| WRG Stock | | | CAD 2.69 0.11 4.26% |
A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Western Energy moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Western Energy Services moves in either direction, the perfectly negatively correlated security will move in the opposite direction.
Western Energy Correlation With Market
Significant diversification
The correlation between Western Energy Services and DJI is 0.08 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Western Energy Services and DJI in the same portfolio, assuming nothing else is changed.
The ability to find closely correlated positions to Western 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 Western 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 Western 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 Western Energy Services to buy it.
Moving together with Western Stock
Moving against Western Stock
Related Correlations Analysis
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 | | High negative correlations |
Risk-Adjusted IndicatorsThere is a big difference between Western Stock performing well and Western 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 Western 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.
Be your own money manager
Our tools can tell you how much better you can do entering a position in Western 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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Western Energy Corporate Management
Elected by the shareholders, the Western Energy's board of directors comprises two types of representatives: Western Energy inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Western. The board's role is to monitor Western Energy's management team and ensure that shareholders' interests are well served. Western Energy's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Western Energy's outside directors are responsible for providing unbiased perspectives on the board's policies.