	TOI	ENGH	CMG	NCI	KXS	DCBO	LSPD	CTZ
DSG		0.88	0.88	0.9	0.81	0.78	0.94	0.8	0.94	0.79	DSG
LMN	0.88		0.95	0.91	0.81	0.87	0.94	0.84	0.85	0.76	LMN
TOI	0.88	0.95		0.93	0.85	0.77	0.96	0.86	0.89	0.81	TOI
ENGH	0.9	0.91	0.93		0.83	0.78	0.96	0.93	0.89	0.77	ENGH
CMG	0.81	0.81	0.85	0.83		0.68	0.82	0.75	0.88	0.78	CMG
NCI	0.78	0.87	0.77	0.78	0.68		0.8	0.74	0.74	0.74	NCI
KXS	0.94	0.94	0.96	0.96	0.82	0.8		0.88	0.9	0.81	KXS
DCBO	0.8	0.84	0.86	0.93	0.75	0.74	0.88		0.79	0.66	DCBO
LSPD	0.94	0.85	0.89	0.89	0.88	0.74	0.9	0.79		0.85	LSPD
CTZ	0.79	0.76	0.81	0.77	0.78	0.74	0.81	0.66	0.85		CTZ
	DSG	LMN	TOI	ENGH	CMG	NCI	KXS	DCBO	LSPD	CTZ

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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 Deviation	Jensen Alpha	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
DSG	1.66	(0.39)	(0.73)	0.00	0.00	2.51	(5.11)	23.38
LMN	2.05	(0.50)	(0.64)	0.00	0.00	4.85	(5.77)	15.54
TOI	1.78	(0.65)	(0.53)	0.00	0.00	2.91	(4.64)	10.68
ENGH	0.93	(0.21)	(1.25)	0.00	0.00	1.55	(2.02)	8.77
CMG	1.73	(0.25)	(0.46)	0.00	0.00	3.11	(3.45)	22.76
NCI	3.25	0.00	0.06	3.65	(3.92)	6.54	(7.48)	24.03
KXS	1.49	(0.54)	(2.31)	0.00	0.00	2.69	(4.01)	11.11
DCBO	1.67	(0.36)	(1.84)	0.00	0.00	2.98	(3.51)	18.47
LSPD	1.66	(0.45)	(0.34)	0.00	0.00	2.55	(4.76)	14.57
CTZ	2.12	(0.26)	(0.17)	0.00	0.00	4.67	(5.80)	26.98

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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