AltaGas Correlations

ALA Stock

CAD 42.17 0.83 2.01%

The current 90-days correlation between AltaGas and Emera Inc is 0.08 (i.e., Significant diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as AltaGas moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if AltaGas moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

AltaGas Correlation With Market

Significant diversification

The correlation between AltaGas and DJI is 0.01 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding AltaGas and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with AltaGas Stock

0.65

ENS

E Split Corp

Pair Corr

Moving against AltaGas Stock

0.41	ENB-PFC	Enbridge Pref 11	Pair Corr
0.4	AMZN	Amazon CDR	Pair Corr
0.32	NVDA	NVIDIA CDR	Pair Corr
0.32	NVDA	Nvidia CDR	Pair Corr
0.53	YES	CHAR Technologies	Pair Corr
0.5	GRID	Tantalus Systems Holding	Pair Corr
0.45	WTE	Westshore Terminals	Pair Corr
0.4	LDB-P	LDB Capital Corp	Pair Corr
0.38	GS	GOLDMAN SACHS CDR	Pair Corr
0.33	IGM	IGM Financial	Pair Corr
0.52	HAI	Haivision Systems	Pair Corr
0.46	GMG	Graphene Manufacturing	Pair Corr
0.43	EOG	Eco Atlantic Oil	Pair Corr
0.39	CN	Condor Resources	Pair Corr
0.38	PD	Precision Drilling	Pair Corr
0.35	INO-UN	Inovalis Real Estate	Pair Corr

Related Correlations Analysis

	EMA	BIP-PE	CPX	BEP-UN	BIPC	ACO-X	CU	RGSI	BEPC
EMA		0.01	0.09	0.46	0.44	0.57	0.34	-0.44	0.59	EMA
BIP-PE	0.01		-0.54	0.21	0.64	0.66	0.71	0.16	0.29	BIP-PE
CPX	0.09	-0.54		0.33	-0.08	-0.52	-0.75	-0.7	0.15	CPX
BEP-UN	0.46	0.21	0.33		0.54	0.4	0.17	-0.67	0.94	BEP-UN
BIPC	0.44	0.64	-0.08	0.54		0.64	0.56	-0.31	0.65	BIPC
ACO-X	0.57	0.66	-0.52	0.4	0.64		0.93	-0.04	0.57	ACO-X
CU	0.34	0.71	-0.75	0.17	0.56	0.93		0.24	0.37	CU
RGSI	-0.44	0.16	-0.7	-0.67	-0.31	-0.04	0.24		-0.59	RGSI
BEPC	0.59	0.29	0.15	0.94	0.65	0.57	0.37	-0.59		BEPC
	EMA	BIP-PE	CPX	BEP-UN	BIPC	ACO-X	CU	RGSI	BEPC

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

BEPC	+ 0.94	BEP-UN
CU	+ 0.93	ACO-X
CU	+ 0.71	BIP-PE
ACO-X	+ 0.66	BIP-PE
BEPC	+ 0.65	BIPC
BIPC	+ 0.64	BIP-PE

High negative correlations

CU	- 0.75	CPX
RGSI	- 0.7	CPX
RGSI	- 0.67	BEP-UN
BEPC	- 0.59	RGSI
CPX	- 0.54	BIP-PE
ACO-X	- 0.52	CPX

Risk-Adjusted Indicators

There is a big difference between AltaGas Stock performing well and AltaGas 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 AltaGas' 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
EMA	0.61	0.07	(0.02)	(0.57)	0.61	(0.69)	1.30	(1.12)	3.82
BIP-PE	0.35	0.06	(0.03)	1.35	0.27	(0.50)	0.85	(0.61)	3.35
CPX	1.38	(0.12)	0.00	(1.08)	0.00	0.00	3.10	(3.86)	8.73
BEP-UN	1.37	0.14	0.03	(0.94)	1.60	(1.50)	3.61	(2.96)	10.25
BIPC	1.30	0.15	0.07	0.32	1.45	(1.42)	2.61	(2.25)	7.69
ACO-X	0.73	0.21	0.16	5.34	0.56	(0.80)	1.85	(1.15)	4.69
CU	0.63	0.17	0.17	4.25	0.31	(0.81)	1.66	(0.98)	4.54
RGSI	1.49	0.18	0.09	0.51	1.33	(1.83)	4.27	(2.52)	9.73
BEPC	1.52	0.22	0.08	(1.02)	1.40	(1.88)	4.10	(2.50)	10.21

Be your own money manager

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