Russel Metals Correlations

RUS Stock

CAD 48.04 0.51 1.05%

The current 90-days correlation between Russel Metals and Badger Infrastructure Solutions is 0.2 (i.e., Modest diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Russel Metals moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Russel Metals moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Russel Metals Correlation With Market

Very poor diversification

The correlation between Russel Metals and DJI is 0.88 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Russel Metals and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Russel Stock

0.7	RBA	Ritchie Bros Auctioneers	Pair Corr
0.84	RUP	Rupert Resources	Pair Corr
0.65	TUF	Honey Badger Silver	Pair Corr
0.85	LNR	Linamar Earnings Call This Week	Pair Corr
0.88	PESO	Pesorama	Pair Corr
0.86	GUG	Gungnir Resources	Pair Corr
0.91	PGDC	Patagonia Gold Corp	Pair Corr
0.7	QNC	Quantum eMotion Corp	Pair Corr
0.73	GMG	Graphene Manufacturing	Pair Corr
0.8	PSLV	Sprott Physical Silver	Pair Corr
0.74	ISO	IsoEnergy	Pair Corr
0.89	BN-PC	Brookfield	Pair Corr
0.77	BN-PFI	Brookfield	Pair Corr
0.68	GLD	GoldOn Resources	Pair Corr
0.83	MDM	Madoro Metals Corp	Pair Corr
0.88	TUO	Teuton Resources Corp	Pair Corr
0.61	RTG	RTG Mining	Pair Corr
0.77	FFU	F4 Uranium Corp	Pair Corr
0.93	HLF	High Liner Foods	Pair Corr
0.82	TOT	Total Energy Services Earnings Call Next Week	Pair Corr
0.76	NIM	Nicola Mining	Pair Corr
0.87	SLF-PJ	Sun Life Financial	Pair Corr
0.69	BTO	B2Gold Corp	Pair Corr
0.71	MOLY	Greenland Resources	Pair Corr
0.67	GKO	Geekco Technologies Corp	Pair Corr
0.76	NAR	North Arrow Minerals	Pair Corr
0.72	PML	Panoro Minerals	Pair Corr
0.62	NXR-UN	Nexus Real Estate Earnings Call This Week	Pair Corr
0.92	CJT	Cargojet	Pair Corr

Moving against Russel Stock

0.72	GFL	Gfl Environmental	Pair Corr
0.61	PNC-B	Postmedia Network Canada	Pair Corr

Related Correlations Analysis

	BDGI	ADEN	BDT	WTE	BLDP	SIS	HPS-A	WJX	TCL-A
BDGI		-0.14	-0.13	-0.32	0.61	-0.08	-0.59	-0.33	0.05	BDGI
ADEN	-0.14		0.81	0.85	-0.69	0.96	0.53	0.71	0.57	ADEN
BDT	-0.13	0.81		0.89	-0.73	0.9	0.59	0.8	0.82	BDT
WTE	-0.32	0.85	0.89		-0.88	0.87	0.81	0.89	0.65	WTE
BLDP	0.61	-0.69	-0.73	-0.88		-0.7	-0.84	-0.78	-0.51	BLDP
SIS	-0.08	0.96	0.9	0.87	-0.7		0.5	0.76	0.68	SIS
HPS-A	-0.59	0.53	0.59	0.81	-0.84	0.5		0.76	0.4	HPS-A
WJX	-0.33	0.71	0.8	0.89	-0.78	0.76	0.76		0.55	WJX
TCL-A	0.05	0.57	0.82	0.65	-0.51	0.68	0.4	0.55		TCL-A
	BDGI	ADEN	BDT	WTE	BLDP	SIS	HPS-A	WJX	TCL-A

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

SIS	+ 0.96	ADEN
SIS	+ 0.9	BDT
WTE	+ 0.89	BDT
WJX	+ 0.89	WTE
SIS	+ 0.87	WTE
WTE	+ 0.85	ADEN

High negative correlations

BLDP	- 0.88	WTE
HPS-A	- 0.84	BLDP
WJX	- 0.78	BLDP
BLDP	- 0.73	BDT
SIS	- 0.7	BLDP
BLDP	- 0.69	ADEN

Risk-Adjusted Indicators

There is a big difference between Russel Stock performing well and Russel Metals 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 Russel Metals' 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
BDGI	1.50	0.02	(0.01)	0.13	2.08	(1.52)	3.09	(3.96)	9.94
ADEN	1.27	0.25	0.16	0.97	1.03	(1.71)	3.02	(2.06)	9.45
BDT	1.27	0.29	0.15	0.37	1.38	(1.30)	3.08	(2.66)	8.81
WTE	0.90	0.37	0.26	1.44	0.75	(1.04)	2.32	(1.53)	6.24
BLDP	2.03	(0.49)	0.00	(0.22)	0.00	0.00	3.72	(4.57)	13.91
SIS	1.07	0.24	0.19	0.57	0.73	(1.33)	2.43	(1.73)	7.93
HPS-A	1.91	0.22	0.11	0.26	1.92	(2.10)	4.63	(3.78)	11.34
WJX	0.87	0.20	0.16	0.66	0.63	(1.01)	1.85	(1.50)	4.68
TCL-A	1.15	0.26	0.15	(16.15)	0.94	(1.39)	1.91	(2.01)	21.90

Be your own money manager

Our tools can tell you how much better you can do entering a position in Russel Metals 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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