TransAlta Correlations

TZ1 Stock

EUR 11.28 0.24 2.17%

The current 90-days correlation between TransAlta and Wheaton Precious Metals is -0.02 (i.e., Good diversification). The correlation of TransAlta is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

TransAlta Correlation With Market

Excellent diversification

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

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

Moving together with TransAlta Stock

0.66

DBPD

Xtrackers ShortDAX

Pair Corr

Moving against TransAlta Stock

0.75	XSI	Sanyo Chemical Industries	Pair Corr
0.74	4OQ1	AGNC Investment Corp	Pair Corr
0.72	SII	Wheaton Precious Metals	Pair Corr
0.71	SSUN	Samsung Electronics	Pair Corr
0.7	SSU	Samsung Electronics	Pair Corr
0.66	SSUN	Samsung Electronics	Pair Corr
0.66	E908	Lyxor 1	Pair Corr
0.65	DBPE	Xtrackers LevDAX	Pair Corr
0.64	SSU	Samsung Electronics	Pair Corr
0.47	UUEC	United Utilities	Pair Corr
0.45	8SF	SLIGRO FOOD GROUP	Pair Corr
0.41	ASJA	PT Astra International	Pair Corr
0.4	MUM	Mensch und Maschine	Pair Corr
0.31	MM2	Mercator Medical	Pair Corr

Related Correlations Analysis

	SII	W25	A9J0	NCL	U4Z	23J	NWL	3YT	KK2	HIE
SII		0.81	0.36	0.85	0.36	0.27	0.9	0.33	0.55	0.78	SII
W25	0.81		0.61	0.78	0.45	0.5	0.68	0.1	0.19	0.47	W25
A9J0	0.36	0.61		0.51	0.64	0.18	0.24	-0.29	-0.33	0.16	A9J0
NCL	0.85	0.78	0.51		0.49	0.22	0.79	0.05	0.41	0.77	NCL
U4Z	0.36	0.45	0.64	0.49		-0.1	0.29	-0.15	0.06	0.23	U4Z
23J	0.27	0.5	0.18	0.22	-0.1		0.26	0.24	-0.08	0.02	23J
NWL	0.9	0.68	0.24	0.79	0.29	0.26		0.45	0.71	0.82	NWL
3YT	0.33	0.1	-0.29	0.05	-0.15	0.24	0.45		0.62	0.33	3YT
KK2	0.55	0.19	-0.33	0.41	0.06	-0.08	0.71	0.62		0.63	KK2
HIE	0.78	0.47	0.16	0.77	0.23	0.02	0.82	0.33	0.63		HIE
	SII	W25	A9J0	NCL	U4Z	23J	NWL	3YT	KK2	HIE

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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

NWL	+ 0.9	SII
NCL	+ 0.85	SII
HIE	+ 0.82	NWL
W25	+ 0.81	SII
NWL	+ 0.79	NCL
HIE	+ 0.78	SII

High negative correlations

KK2	- 0.33	A9J0
3YT	- 0.29	A9J0
3YT	- 0.15	U4Z
23J	- 0.1	U4Z
KK2	- 0.08	23J

Risk-Adjusted Indicators

There is a big difference between TransAlta Stock performing well and TransAlta 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 TransAlta'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
SII	2.03	0.56	0.19	1.47	2.21	(2.17)	4.43	(3.88)	15.45
W25	2.77	0.31	0.05	0.65	3.61	(4.17)	7.05	(6.51)	17.18
A9J0	3.78	0.77	0.14	(2.99)	3.50	(6.10)	8.93	(6.82)	25.22
NCL	2.46	0.21	0.05	0.71	2.81	(2.95)	4.95	(4.72)	21.46
U4Z	7.88	1.11	0.08	(0.69)	7.93	(14.53)	25.71	(16.67)	56.94
23J	4.57	0.69	0.09	(0.46)	4.79	(6.18)	14.77	(7.41)	37.95
NWL	2.03	0.57	0.19	21.09	2.16	(2.59)	5.79	(2.74)	17.93
3YT	1.23	0.18	0.06	(0.90)	1.20	(1.80)	3.70	(2.14)	9.16
KK2	2.40	0.59	0.17	5.06	2.35	(3.06)	8.57	(4.92)	25.19
HIE	1.79	0.15	0.05	0.69	1.80	(2.21)	4.05	(3.05)	9.97

Be your own money manager

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