Paramount Resources Correlations

POU Stock

CAD 24.48 0.20 0.82%

The current 90-days correlation between Paramount Resources and Athabasca Oil Corp is 0.68 (i.e., Poor 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.

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 together with Paramount Stock

0.78	ENB-PFV	Enbridge Pref 5	Pair Corr
0.72	ENB-PFC	Enbridge Pref 11	Pair Corr
0.62	MAXQ	Maritime Launch Services	Pair Corr
0.75	SFI	Solution Financial	Pair Corr
0.65	WTE	Westshore Terminals	Pair Corr
0.76	SAP	Saputo Inc	Pair Corr
0.81	CGG	China Gold International	Pair Corr
0.61	FTU-PB	US Financial 15	Pair Corr
0.65	NPTH	NeuPath Health	Pair Corr
0.74	POW	Power	Pair Corr
0.69	GS	GOLDMAN SACHS CDR	Pair Corr
0.61	KEC	Kiwetinohk Energy Corp	Pair Corr
0.64	FFN	North American Financial	Pair Corr
0.77	BNE	Bonterra Energy Corp	Pair Corr
0.64	SEA	Seabridge Gold	Pair Corr
0.8	PD	Precision Drilling	Pair Corr
0.81	PRM	Big Pharma Split	Pair Corr

Moving against Paramount Stock

0.7	SAGE	Sage Potash Corp	Pair Corr
0.66	DELX	DelphX Capital Markets	Pair Corr
0.65	GSTM	Goldstorm Metals Corp	Pair Corr
0.57	FOOD	Goodfood Market Corp	Pair Corr
0.33	ENS-PA	E Split Corp	Pair Corr
0.41	AEMC	Alaska Energy Metals	Pair Corr
0.33	PEX	Pacific Ridge Exploration	Pair Corr

Related Correlations Analysis

	ATH	NVA	TVE	BTE	PEY	IPCO	TVK	TWM	FRU	TPZ
ATH		0.88	0.75	0.79	0.74	0.89	-0.51	-0.52	0.77	0.77	ATH
NVA	0.88		0.89	0.87	0.88	0.91	-0.28	-0.66	0.89	0.83	NVA
TVE	0.75	0.89		0.93	0.94	0.78	0.05	-0.88	0.97	0.9	TVE
BTE	0.79	0.87	0.93		0.85	0.83	-0.08	-0.83	0.91	0.89	BTE
PEY	0.74	0.88	0.94	0.85		0.71	0.01	-0.84	0.96	0.76	PEY
IPCO	0.89	0.91	0.78	0.83	0.71		-0.36	-0.48	0.79	0.86	IPCO
TVK	-0.51	-0.28	0.05	-0.08	0.01	-0.36		-0.17	0.06	0.0	TVK
TWM	-0.52	-0.66	-0.88	-0.83	-0.84	-0.48	-0.17		-0.83	-0.7	TWM
FRU	0.77	0.89	0.97	0.91	0.96	0.79	0.06	-0.83		0.88	FRU
TPZ	0.77	0.83	0.9	0.89	0.76	0.86	0.0	-0.7	0.88		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
FRU	+ 0.96	PEY
PEY	+ 0.94	TVE
BTE	+ 0.93	TVE
IPCO	+ 0.91	NVA
FRU	+ 0.91	BTE

High negative correlations

TWM	- 0.88	TVE
TWM	- 0.84	PEY
FRU	- 0.83	TWM
TWM	- 0.83	BTE
TPZ	- 0.7	TWM
TWM	- 0.66	NVA

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	1.54	0.10	0.00	(0.16)	2.04	(1.57)	2.94	(3.28)	9.12
NVA	1.01	0.13	0.04	6.49	1.35	(0.93)	2.10	(2.23)	6.79
TVE	1.50	0.45	0.19	2.76	1.71	(1.66)	3.50	(2.63)	8.71
BTE	2.27	0.48	0.12	(0.45)	2.53	(2.55)	4.58	(3.86)	17.79
PEY	1.54	0.35	0.15	(21.48)	1.57	(1.76)	3.84	(2.71)	10.48
IPCO	1.75	0.07	0.00	14.31	2.20	(1.78)	3.70	(3.65)	13.04
TVK	1.89	0.31	0.12	0.74	1.92	(2.02)	2.89	(3.20)	24.64
TWM	1.97	(0.40)	0.00	(0.63)	0.00	0.00	4.80	(5.31)	14.54
FRU	0.87	0.17	0.07	(2.17)	1.10	(0.89)	1.89	(1.60)	6.46
TPZ	0.95	0.06	0.01	0.29	1.28	(0.94)	2.04	(1.74)	5.48

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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