Automotive Properties Correlations

APR-UN Stock

CAD 11.31 0.01 0.09%

The current 90-days correlation between Automotive Properties and Nexus Real Estate is 0.37 (i.e., Weak diversification). The correlation of Automotive Properties 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.

Automotive Properties Correlation With Market

Modest diversification

The correlation between Automotive Properties Real and DJI is 0.23 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Automotive Properties Real and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Automotive Stock

0.64	ADEN	ADENTRA	Pair Corr
0.83	NXR-UN	Nexus Real Estate	Pair Corr
0.76	AX-UN	Artis Real Estate	Pair Corr
0.68	VM	Voyageur Pharmaceuticals	Pair Corr
0.85	ENB-PFU	Enbridge Pref L	Pair Corr
0.71	KTO	K2 Gold	Pair Corr
0.7	IE	Ivanhoe Energy	Pair Corr

Moving against Automotive Stock

0.47	DII-A	Dorel Industries ClA	Pair Corr
0.44	ORC-A	Orca Energy Group	Pair Corr
0.36	RCI-A	Rogers Communications	Pair Corr

Related Correlations Analysis

	NXR-UN	MI-UN	WFC	PLZ-UN	AX-UN	MRG-UN	PRV-UN	HOM-U	BTB-UN	MRT-UN
NXR-UN		0.76	-0.1	0.65	0.58	0.81	0.59	0.71	0.67	0.69	NXR-UN
MI-UN	0.76		0.1	0.53	0.49	0.68	0.57	0.46	0.68	0.51	MI-UN
WFC	-0.1	0.1		0.31	0.56	-0.43	0.61	0.05	0.5	0.29	WFC
PLZ-UN	0.65	0.53	0.31		0.85	0.27	0.86	0.84	0.85	0.93	PLZ-UN
AX-UN	0.58	0.49	0.56	0.85		0.16	0.94	0.74	0.9	0.89	AX-UN
MRG-UN	0.81	0.68	-0.43	0.27	0.16		0.14	0.45	0.29	0.35	MRG-UN
PRV-UN	0.59	0.57	0.61	0.86	0.94	0.14		0.67	0.95	0.84	PRV-UN
HOM-U	0.71	0.46	0.05	0.84	0.74	0.45	0.67		0.67	0.91	HOM-U
BTB-UN	0.67	0.68	0.5	0.85	0.9	0.29	0.95	0.67		0.84	BTB-UN
MRT-UN	0.69	0.51	0.29	0.93	0.89	0.35	0.84	0.91	0.84		MRT-UN
	NXR-UN	MI-UN	WFC	PLZ-UN	AX-UN	MRG-UN	PRV-UN	HOM-U	BTB-UN	MRT-UN

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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

BTB-UN	+ 0.95	PRV-UN
PRV-UN	+ 0.94	AX-UN
MRT-UN	+ 0.93	PLZ-UN
MRT-UN	+ 0.91	HOM-U
BTB-UN	+ 0.9	AX-UN
MRT-UN	+ 0.89	AX-UN

High negative correlations

MRG-UN	- 0.43	WFC
WFC	- 0.1	NXR-UN

Risk-Adjusted Indicators

There is a big difference between Automotive Stock performing well and Automotive Properties 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 Automotive Properties' 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
NXR-UN	0.85	0.03	(0.03)	0.17	1.16	(0.89)	1.84	(2.08)	5.66
MI-UN	1.24	0.32	0.34	0.39	0.40	(1.58)	1.64	(1.52)	27.28
WFC	1.19	0.20	0.02	(0.39)	1.46	(1.79)	3.99	(2.95)	14.07
PLZ-UN	0.71	0.04	(0.05)	0.32	0.83	(0.83)	1.47	(1.50)	5.21
AX-UN	1.40	0.56	0.21	2.26	1.51	(1.62)	3.86	(1.66)	18.40
MRG-UN	0.75	0.00	(0.10)	0.09	0.88	(0.85)	1.64	(1.41)	4.18
PRV-UN	0.68	0.18	0.11	0.81	0.55	(0.82)	1.51	(1.16)	5.72
HOM-U	1.55	0.10	0.00	6.33	1.67	(1.76)	3.28	(2.96)	10.39
BTB-UN	0.54	0.11	0.02	0.71	0.64	(0.66)	1.05	(1.05)	3.94
MRT-UN	0.80	0.13	0.03	4.31	0.72	(1.00)	1.76	(1.55)	6.12

Be your own money manager

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