Suncor Energy Correlations

SU Stock

CAD 75.91 0.30 0.39%

The current 90-days correlation between Suncor Energy and Imperial Oil is 0.75 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Suncor Energy moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Suncor Energy moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Suncor Energy Correlation With Market

Poor diversification

The correlation between Suncor Energy and DJI is 0.7 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Suncor Energy and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Suncor Stock

0.74	ENB-PFV	Enbridge Pref 5	Pair Corr
0.65	ENB-PFC	Enbridge Pref 11	Pair Corr
0.85	ENB-PFU	Enbridge Pref L	Pair Corr
0.63	ENS	E Split Corp	Pair Corr
0.66	GSTM	Goldstorm Metals Corp	Pair Corr
0.82	PGDC	Patagonia Gold Corp	Pair Corr
0.74	RTG	RTG Mining	Pair Corr
0.88	HLF	High Liner Foods	Pair Corr
0.74	IFA	iFabric Corp	Pair Corr
0.67	MCDS	McDonalds Corp CDR	Pair Corr
0.74	RUP	Rupert Resources	Pair Corr
0.82	BN-PC	Brookfield	Pair Corr
0.65	GIGA	Giga Metals Corp	Pair Corr
0.83	TF	Timbercreek Financial	Pair Corr
0.71	FTEC	Fintech Select	Pair Corr
0.82	PML	Panoro Minerals	Pair Corr
0.77	DE	Decisive Dividend Corp	Pair Corr
0.62	IVN	Ivanhoe Mines	Pair Corr
0.71	SLF-PJ	Sun Life Financial	Pair Corr
0.8	BTO	B2Gold Corp	Pair Corr
0.9	MU	Micron Technology	Pair Corr
0.85	LNR	Linamar Earnings Call This Week	Pair Corr

Moving against Suncor Stock

0.92	ORC-A	Orca Energy Group	Pair Corr
0.75	ENS-PA	E Split Corp	Pair Corr
0.74	SAGE	Sage Potash Corp	Pair Corr

Related Correlations Analysis

	IMO	CVE	TRP	ENB	CNQ	CCO	PPL
IMO		0.96	0.89	0.88	0.94	0.64	0.94	IMO
CVE	0.96		0.94	0.9	0.98	0.63	0.98	CVE
TRP	0.89	0.94		0.88	0.96	0.63	0.95	TRP
ENB	0.88	0.9	0.88		0.9	0.32	0.89	ENB
CNQ	0.94	0.98	0.96	0.9		0.66	0.97	CNQ
CCO	0.64	0.63	0.63	0.32	0.66		0.66	CCO
PPL	0.94	0.98	0.95	0.89	0.97	0.66		PPL
	IMO	CVE	TRP	ENB	CNQ	CCO	PPL

Risk-Adjusted Indicators

There is a big difference between Suncor Stock performing well and Suncor Energy 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 Suncor Energy'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
IMO	1.55	0.18	0.06	0.39	1.82	(1.49)	3.58	(2.65)	7.57
CVE	1.81	0.28	0.09	1.81	1.97	(2.02)	4.15	(2.91)	8.84
TRP	0.84	0.25	0.10	(0.53)	0.67	(0.96)	1.69	(1.42)	5.37
ENB	0.83	0.14	(0.01)	(0.30)	1.08	(0.83)	1.70	(1.67)	6.72
CNQ	1.43	0.38	0.14	(3.47)	1.57	(1.63)	3.14	(1.92)	8.24
CCO	2.36	0.49	0.16	0.61	2.71	(2.62)	5.42	(4.43)	16.52
PPL	0.79	0.21	0.06	(0.75)	1.15	(0.83)	1.49	(1.55)	5.31

Be your own money manager

Our tools can tell you how much better you can do entering a position in Suncor Energy 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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