Bird Construction Correlations

BDT Stock

CAD 31.79 0.44 1.37%

The current 90-days correlation between Bird Construction and Transcontinental is 0.25 (i.e., Modest diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Bird Construction moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Bird Construction moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Bird Construction Correlation With Market

Poor diversification

The correlation between Bird Construction and DJI is 0.72 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Bird Construction and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Bird Stock

0.84	NFI	NFI Group Earnings Call This Week	Pair Corr
0.66	ASTL	Algoma Steel Group Earnings Call This Week	Pair Corr
0.67	PKT	Parkit Enterprise	Pair Corr
0.75	NEXG	NeXGold Mining Corp	Pair Corr
0.79	STUV	Stuve Gold Corp	Pair Corr
0.74	GGD	GoGold Resources	Pair Corr
0.81	CYB	Cymbria	Pair Corr
0.72	QRO	Quadro Resources	Pair Corr
0.78	HOM-U	BSR Real Estate Earnings Call This Week	Pair Corr
0.83	SLF	Sun Life Financial	Pair Corr
0.86	WGO	White Gold Corp	Pair Corr
0.91	PD	Precision Drilling	Pair Corr
0.9	MRG-UN	Morguard North American	Pair Corr
0.82	DS	Dividend Select 15	Pair Corr
0.77	ELC	Elysee Development Corp	Pair Corr
0.79	TECT	Tectonic Metals	Pair Corr
0.85	BN-PFI	Brookfield	Pair Corr
0.88	FTG	Firan Technology	Pair Corr
0.75	STRR	Star Royalties	Pair Corr
0.8	PGDC	Patagonia Gold Corp	Pair Corr
0.78	VGD	Visible Gold Mines	Pair Corr
0.65	GZD	Grizzly Discoveries	Pair Corr
0.79	LCE	Century Lithium Corp	Pair Corr
0.86	AQN	Algonquin Power Utilities Earnings Call Today	Pair Corr
0.87	CRR-UN	Crombie Real Estate	Pair Corr

Moving against Bird Stock

0.54	PNC-B	Postmedia Network Canada	Pair Corr
0.48	GFL	Gfl Environmental	Pair Corr

Related Correlations Analysis

	TCL-A	WTE	ARE	SIS	BLDP	CJT	MTL	BDGI
TCL-A		0.58	0.7	0.62	-0.48	0.53	0.68	-0.06	TCL-A
WTE	0.58		0.95	0.84	-0.89	0.82	0.89	-0.41	WTE
ARE	0.7	0.95		0.89	-0.85	0.85	0.92	-0.29	ARE
SIS	0.62	0.84	0.89		-0.69	0.91	0.92	-0.18	SIS
BLDP	-0.48	-0.89	-0.85	-0.69		-0.72	-0.76	0.66	BLDP
CJT	0.53	0.82	0.85	0.91	-0.72		0.87	-0.29	CJT
MTL	0.68	0.89	0.92	0.92	-0.76	0.87		-0.3	MTL
BDGI	-0.06	-0.41	-0.29	-0.18	0.66	-0.29	-0.3		BDGI
	TCL-A	WTE	ARE	SIS	BLDP	CJT	MTL	BDGI

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

ARE	+ 0.95	WTE
MTL	+ 0.92	ARE
MTL	+ 0.92	SIS
CJT	+ 0.91	SIS
MTL	+ 0.89	WTE
SIS	+ 0.89	ARE

High negative correlations

BLDP	- 0.89	WTE
BLDP	- 0.85	ARE
MTL	- 0.76	BLDP
CJT	- 0.72	BLDP
BLDP	- 0.69	SIS
BLDP	- 0.48	TCL-A

Risk-Adjusted Indicators

There is a big difference between Bird Stock performing well and Bird Construction 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 Bird Construction'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
TCL-A	1.12	0.23	0.18	20.82	0.99	(1.30)	1.91	(2.01)	21.90
WTE	0.92	0.36	0.31	1.30	0.81	(1.08)	2.32	(1.53)	6.48
ARE	1.73	0.51	0.25	0.58	1.70	(1.96)	3.68	(3.42)	10.71
SIS	1.24	0.34	0.31	1.99	0.78	(1.59)	2.46	(1.75)	8.01
BLDP	2.11	(0.45)	0.00	(0.28)	0.00	0.00	3.87	(4.57)	13.91
CJT	1.53	0.23	0.14	0.88	1.48	(1.72)	3.23	(2.15)	11.95
MTL	1.07	0.26	0.12	0.27	1.84	(1.14)	2.27	(1.81)	12.17
BDGI	1.59	(0.03)	0.00	(0.06)	0.00	0.00	3.43	(3.96)	9.94

Be your own money manager

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