TMX Group Correlations

X Stock

CAD 46.33 1.53 3.42%

The current 90-days correlation between TMX Group Limited and iA Financial is -0.05 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as TMX Group moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if TMX Group Limited moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

TMX Group Correlation With Market

Excellent diversification

The correlation between TMX Group Limited and DJI is -0.56 (i.e., Excellent diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding TMX Group Limited and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with TMX Stock

0.78

MCM-A

Matachewan Consolidated Split

Pair Corr

Moving against TMX Stock

0.84	CU	Canadian Utilities Earnings Call This Week	Pair Corr
0.82	IPO	InPlay Oil Corp	Pair Corr
0.82	PWF-PA	Power Financial Corp	Pair Corr
0.79	TVE	Tamarack Valley Energy Earnings Call This Week	Pair Corr
0.78	ESP	Brompton Energy Split	Pair Corr
0.76	BCE	BCE Inc	Pair Corr
0.75	AIM	Aimia Inc	Pair Corr
0.7	WAST	Waste Management CDR	Pair Corr
0.69	ACQ	Autocanada	Pair Corr
0.46	RKR	ROKMASTER Resources Corp	Pair Corr
0.43	ENB-PFC	Enbridge Pref 11	Pair Corr
0.42	TI	Titan Mining Corp	Pair Corr
0.38	MGG	Minaurum Silver	Pair Corr
0.37	LCX	Lycos Energy	Pair Corr
0.35	LFE	Canadian Life Companies	Pair Corr
0.89	COLA	Coca Cola	Pair Corr
0.77	EXE	Extendicare Earnings Call This Week	Pair Corr
0.77	CWEB	Charlottes Web Holdings	Pair Corr
0.75	ATH	Athabasca Oil Corp	Pair Corr
0.75	TMG	Thermal Energy Inter	Pair Corr
0.73	BTE	Baytex Energy Corp	Pair Corr
0.73	FTT	Finning International	Pair Corr
0.73	BBB	Brixton Metals Earnings Call This Week	Pair Corr
0.67	BPF-UN	Boston Pizza Royalties	Pair Corr
0.64	MKO	Mako Mining Corp	Pair Corr
0.58	MG	Magna International	Pair Corr
0.58	BTO	B2Gold Corp	Pair Corr

Related Correlations Analysis

	IAG	IGM	IFC	HUT	DFY	PWF-PZ	ONEX	GLXY	ELF
IAG		0.26	0.29	0.27	0.67	-0.04	0.5	0.03	-0.11	IAG
IGM	0.26		-0.69	0.82	-0.15	0.25	0.35	0.06	0.72	IGM
IFC	0.29	-0.69		-0.59	0.67	-0.31	-0.12	-0.14	-0.71	IFC
HUT	0.27	0.82	-0.59		-0.03	0.33	0.53	0.29	0.65	HUT
DFY	0.67	-0.15	0.67	-0.03		-0.28	0.51	0.29	-0.25	DFY
PWF-PZ	-0.04	0.25	-0.31	0.33	-0.28		0.1	0.09	0.37	PWF-PZ
ONEX	0.5	0.35	-0.12	0.53	0.51	0.1		0.7	0.25	ONEX
GLXY	0.03	0.06	-0.14	0.29	0.29	0.09	0.7		0.4	GLXY
ELF	-0.11	0.72	-0.71	0.65	-0.25	0.37	0.25	0.4		ELF
	IAG	IGM	IFC	HUT	DFY	PWF-PZ	ONEX	GLXY	ELF

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

HUT	+ 0.82	IGM
ELF	+ 0.72	IGM
GLXY	+ 0.7	ONEX
DFY	+ 0.67	IAG
DFY	+ 0.67	IFC
ELF	+ 0.65	HUT

High negative correlations

ELF	- 0.71	IFC
IFC	- 0.69	IGM
HUT	- 0.59	IFC
PWF-PZ	- 0.31	IFC
PWF-PZ	- 0.28	DFY
ELF	- 0.25	DFY

Risk-Adjusted Indicators

There is a big difference between TMX Stock performing well and TMX Group 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 TMX Group'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
IAG	1.06	(0.14)	0.00	(0.64)	0.00	0.00	1.76	(2.42)	13.42
IGM	1.13	0.24	0.12	0.45	1.48	(1.19)	2.58	(2.12)	9.74
IFC	0.93	(0.09)	0.00	0.38	0.00	0.00	1.69	(1.77)	6.79
HUT	5.10	0.65	0.10	0.28	6.64	(4.98)	13.87	(11.69)	32.49
DFY	1.13	(0.03)	0.00	0.16	0.00	0.00	2.51	(2.38)	8.82
PWF-PZ	0.39	(0.04)	0.00	(0.18)	0.00	0.00	0.95	(0.83)	2.94
ONEX	0.99	(0.04)	(0.03)	(0.02)	1.85	(0.86)	1.78	(2.49)	9.47
GLXY	4.51	(0.28)	0.00	(0.07)	0.00	0.00	10.71	(8.39)	30.84
ELF	0.81	0.00	(0.03)	0.05	0.95	(0.89)	1.82	(1.50)	6.92

Be your own money manager

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