Canadian Net Correlations

NET-UN Stock

6.02 0.02 0.33%

The current 90-days correlation between Canadian Net Real and Parkit Enterprise is -0.04 (i.e., Good diversification). The correlation of Canadian Net is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Canadian Net Correlation With Market

Very poor diversification

The correlation between Canadian Net Real and DJI is 0.83 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Canadian Net Real and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Canadian Net 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 Net 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 Net - 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 Net Real to buy it.

Moving together with Canadian Stock

0.86	IFA	iFabric Corp	Pair Corr
0.93	PGDC	Patagonia Gold Corp	Pair Corr
0.94	MU	Micron Technology	Pair Corr
0.93	CJT	Cargojet	Pair Corr
0.83	ISO	IsoEnergy Earnings Call Today	Pair Corr
0.77	BN-PFI	Brookfield	Pair Corr
0.69	GIGA	Giga Metals Corp	Pair Corr
0.71	FFU	F4 Uranium Corp	Pair Corr
0.88	BPF-UN	Boston Pizza Royalties	Pair Corr
0.85	LNR	Linamar Earnings Call This Week	Pair Corr
0.78	NAR	North Arrow Minerals	Pair Corr
0.84	TOT	Total Energy Services	Pair Corr
0.85	RUP	Rupert Resources	Pair Corr
0.72	BTO	B2Gold Corp	Pair Corr
0.64	NXR-UN	Nexus Real Estate	Pair Corr
0.86	PESO	Pesorama	Pair Corr
0.8	GMG	Graphene Manufacturing Earnings Call Today	Pair Corr
0.83	PSLV	Sprott Physical Silver	Pair Corr
0.67	TCL-A	Transcontinental	Pair Corr
0.73	MOLY	Greenland Resources	Pair Corr
0.81	PML	Panoro Minerals	Pair Corr
0.85	URE	Ur Energy	Pair Corr
0.68	QNC	Quantum eMotion Corp	Pair Corr
0.83	SLF-PJ	Sun Life Financial	Pair Corr
0.87	FTEC	Fintech Select	Pair Corr
0.71	AZT	Aztec Minerals Corp	Pair Corr
0.68	GKO	Geekco Technologies Corp	Pair Corr
0.92	HLF	High Liner Foods	Pair Corr
0.9	GUG	Gungnir Resources	Pair Corr

Moving against Canadian Stock

0.48

BHC

Bausch Health Companies

Pair Corr

Related Correlations Analysis

	PKT	IVQ	ERE-UN	TNT-UN	BRE	MPCT-UN	UFC	FCD-UN	GDC	HMT
PKT		0.56	0.66	-0.35	0.76	0.76	0.58	0.79	0.52	-0.41	PKT
IVQ	0.56		0.77	0.16	0.53	0.68	0.69	0.62	0.24	-0.12	IVQ
ERE-UN	0.66	0.77		-0.01	0.71	0.81	0.78	0.8	0.41	-0.07	ERE-UN
TNT-UN	-0.35	0.16	-0.01		-0.44	-0.11	0.09	-0.38	-0.44	0.71	TNT-UN
BRE	0.76	0.53	0.71	-0.44		0.84	0.66	0.86	0.55	-0.6	BRE
MPCT-UN	0.76	0.68	0.81	-0.11	0.84		0.84	0.83	0.38	-0.27	MPCT-UN
UFC	0.58	0.69	0.78	0.09	0.66	0.84		0.65	0.2	-0.17	UFC
FCD-UN	0.79	0.62	0.8	-0.38	0.86	0.83	0.65		0.52	-0.41	FCD-UN
GDC	0.52	0.24	0.41	-0.44	0.55	0.38	0.2	0.52		-0.47	GDC
HMT	-0.41	-0.12	-0.07	0.71	-0.6	-0.27	-0.17	-0.41	-0.47		HMT
	PKT	IVQ	ERE-UN	TNT-UN	BRE	MPCT-UN	UFC	FCD-UN	GDC	HMT

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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

FCD-UN	+ 0.86	BRE
MPCT-UN	+ 0.84	BRE
UFC	+ 0.84	MPCT-UN
FCD-UN	+ 0.83	MPCT-UN
MPCT-UN	+ 0.81	ERE-UN
FCD-UN	+ 0.8	ERE-UN

High negative correlations

HMT	- 0.6	BRE
HMT	- 0.47	GDC
GDC	- 0.44	TNT-UN
BRE	- 0.44	TNT-UN
HMT	- 0.41	FCD-UN
HMT	- 0.41	PKT

Risk-Adjusted Indicators

There is a big difference between Canadian Stock performing well and Canadian Net 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 Net'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
PKT	2.32	0.36	0.04	(0.38)	2.68	(3.93)	6.78	(5.00)	17.55
IVQ	4.08	0.52	0.02	(0.15)	4.62	(9.94)	9.09	(8.33)	43.75
ERE-UN	0.67	0.08	(0.02)	(1.02)	0.64	(1.26)	1.80	(0.90)	4.37
TNT-UN	0.47	(0.07)	0.00	(0.13)	0.00	0.00	0.92	(1.02)	3.09
BRE	1.00	0.17	0.09	0.47	1.05	(1.10)	2.30	(2.52)	5.74
MPCT-UN	2.83	0.59	0.16	1.06	2.76	(3.76)	8.39	(4.76)	24.13
UFC	2.01	0.04	0.01	0.14	2.30	(4.56)	6.98	(5.05)	23.33
FCD-UN	0.53	0.07	(0.05)	(0.88)	0.68	(0.58)	1.19	(1.35)	3.40
GDC	1.42	0.06	0.00	0.20	1.93	(2.00)	4.06	(4.08)	11.57
HMT	1.03	(0.17)	0.00	(2.66)	0.00	0.00	4.76	(4.35)	21.52

Be your own money manager

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