Topaz Energy Corp Correlations

TPZ Stock

CAD 28.63 0.09 0.32%

The current 90-days correlation between Topaz Energy Corp and Gibson Energy is 0.49 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Topaz Energy Corp moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Topaz Energy Corp moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Topaz Energy Corp Correlation With Market

Weak diversification

The correlation between Topaz Energy Corp and DJI is 0.35 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Topaz Energy Corp and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Topaz Stock

0.72	DAN	Arianne Phosphate	Pair Corr
0.75	ATH	Athabasca Oil Corp	Pair Corr
0.7	IPO	InPlay Oil Corp	Pair Corr
0.83	TVE	Tamarack Valley Energy	Pair Corr
0.69	EXE	Extendicare	Pair Corr
0.64	RKR	ROKMASTER Resources Corp	Pair Corr
0.71	BBB	Brixton Metals	Pair Corr
0.62	FTT	Finning International	Pair Corr
0.7	BTO	B2Gold Corp Earnings Call This Week	Pair Corr
0.63	BCE	BCE Inc	Pair Corr

Moving against Topaz Stock

0.49	SAGE	Sage Potash Corp	Pair Corr
0.46	BRK	Berkshire Hathaway CDR	Pair Corr

Related Correlations Analysis

	GEI	PEY	ATH	NVA	POU	DML	TWM	TVK	TVE	FRU
GEI		0.93	0.65	0.59	0.66	0.75	0.49	0.28	0.95	0.93	GEI
PEY	0.93		0.71	0.58	0.69	0.76	0.59	0.19	0.96	0.97	PEY
ATH	0.65	0.71		0.48	0.77	0.34	0.43	-0.46	0.67	0.67	ATH
NVA	0.59	0.58	0.48		0.54	0.29	0.11	0.01	0.5	0.53	NVA
POU	0.66	0.69	0.77	0.54		0.29	0.2	-0.25	0.63	0.62	POU
DML	0.75	0.76	0.34	0.29	0.29		0.72	0.39	0.85	0.86	DML
TWM	0.49	0.59	0.43	0.11	0.2	0.72		0.06	0.59	0.66	TWM
TVK	0.28	0.19	-0.46	0.01	-0.25	0.39	0.06		0.24	0.25	TVK
TVE	0.95	0.96	0.67	0.5	0.63	0.85	0.59	0.24		0.98	TVE
FRU	0.93	0.97	0.67	0.53	0.62	0.86	0.66	0.25	0.98		FRU
	GEI	PEY	ATH	NVA	POU	DML	TWM	TVK	TVE	FRU

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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	+ 0.98	TVE
FRU	+ 0.97	PEY
TVE	+ 0.96	PEY
TVE	+ 0.95	GEI
PEY	+ 0.93	GEI
FRU	+ 0.93	GEI

High negative correlations

TVK	- 0.46	ATH
TVK	- 0.25	POU

Risk-Adjusted Indicators

There is a big difference between Topaz Stock performing well and Topaz Energy Corp 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 Topaz Energy Corp'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
GEI	0.96	0.29	0.17	(1.29)	0.92	(1.04)	2.19	(1.91)	5.70
PEY	1.55	0.33	0.16	1.58	1.48	(1.79)	3.52	(2.36)	10.43
ATH	1.83	0.25	0.09	0.79	2.15	(1.95)	4.40	(3.58)	11.96
NVA	0.87	0.16	0.09	24.50	0.91	(0.90)	1.94	(1.70)	6.79
POU	1.49	0.12	0.02	(0.70)	1.98	(1.48)	2.64	(3.19)	7.95
DML	3.20	0.55	0.16	0.67	3.15	(3.80)	7.34	(5.26)	23.59
TWM	2.34	0.15	0.03	(4.37)	2.69	(2.57)	5.42	(4.27)	11.28
TVK	2.34	0.15	0.06	0.15	2.60	(2.65)	3.61	(4.95)	31.53
TVE	1.77	0.50	0.19	2.22	2.00	(1.96)	3.79	(3.36)	10.49
FRU	1.01	0.25	0.14	3.23	1.02	(1.08)	2.24	(1.89)	6.39

Be your own money manager

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