Headwater Exploration Correlations

HWX Stock

CAD 6.93 0.03 0.43%

The current 90-days correlation between Headwater Exploration and Parex Resources is 0.42 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Headwater Exploration moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Headwater Exploration moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Headwater Exploration Correlation With Market

Significant diversification

The correlation between Headwater Exploration 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 Headwater Exploration and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Headwater Stock

0.61	MFC	Manulife Financial Corp	Pair Corr
0.69	TD	Toronto Dominion Bank	Pair Corr
0.74	ATH	Athabasca Oil Corp	Pair Corr
0.65	DML	Denison Mines Corp	Pair Corr
0.61	APGO	Apollo Silver Corp Earnings Call This Week	Pair Corr
0.66	DLCG	Dominion Lending Centres	Pair Corr

Moving against Headwater Stock

0.41

Telus Corp

Pair Corr

Related Correlations Analysis

	PXT	VET	BIR	EFX	AAV	CEU	CJ	KEL	KEC	FRU
PXT		0.25	-0.85	0.92	0.65	0.89	0.89	-0.43	0.39	0.84	PXT
VET	0.25		0.1	0.07	0.59	0.27	0.51	0.52	-0.51	0.59	VET
BIR	-0.85	0.1		-0.91	-0.38	-0.85	-0.71	0.66	-0.43	-0.66	BIR
EFX	0.92	0.07	-0.91		0.59	0.95	0.87	-0.59	0.35	0.82	EFX
AAV	0.65	0.59	-0.38	0.59		0.71	0.8	0.06	-0.06	0.73	AAV
CEU	0.89	0.27	-0.85	0.95	0.71		0.92	-0.41	0.17	0.89	CEU
CJ	0.89	0.51	-0.71	0.87	0.8	0.92		-0.24	0.05	0.97	CJ
KEL	-0.43	0.52	0.66	-0.59	0.06	-0.41	-0.24		-0.36	-0.2	KEL
KEC	0.39	-0.51	-0.43	0.35	-0.06	0.17	0.05	-0.36		-0.04	KEC
FRU	0.84	0.59	-0.66	0.82	0.73	0.89	0.97	-0.2	-0.04		FRU
	PXT	VET	BIR	EFX	AAV	CEU	CJ	KEL	KEC	FRU

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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

FRU	+ 0.97	CJ
CEU	+ 0.95	EFX
EFX	+ 0.92	PXT
CJ	+ 0.92	CEU
CEU	+ 0.89	PXT
CJ	+ 0.89	PXT

High negative correlations

EFX	- 0.91	BIR
CEU	- 0.85	BIR
BIR	- 0.85	PXT
CJ	- 0.71	BIR
FRU	- 0.66	BIR
KEL	- 0.59	EFX

Risk-Adjusted Indicators

There is a big difference between Headwater Stock performing well and Headwater Exploration 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 Headwater Exploration'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
PXT	1.58	0.40	0.18	(1.08)	1.48	(1.91)	3.34	(2.99)	11.10
VET	1.96	0.04	(0.02)	(0.20)	2.47	(2.07)	4.00	(3.67)	12.64
BIR	1.21	(0.15)	0.00	(1.29)	0.00	0.00	2.32	(2.76)	6.22
EFX	1.55	0.57	0.27	3.44	1.38	(1.82)	3.58	(2.99)	16.39
AAV	1.29	(0.03)	0.00	(0.40)	0.00	0.00	2.86	(4.15)	8.93
CEU	1.27	0.27	0.12	1.64	1.43	(1.41)	3.29	(2.67)	10.98
CJ	1.05	0.19	0.06	(0.85)	1.30	(1.09)	2.53	(2.12)	7.70
KEL	1.33	(0.34)	0.00	1.45	0.00	0.00	2.74	(2.79)	7.83
KEC	1.05	(0.04)	0.00	(1.48)	0.00	0.00	2.72	(2.30)	7.72
FRU	0.74	0.10	0.03	(15.09)	0.98	(0.75)	1.45	(1.42)	4.75

Be your own money manager

Our tools can tell you how much better you can do entering a position in Headwater Exploration 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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Headwater Exploration Corporate Management

Elected by the shareholders, the Headwater Exploration's board of directors comprises two types of representatives: Headwater Exploration inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Headwater. The board's role is to monitor Headwater Exploration's management team and ensure that shareholders' interests are well served. Headwater Exploration's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Headwater Exploration's outside directors are responsible for providing unbiased perspectives on the board's policies.

Tom Banks	Engineering Consultant	Profile
Edward LLB	Corporate Secretary	Profile
Scott Rideout	VicePres Land	Profile
Wade Hein	Vice Operations	Profile
Brad Christman	Chief Officer	Profile

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