Paramount Resources Correlations

POU Stock

CAD 25.81 0.38 1.49%

The current 90-days correlation between Paramount Resources and Athabasca Oil Corp is 0.58 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Paramount Resources moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Paramount Resources moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Paramount Resources Correlation With Market

Significant diversification

The correlation between Paramount Resources and DJI is 0.09 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Paramount Resources and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Paramount Stock

0.45	SAGE	Sage Potash Corp	Pair Corr
0.42	CSU	Constellation Software	Pair Corr
0.4	WSP	WSP Global	Pair Corr
0.31	GSTM	Goldstorm Metals Corp	Pair Corr

Related Correlations Analysis

	ATH	NVA	TVE	BTE	PEY	IPCO	TVK	TWM	FRU	TPZ
ATH		0.59	0.42	0.33	0.45	0.78	-0.58	-0.09	0.41	0.61	ATH
NVA	0.59		0.72	0.8	0.71	0.89	-0.02	-0.22	0.66	0.83	NVA
TVE	0.42	0.72		0.84	0.96	0.64	0.4	-0.19	0.97	0.91	TVE
BTE	0.33	0.8	0.84		0.77	0.69	0.33	-0.36	0.79	0.85	BTE
PEY	0.45	0.71	0.96	0.77		0.62	0.37	-0.15	0.96	0.89	PEY
IPCO	0.78	0.89	0.64	0.69	0.62		-0.26	-0.15	0.6	0.77	IPCO
TVK	-0.58	-0.02	0.4	0.33	0.37	-0.26		-0.13	0.42	0.17	TVK
TWM	-0.09	-0.22	-0.19	-0.36	-0.15	-0.15	-0.13		-0.06	-0.42	TWM
FRU	0.41	0.66	0.97	0.79	0.96	0.6	0.42	-0.06		0.86	FRU
TPZ	0.61	0.83	0.91	0.85	0.89	0.77	0.17	-0.42	0.86		TPZ
	ATH	NVA	TVE	BTE	PEY	IPCO	TVK	TWM	FRU	TPZ

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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

FRU	+ 0.97	TVE
PEY	+ 0.96	TVE
FRU	+ 0.96	PEY
TPZ	+ 0.91	TVE
IPCO	+ 0.89	NVA
TPZ	+ 0.89	PEY

High negative correlations

TVK	- 0.58	ATH
TPZ	- 0.42	TWM
TWM	- 0.36	BTE
TVK	- 0.26	IPCO
TWM	- 0.22	NVA
TWM	- 0.19	TVE

Risk-Adjusted Indicators

There is a big difference between Paramount Stock performing well and Paramount Resources 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 Paramount Resources' 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
ATH	1.61	0.34	0.12	(1.50)	1.90	(1.71)	4.12	(2.93)	11.96
NVA	0.91	0.23	0.14	(0.86)	0.89	(0.96)	2.21	(1.70)	6.79
TVE	1.57	0.64	0.26	(1.61)	1.62	(1.79)	3.74	(2.63)	8.73
BTE	1.98	0.61	0.22	(2.96)	1.93	(2.30)	4.58	(3.39)	19.59
PEY	1.48	0.31	0.15	2.87	1.47	(1.71)	3.55	(2.30)	10.43
IPCO	1.92	0.42	0.17	(2.56)	1.88	(2.21)	5.33	(3.49)	13.04
TVK	2.06	0.01	0.01	0.06	2.14	(2.43)	3.21	(3.46)	27.73
TWM	2.36	0.08	0.00	(0.23)	2.67	(2.76)	5.42	(4.35)	14.54
FRU	0.90	0.30	0.18	(2.36)	0.87	(0.98)	2.22	(1.65)	6.50
TPZ	0.93	0.26	0.16	5.98	0.91	(1.03)	2.16	(1.66)	5.31

Be your own money manager

Our tools can tell you how much better you can do entering a position in Paramount Resources 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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