Precision Drilling Correlations

PD Stock

CAD 118.32 0.64 0.54%

The current 90-days correlation between Precision Drilling and Trican Well Service is 0.48 (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

Very poor diversification

The correlation between Precision Drilling and DJI is 0.83 (i.e., Very poor 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

0.86	ENB-PFV	Enbridge Pref 5	Pair Corr
0.8	ENB-PFC	Enbridge Pref 11	Pair Corr
0.89	ENB-PFU	Enbridge Pref L	Pair Corr
0.61	ENS	E Split Corp	Pair Corr
0.78	CTF-UN	Citadel Income	Pair Corr
0.82	MAXQ	Maritime Launch Services	Pair Corr
0.79	MFC-PP	Manulife Financial Corp	Pair Corr
0.9	ATX	ATEX Resources	Pair Corr
0.77	RUP	Rupert Resources	Pair Corr
0.71	TCL-A	Transcontinental	Pair Corr
0.61	IVN	Ivanhoe Mines	Pair Corr
0.8	PML	Panoro Minerals	Pair Corr
0.89	MU	Micron Technology	Pair Corr
0.89	LNR	Linamar Earnings Call This Week	Pair Corr
0.88	AQN-PD	Algonquin Power Utilities Earnings Call This Week	Pair Corr
0.67	RTG	RTG Mining	Pair Corr
0.82	IFA	iFabric Corp	Pair Corr
0.94	BPF-UN	Boston Pizza Royalties	Pair Corr
0.95	TOT	Total Energy Services	Pair Corr
0.86	BN-PFI	Brookfield	Pair Corr
0.95	HLF	High Liner Foods	Pair Corr
0.88	CJT	Cargojet	Pair Corr
0.92	BN-PC	Brookfield	Pair Corr

Moving against Precision Stock

0.84	SAGE	Sage Potash Corp Earnings Call This Week	Pair Corr
0.68	ENS-PA	E Split Corp	Pair Corr

Related Correlations Analysis

	TCW	PSI	CJ	KEL	MER	SDE	ESI	TOT	MATR
TCW		0.75	0.71	0.68	0.88	0.85	0.88	0.78	0.84	TCW
PSI	0.75		0.83	0.81	0.79	0.83	0.86	0.83	0.81	PSI
CJ	0.71	0.83		0.92	0.8	0.9	0.87	0.82	0.72	CJ
KEL	0.68	0.81	0.92		0.78	0.87	0.85	0.79	0.68	KEL
MER	0.88	0.79	0.8	0.78		0.93	0.93	0.92	0.86	MER
SDE	0.85	0.83	0.9	0.87	0.93		0.96	0.95	0.83	SDE
ESI	0.88	0.86	0.87	0.85	0.93	0.96		0.91	0.83	ESI
TOT	0.78	0.83	0.82	0.79	0.92	0.95	0.91		0.85	TOT
MATR	0.84	0.81	0.72	0.68	0.86	0.83	0.83	0.85		MATR
	TCW	PSI	CJ	KEL	MER	SDE	ESI	TOT	MATR

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	1.74	0.20	0.05	1.37	2.43	(1.77)	3.20	(4.48)	11.69
PSI	1.16	0.05	0.00	0.17	1.54	(1.26)	2.31	(3.06)	5.82
CJ	1.47	0.14	0.04	0.49	1.80	(1.56)	3.20	(3.11)	8.08
KEL	1.95	0.18	0.04	1.89	2.39	(1.98)	4.16	(3.87)	9.73
MER	1.77	0.42	0.11	(1.08)	2.32	(2.12)	3.24	(2.79)	19.45
SDE	2.03	0.56	0.19	5.29	2.15	(2.38)	4.44	(3.63)	11.05
ESI	2.50	0.56	0.17	0.58	2.89	(2.88)	5.77	(5.26)	18.04
TOT	1.36	0.35	0.18	2.61	1.22	(1.56)	2.84	(2.20)	8.44
MATR	1.31	0.15	0.08	0.33	1.30	(1.56)	2.67	(2.39)	7.74

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.

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