CECO ENVIRONMENTAL Correlations

WCE Stock

27.68 0.80 2.98%

The current 90-days correlation between CECO ENVIRONMENTAL and Apple Inc is -0.13 (i.e., Good diversification). The correlation of CECO ENVIRONMENTAL 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. If the correlation is 0, the equities are not correlated; they are entirely random.

CECO ENVIRONMENTAL Correlation With Market

Average diversification

The correlation between CECO ENVIRONMENTAL and DJI is 0.1 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding CECO ENVIRONMENTAL and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with CECO Stock

0.72	APC	Apple Inc Earnings Call Today	Pair Corr
0.71	APC	Apple Inc Earnings Call Today	Pair Corr
0.71	APC	Apple Inc Earnings Call Today	Pair Corr
0.71	APC	Apple Inc Earnings Call Today	Pair Corr
0.69	MSF	Microsoft	Pair Corr
0.67	MSF	Microsoft	Pair Corr
0.69	MSF	Microsoft	Pair Corr
0.68	MSF	Microsoft	Pair Corr
0.69	MSF	Microsoft	Pair Corr
0.68	AMZ	Amazon Inc Earnings Call Today	Pair Corr

Moving against CECO Stock

0.76	PKX	POSCO Holdings	Pair Corr
0.49	DBPD	Xtrackers ShortDAX	Pair Corr
0.48	KSF1	SHINHAN FINL ADR1 Earnings Call This Week	Pair Corr
0.41	9NPA	NIPPON PROLOGIS REIT	Pair Corr
0.31	KBIA	KB Financial Group Earnings Call This Week	Pair Corr

Related Correlations Analysis

	APC	APC	APC	APC	MSF	MSF	MSF	MSF	MSF	AMZ
APC		1.0	0.99	0.99	0.71	0.71	0.71	0.74	0.73	0.65	APC
APC	1.0		1.0	0.99	0.72	0.73	0.73	0.75	0.74	0.66	APC
APC	0.99	1.0		0.99	0.72	0.73	0.73	0.75	0.75	0.67	APC
APC	0.99	0.99	0.99		0.7	0.71	0.71	0.74	0.73	0.65	APC
MSF	0.71	0.72	0.72	0.7		0.99	0.99	0.97	0.99	0.86	MSF
MSF	0.71	0.73	0.73	0.71	0.99		0.99	0.98	0.99	0.85	MSF
MSF	0.71	0.73	0.73	0.71	0.99	0.99		0.98	0.99	0.86	MSF
MSF	0.74	0.75	0.75	0.74	0.97	0.98	0.98		0.98	0.86	MSF
MSF	0.73	0.74	0.75	0.73	0.99	0.99	0.99	0.98		0.86	MSF
AMZ	0.65	0.66	0.67	0.65	0.86	0.85	0.86	0.86	0.86		AMZ
	APC	APC	APC	APC	MSF	MSF	MSF	MSF	MSF	AMZ

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Risk-Adjusted Indicators

There is a big difference between CECO Stock performing well and CECO ENVIRONMENTAL 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 CECO ENVIRONMENTAL'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
APC	1.02	0.07	0.00	(1.00)	1.67	(0.92)	2.22	(2.63)	7.16
APC	1.02	0.11	0.02	(0.83)	1.47	(1.02)	2.12	(2.88)	7.08
APC	1.03	0.13	0.02	(0.54)	1.50	(1.01)	2.19	(2.23)	6.61
APC	1.09	0.08	0.00	(2.13)	1.53	(1.09)	2.83	(2.01)	8.47
MSF	1.07	0.14	0.03	(0.76)	1.47	(1.13)	3.24	(1.92)	8.47
MSF	1.15	0.13	0.03	(1.47)	1.56	(1.36)	2.72	(1.96)	9.05
MSF	1.12	0.14	0.03	(0.64)	1.47	(1.25)	3.17	(2.42)	6.79
MSF	1.10	0.15	0.04	(1.86)	1.63	(1.12)	3.12	(2.08)	8.61
MSF	1.09	0.12	0.03	(1.83)	1.43	(1.25)	2.61	(1.89)	7.09
AMZ	1.26	0.45	0.24	(1.59)	1.04	(1.45)	2.98	(2.01)	9.60

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