Morguard Correlations

MRC Stock

CAD 118.78 0.22 0.18%

The current 90-days correlation between Morguard and NorthWest Healthcare Properties is 0.21 (i.e., Modest diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Morguard moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Morguard moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Morguard Correlation With Market

Poor diversification

The correlation between Morguard and DJI is 0.7 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Morguard and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Morguard Stock

0.69	CS	Capstone Mining Corp	Pair Corr
0.61	MAX	Max Resource Corp Split	Pair Corr
0.63	ENB-PFC	Enbridge Pref 11	Pair Corr
0.79	GRT-UN	Granite Real Estate	Pair Corr
0.66	DFR	Diamond Fields Resources	Pair Corr
0.62	APGO	Apollo Silver Corp	Pair Corr

Moving against Morguard Stock

0.72	AAPL	Apple Inc CDR	Pair Corr
0.72	AAPL	Apple CDR	Pair Corr
0.43	MSFT	Microsoft CDR	Pair Corr
0.43	MSFT	Microsoft Corp CDR	Pair Corr
0.42	BRK	Berkshire Hathaway CDR	Pair Corr
0.42	BRK	Berkshire Hathaway CDR	Pair Corr

Related Correlations Analysis

	NWH-UN	MEQ	DRM	WFC	SGR-UN	UFC	MRG-UN	AX-UN	SVI	PMZ-UN
NWH-UN		-0.62	0.52	0.27	0.79	0.68	0.57	0.62	0.68	0.7	NWH-UN
MEQ	-0.62		-0.51	-0.54	-0.71	-0.63	-0.37	-0.76	-0.34	-0.63	MEQ
DRM	0.52	-0.51		-0.08	0.84	0.74	0.9	0.72	0.58	0.88	DRM
WFC	0.27	-0.54	-0.08		0.18	0.11	-0.18	0.27	-0.17	0.01	WFC
SGR-UN	0.79	-0.71	0.84	0.18		0.8	0.8	0.9	0.6	0.93	SGR-UN
UFC	0.68	-0.63	0.74	0.11	0.8		0.74	0.7	0.64	0.86	UFC
MRG-UN	0.57	-0.37	0.9	-0.18	0.8	0.74		0.68	0.65	0.9	MRG-UN
AX-UN	0.62	-0.76	0.72	0.27	0.9	0.7	0.68		0.43	0.84	AX-UN
SVI	0.68	-0.34	0.58	-0.17	0.6	0.64	0.65	0.43		0.74	SVI
PMZ-UN	0.7	-0.63	0.88	0.01	0.93	0.86	0.9	0.84	0.74		PMZ-UN
	NWH-UN	MEQ	DRM	WFC	SGR-UN	UFC	MRG-UN	AX-UN	SVI	PMZ-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

PMZ-UN	+ 0.93	SGR-UN
MRG-UN	+ 0.9	DRM
AX-UN	+ 0.9	SGR-UN
PMZ-UN	+ 0.9	MRG-UN
PMZ-UN	+ 0.88	DRM
PMZ-UN	+ 0.86	UFC

High negative correlations

AX-UN	- 0.76	MEQ
SGR-UN	- 0.71	MEQ
PMZ-UN	- 0.63	MEQ
UFC	- 0.63	MEQ
MEQ	- 0.62	NWH-UN
WFC	- 0.54	MEQ

Risk-Adjusted Indicators

There is a big difference between Morguard Stock performing well and Morguard 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 Morguard'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
NWH-UN	1.04	0.14	0.09	0.27	0.98	(1.46)	2.26	(1.84)	15.77
MEQ	0.60	(0.16)	0.00	1.63	0.00	0.00	1.21	(1.44)	3.10
DRM	1.14	0.05	(0.01)	0.76	1.26	(1.32)	2.08	(1.93)	12.74
WFC	1.18	0.11	0.04	0.23	1.41	(2.00)	3.99	(2.95)	14.07
SGR-UN	0.69	0.06	0.00	(12.76)	0.80	(0.70)	1.68	(1.32)	4.97
UFC	2.00	0.39	0.07	(0.50)	2.06	(4.76)	6.25	(3.61)	18.71
MRG-UN	0.70	0.00	(0.04)	0.00	0.85	(0.78)	1.64	(1.41)	4.18
AX-UN	1.70	0.69	0.23	(2.64)	1.86	(1.94)	4.18	(2.53)	18.40
SVI	1.28	(0.02)	0.00	(0.29)	0.00	0.00	2.80	(2.65)	6.55
PMZ-UN	0.73	0.08	0.01	(0.42)	0.67	(0.86)	2.01	(1.31)	5.26

Be your own money manager

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