Playfair Mining Correlations

PLY Stock

CAD 0.03 0.01 37.50%

The current 90-days correlation between Playfair Mining and Ultra Resources Corp is 0.11 (i.e., Average diversification). The correlation of Playfair Mining is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Playfair Mining Correlation With Market

Significant diversification

The correlation between Playfair Mining and DJI is 0.02 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Playfair Mining and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Playfair Stock

0.71	AML	Argus Metals Corp	Pair Corr
0.76	T	Telus Corp	Pair Corr

Moving against Playfair Stock

0.61	BNS	Bank of Nova Scotia	Pair Corr
0.6	FDR	Flinders Resources Earnings Call This Week	Pair Corr
0.59	CM	Canadian Imperial Bank	Pair Corr
0.54	TRP	TC Energy Corp	Pair Corr
0.52	MFC	Manulife Financial Corp	Pair Corr
0.49	ATH	Athabasca Oil Corp	Pair Corr
0.44	TD	Toronto Dominion Bank	Pair Corr
0.41	AX-UN	Artis Real Estate	Pair Corr
0.39	VM	Voyageur Pharmaceuticals	Pair Corr

Related Correlations Analysis

	ULT	VTT	ION	CBI	AME	PER	SKYG	NRN
ULT		-0.04	0.09	-0.18	0.09	-0.14	0.3	0.02	ULT
VTT	-0.04		0.16	0.0	0.22	-0.08	0.18	0.15	VTT
ION	0.09	0.16		-0.6	0.17	-0.62	0.67	-0.45	ION
CBI	-0.18	0.0	-0.6		-0.47	0.87	-0.38	0.81	CBI
AME	0.09	0.22	0.17	-0.47		-0.49	0.05	-0.27	AME
PER	-0.14	-0.08	-0.62	0.87	-0.49		-0.37	0.69	PER
SKYG	0.3	0.18	0.67	-0.38	0.05	-0.37		-0.19	SKYG
NRN	0.02	0.15	-0.45	0.81	-0.27	0.69	-0.19		NRN
	ULT	VTT	ION	CBI	AME	PER	SKYG	NRN

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

PER	+ 0.87	CBI
NRN	+ 0.81	CBI
NRN	+ 0.69	PER
SKYG	+ 0.67	ION
SKYG	+ 0.3	ULT
AME	+ 0.22	VTT

High negative correlations

PER	- 0.62	ION
CBI	- 0.6	ION
PER	- 0.49	AME
AME	- 0.47	CBI
NRN	- 0.45	ION
SKYG	- 0.38	CBI

Risk-Adjusted Indicators

There is a big difference between Playfair Stock performing well and Playfair Mining 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 Playfair Mining'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
ULT	6.45	0.94	0.00	0.67	0.00	0.00	0.00	(16.67)	100.00
VTT	20.09	5.28	0.11	58.49	16.36	(100.00)	100.00	(50.00)	250.00
ION	5.80	(0.27)	0.00	(0.14)	0.00	0.00	14.29	(12.50)	45.83
CBI	4.72	0.85	0.11	2.74	3.99	(10.04)	12.50	(6.45)	36.45
AME	13.12	1.76	0.05	0.72	13.79	(47.22)	50.00	(33.33)	83.33
PER	7.58	1.68	0.06	(0.68)	8.24	(27.59)	33.33	(25.00)	58.33
SKYG	5.63	0.49	0.05	0.65	5.58	(13.04)	15.38	(10.00)	45.45
NRN	7.17	1.18	0.07	1.20	7.11	(21.17)	20.00	(16.67)	52.50

Be your own money manager

Our tools can tell you how much better you can do entering a position in Playfair Mining 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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