Winpak Correlations

WPK Stock

CAD 44.90 0.31 0.69%

The current 90-days correlation between Winpak and Pet Valu Holdings is 0.02 (i.e., Significant diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Winpak moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Winpak moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Winpak Correlation With Market

Modest diversification

The correlation between Winpak and DJI is 0.26 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Winpak and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Winpak Stock

0.64	AG	First Majestic Silver	Pair Corr
0.65	ORE	Orezone Gold Corp	Pair Corr
0.78	FDY	Faraday Copper Corp	Pair Corr
0.86	SGR-U	Slate Grocery REIT	Pair Corr
0.65	DHT-U	DRI Healthcare Trust	Pair Corr
0.74	TC	Tucows Inc	Pair Corr
0.72	MRT-UN	Morguard Real Estate	Pair Corr
0.89	LNR	Linamar	Pair Corr
0.62	SCD	Scandium Canada Earnings Call Today	Pair Corr
0.75	TD-PFI	Toronto Dominion Bank	Pair Corr
0.71	GMG	Graphene Manufacturing	Pair Corr
0.61	MGG	Minaurum Gold	Pair Corr
0.61	FISH	Sailfish Royalty Corp	Pair Corr
0.65	BEP-PM	Brookfield Renewable	Pair Corr
0.63	GSPR	GSP Resource Corp	Pair Corr
0.85	CCL-B	CCL Industries	Pair Corr

Moving against Winpak Stock

0.58	URZ	Urz Energy Corp	Pair Corr
0.58	FRX	Fennec Pharmaceuticals	Pair Corr
0.53	INFM	Infinico Metals Corp	Pair Corr
0.49	AML	Argus Metals Corp	Pair Corr
0.48	ROOT	Roots Corp	Pair Corr
0.52	ILI	Imagine Lithium	Pair Corr
0.42	ACU	Aurora Solar Technologies	Pair Corr
0.32	PPL	Pembina Pipeline Corp	Pair Corr

Related Correlations Analysis

	PET	LNF	RCH	TOY	CAS	GOOS	NFI	IFX	SXP	NEXE
PET		0.28	-0.42	-0.06	-0.74	0.33	-0.13	-0.33	-0.19	0.54	PET
LNF	0.28		0.19	0.41	-0.2	0.29	0.06	-0.08	-0.06	-0.09	LNF
RCH	-0.42	0.19		0.15	0.68	-0.02	0.75	0.78	0.56	-0.87	RCH
TOY	-0.06	0.41	0.15		0.11	0.36	-0.21	-0.13	-0.11	-0.17	TOY
CAS	-0.74	-0.2	0.68	0.11		-0.19	0.31	0.47	0.48	-0.65	CAS
GOOS	0.33	0.29	-0.02	0.36	-0.19		-0.04	-0.2	0.19	0.12	GOOS
NFI	-0.13	0.06	0.75	-0.21	0.31	-0.04		0.91	0.6	-0.62	NFI
IFX	-0.33	-0.08	0.78	-0.13	0.47	-0.2	0.91		0.51	-0.72	IFX
SXP	-0.19	-0.06	0.56	-0.11	0.48	0.19	0.6	0.51		-0.39	SXP
NEXE	0.54	-0.09	-0.87	-0.17	-0.65	0.12	-0.62	-0.72	-0.39		NEXE
	PET	LNF	RCH	TOY	CAS	GOOS	NFI	IFX	SXP	NEXE

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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

IFX	+ 0.91	NFI
IFX	+ 0.78	RCH
NFI	+ 0.75	RCH
CAS	+ 0.68	RCH
SXP	+ 0.6	NFI
SXP	+ 0.56	RCH

High negative correlations

NEXE	- 0.87	RCH
CAS	- 0.74	PET
NEXE	- 0.72	IFX
NEXE	- 0.65	CAS
NEXE	- 0.62	NFI
RCH	- 0.42	PET

Risk-Adjusted Indicators

There is a big difference between Winpak Stock performing well and Winpak 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 Winpak'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
PET	1.43	(0.28)	0.00	(0.35)	0.00	0.00	2.67	(2.56)	18.72
LNF	0.77	0.00	(0.06)	0.07	1.22	(0.66)	1.43	(1.91)	4.67
RCH	0.93	0.20	0.12	0.45	0.96	(0.96)	2.59	(1.68)	6.13
TOY	1.57	(0.05)	(0.04)	0.02	1.94	(1.65)	2.85	(2.97)	14.65
CAS	1.41	0.47	0.36	0.79	0.71	(1.76)	5.38	(1.36)	12.31
GOOS	1.96	(0.21)	0.00	(0.03)	0.00	0.00	3.54	(3.70)	17.28
NFI	1.68	0.14	0.06	0.33	1.56	(2.42)	3.74	(2.02)	14.29
IFX	3.82	1.51	0.45	1.44	1.24	(8.19)	3.77	(4.35)	110.89
SXP	1.18	0.05	0.01	0.17	1.21	(1.55)	2.75	(2.70)	8.78
NEXE	3.27	(0.65)	0.00	(0.34)	0.00	0.00	7.69	(7.69)	36.26

Be your own money manager

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