Extendicare Correlations

EXE Stock

CAD 26.58 2.47 10.24%

The current 90-days correlation between Extendicare and WELL Health Technologies is -0.11 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Extendicare moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Extendicare moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Extendicare Correlation With Market

Poor diversification

The correlation between Extendicare and DJI is 0.66 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Extendicare and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Extendicare Stock

0.89	WMT	Walmart Inc CDR	Pair Corr
0.8	BN-PC	Brookfield	Pair Corr
0.76	PML	Panoro Minerals	Pair Corr
0.66	GKO	Geekco Technologies Corp	Pair Corr
0.83	HLF	High Liner Foods	Pair Corr
0.76	ATX	ATEX Resources	Pair Corr
0.83	BPF-UN	Boston Pizza Royalties	Pair Corr
0.65	IFA	iFabric Corp	Pair Corr
0.81	NSE	New Stratus Energy	Pair Corr
0.63	PGDC	Patagonia Gold Corp	Pair Corr
0.68	TUO	Teuton Resources Corp	Pair Corr
0.84	NAR	North Arrow Minerals	Pair Corr
0.76	OYL	CGX Energy	Pair Corr
0.88	NIM	Nicola Mining	Pair Corr
0.66	TF	Timbercreek Financial	Pair Corr
0.7	ENB-PFC	Enbridge Pref 11	Pair Corr
0.91	TOT	Total Energy Services	Pair Corr
0.69	MFC-PP	Manulife Financial Corp	Pair Corr
0.79	MDM	Madoro Metals Corp	Pair Corr

Moving against Extendicare Stock

0.89	MSFT	Microsoft CDR	Pair Corr
0.89	MSFT	Microsoft Corp CDR	Pair Corr
0.66	AMZN	Amazon CDR	Pair Corr
0.66	AMZN	Amazon CDR	Pair Corr
0.41	JPM	JPMorgan Chase	Pair Corr

Related Correlations Analysis

	WELL	SIA	CRON	DR	NLH	PHA	CRRX	TLRY
WELL		0.13	0.13	0.09	-0.52	0.26	0.49	0.41	WELL
SIA	0.13		-0.24	0.63	0.32	-0.47	0.49	-0.07	SIA
CRON	0.13	-0.24		-0.19	-0.03	0.3	0.18	0.67	CRON
DR	0.09	0.63	-0.19		0.42	-0.33	0.05	-0.09	DR
NLH	-0.52	0.32	-0.03	0.42		-0.52	-0.37	-0.31	NLH
PHA	0.26	-0.47	0.3	-0.33	-0.52		0.11	0.35	PHA
CRRX	0.49	0.49	0.18	0.05	-0.37	0.11		0.51	CRRX
TLRY	0.41	-0.07	0.67	-0.09	-0.31	0.35	0.51		TLRY
	WELL	SIA	CRON	DR	NLH	PHA	CRRX	TLRY

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

TLRY	+ 0.67	CRON
DR	+ 0.63	SIA
TLRY	+ 0.51	CRRX
CRRX	+ 0.49	WELL
CRRX	+ 0.49	SIA
NLH	+ 0.42	DR

High negative correlations

PHA	- 0.52	NLH
NLH	- 0.52	WELL
PHA	- 0.47	SIA
CRRX	- 0.37	NLH
PHA	- 0.33	DR
TLRY	- 0.31	NLH

Risk-Adjusted Indicators

There is a big difference between Extendicare Stock performing well and Extendicare 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 Extendicare'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
WELL	1.67	0.00	0.02	0.08	1.83	(1.90)	3.80	(3.27)	13.63
SIA	0.95	0.21	0.12	(1.37)	0.81	(1.21)	2.89	(1.55)	7.56
CRON	2.04	0.10	0.02	0.49	2.29	(2.45)	4.53	(3.42)	21.52
DR	1.25	0.22	0.10	5.19	1.19	(1.47)	3.40	(2.21)	12.14
NLH	2.87	0.26	0.02	(0.26)	3.35	(6.98)	10.71	(6.67)	25.10
PHA	8.33	0.73	0.04	0.43	9.29	(25.91)	25.00	(20.00)	58.33
CRRX	1.04	0.11	0.02	(1.62)	1.14	(1.30)	2.65	(1.80)	7.47
TLRY	27.62	12.73	2.42	2.05	3.15	(35.45)	12.64	(9.73)	889.92

Be your own money manager

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