Precision Drilling Correlations

PD Stock

CAD 98.96 0.29 0.29%

The current 90-days correlation between Precision Drilling and Trican Well Service is 0.5 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Precision Drilling moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Precision Drilling moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Precision Drilling Correlation With Market

Average diversification

The correlation between Precision Drilling and DJI is 0.15 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Precision Drilling and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Precision Stock

0.89	ENB-PFV	Enbridge Pref 5	Pair Corr
0.88	ENB-PFC	Enbridge Pref 11	Pair Corr
0.67	ENB-PFU	Enbridge Pref L	Pair Corr
0.79	GOOG	Alphabet CDR	Pair Corr
0.82	MU	Micron Technology	Pair Corr
0.62	LV	LVMH CDR	Pair Corr
0.68	EIT-PA	Canoe EIT Income	Pair Corr
0.87	LA	Los Andes Copper	Pair Corr
0.87	ENB-PFA	Enbridge Pref 9	Pair Corr
0.73	PTEC	Principal Technologies	Pair Corr
0.82	POW	Power	Pair Corr
0.86	GMG	Graphene Manufacturing	Pair Corr
0.63	ISRG	Intuitive Surgical CDR	Pair Corr
0.65	PGDC	Patagonia Gold Corp	Pair Corr
0.83	ELD	Eldorado Gold Corp	Pair Corr
0.8	DOL	Dollarama	Pair Corr

Moving against Precision Stock

0.75	SAGE	Sage Potash Corp	Pair Corr
0.7	MSFT	Microsoft Corp CDR	Pair Corr
0.69	GSTM	Goldstorm Metals Corp	Pair Corr
0.43	ENS-PA	E Split Corp	Pair Corr
0.34	NKE	NIKE Inc CDR	Pair Corr

Related Correlations Analysis

	TCW	PSI	CJ	KEL	MER	SDE	ESI	TOT	MATR
TCW		0.33	0.34	0.27	0.6	0.15	0.55	0.4	-0.29	TCW
PSI	0.33		0.53	0.63	0.54	0.57	0.59	0.74	-0.35	PSI
CJ	0.34	0.53		0.88	0.45	0.94	0.31	0.61	-0.87	CJ
KEL	0.27	0.63	0.88		0.48	0.86	0.21	0.69	-0.72	KEL
MER	0.6	0.54	0.45	0.48		0.38	0.5	0.73	-0.32	MER
SDE	0.15	0.57	0.94	0.86	0.38		0.26	0.66	-0.86	SDE
ESI	0.55	0.59	0.31	0.21	0.5	0.26		0.33	-0.13	ESI
TOT	0.4	0.74	0.61	0.69	0.73	0.66	0.33		-0.53	TOT
MATR	-0.29	-0.35	-0.87	-0.72	-0.32	-0.86	-0.13	-0.53		MATR
	TCW	PSI	CJ	KEL	MER	SDE	ESI	TOT	MATR

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

SDE	+ 0.94	CJ
KEL	+ 0.88	CJ
SDE	+ 0.86	KEL
TOT	+ 0.74	PSI
TOT	+ 0.73	MER
TOT	+ 0.69	KEL

High negative correlations

MATR	- 0.87	CJ
MATR	- 0.86	SDE
MATR	- 0.72	KEL
MATR	- 0.53	TOT
MATR	- 0.35	PSI
MATR	- 0.32	MER

Risk-Adjusted Indicators

There is a big difference between Precision Stock performing well and Precision Drilling 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 Precision Drilling'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
TCW	1.73	(0.07)	0.00	0.30	0.00	0.00	3.20	(4.97)	12.20
PSI	0.96	(0.02)	(0.06)	(0.01)	1.43	(0.92)	2.15	(2.64)	7.21
CJ	1.46	0.15	0.03	(92.56)	1.75	(1.54)	3.08	(3.07)	9.47
KEL	2.09	0.13	0.01	(0.61)	2.34	(2.35)	4.70	(4.46)	14.00
MER	1.47	0.00	(0.05)	0.11	1.70	(1.87)	2.92	(3.39)	11.16
SDE	2.02	0.50	0.18	7.83	2.06	(2.41)	4.14	(3.67)	14.10
ESI	2.22	(0.04)	(0.01)	0.04	3.14	(2.13)	4.18	(5.26)	11.12
TOT	1.46	0.03	0.00	0.14	2.18	(1.64)	2.62	(2.68)	13.39
MATR	1.67	(0.59)	0.00	(0.29)	0.00	0.00	2.56	(3.61)	25.24

Be your own money manager

Our tools can tell you how much better you can do entering a position in Precision Drilling 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.

Did you try this?

Run Analyst Advice Now

Analyst Advice

Analyst recommendations and target price estimates broken down by several categories

All Next

Launch Module

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2026 Macroaxis LLC