Canadian National Correlations

CNR Stock

CAD 134.71 0.19 0.14%

The current 90-days correlation between Canadian National Railway and Canadian Pacific Railway is -0.06 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Canadian National moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Canadian National Railway moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Canadian National Correlation With Market

Average diversification

The correlation between Canadian National Railway and DJI is 0.14 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Canadian National Railway and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Canadian Stock

0.73	PPL-PO	Pembina Pipeline Corp	Pair Corr
0.64	BIP-UN	Brookfield Infrastructure	Pair Corr
0.68	ERO	Ero Copper Corp	Pair Corr

Moving against Canadian Stock

0.44

TMX Group Limited

Pair Corr

Related Correlations Analysis

	CP	TRI	WCN	KLS	WSP	SOBO	FTT	TFII	GDI	EFN
CP		0.58	0.25	-0.21	0.67	0.21	-0.46	0.53	-0.28	0.21	CP
TRI	0.58		0.13	-0.23	0.94	-0.11	-0.7	0.06	-0.26	0.43	TRI
WCN	0.25	0.13		-0.18	0.02	0.33	-0.1	-0.2	-0.29	0.13	WCN
KLS	-0.21	-0.23	-0.18		-0.14	-0.3	0.38	-0.2	0.41	0.12	KLS
WSP	0.67	0.94	0.02	-0.14		-0.06	-0.72	0.08	-0.21	0.4	WSP
SOBO	0.21	-0.11	0.33	-0.3	-0.06		-0.42	-0.07	-0.3	-0.55	SOBO
FTT	-0.46	-0.7	-0.1	0.38	-0.72	-0.42		-0.02	0.5	0.04	FTT
TFII	0.53	0.06	-0.2	-0.2	0.08	-0.07	-0.02		-0.21	0.01	TFII
GDI	-0.28	-0.26	-0.29	0.41	-0.21	-0.3	0.5	-0.21		0.08	GDI
EFN	0.21	0.43	0.13	0.12	0.4	-0.55	0.04	0.01	0.08		EFN
	CP	TRI	WCN	KLS	WSP	SOBO	FTT	TFII	GDI	EFN

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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

WSP	+ 0.94	TRI
WSP	+ 0.67	CP
TRI	+ 0.58	CP
TFII	+ 0.53	CP
GDI	+ 0.5	FTT
EFN	+ 0.43	TRI

High negative correlations

FTT	- 0.72	WSP
FTT	- 0.7	TRI
EFN	- 0.55	SOBO
FTT	- 0.46	CP
FTT	- 0.42	SOBO
GDI	- 0.3	SOBO

Risk-Adjusted Indicators

There is a big difference between Canadian Stock performing well and Canadian National 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 Canadian National'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
CP	0.87	(0.04)	0.00	(0.07)	0.00	0.00	2.24	(1.69)	4.31
TRI	1.23	(0.44)	0.00	(0.89)	0.00	0.00	1.90	(3.58)	8.67
WCN	0.87	(0.02)	0.00	0.20	0.00	0.00	1.87	(1.59)	5.83
KLS	4.61	0.29	0.04	0.47	4.41	(8.36)	11.76	(5.56)	31.55
WSP	0.96	(0.30)	0.00	(0.75)	0.00	0.00	1.62	(2.27)	7.24
SOBO	0.98	0.00	0.00	0.06	0.00	0.00	1.52	(1.72)	8.29
FTT	1.63	0.39	0.16	0.94	1.75	(1.74)	3.61	(3.73)	16.54
TFII	1.79	0.12	0.04	0.32	2.02	(1.95)	3.23	(2.87)	11.93
GDI	1.26	0.06	(0.01)	1.38	1.39	(1.41)	2.83	(2.50)	10.60
EFN	0.99	(0.06)	0.00	(0.61)	0.00	0.00	1.40	(2.20)	8.11

Be your own money manager

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