Peyto ExplorationDevel Correlations

PEY Stock

CAD 25.95 0.82 3.06%

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

Peyto ExplorationDevel Correlation With Market

Poor diversification

The correlation between Peyto ExplorationDevelopment C and DJI is 0.67 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Peyto ExplorationDevelopment C and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Peyto Stock

0.74	ENB-PFV	Enbridge Pref 5	Pair Corr
0.76	ENB-PFU	Enbridge Pref L	Pair Corr
0.65	ENS	E Split Corp	Pair Corr
0.85	BNP	BNP Paribas CDR	Pair Corr
0.86	BMO	Bank of Montreal Earnings Call This Week	Pair Corr
0.64	TI	Titan Mining Corp	Pair Corr
0.83	MKO	Mako Mining Corp	Pair Corr
0.86	AIM	Aimia Inc	Pair Corr
0.85	CWEB	Charlottes Web Holdings	Pair Corr
0.78	BTE	Baytex Energy Corp	Pair Corr
0.92	IPO	InPlay Oil Corp	Pair Corr
0.68	DAN	Arianne Phosphate	Pair Corr
0.8	BTO	B2Gold Corp	Pair Corr
0.81	TMG	Thermal Energy Inter	Pair Corr
0.93	COLA	Coca Cola	Pair Corr
0.87	CU	Canadian Utilities Earnings Call This Week	Pair Corr
0.83	WAST	Waste Management CDR	Pair Corr
0.79	ATH	Athabasca Oil Corp	Pair Corr
0.96	TVE	Tamarack Valley Energy Earnings Call This Week	Pair Corr

Moving against Peyto Stock

0.75	SAGE	Sage Potash Corp Earnings Call This Week	Pair Corr
0.58	ENS-PA	E Split Corp	Pair Corr
0.57	AMZN	Amazon CDR	Pair Corr
0.38	BRK	Berkshire Hathaway CDR	Pair Corr
0.57	AMZN	Amazon CDR	Pair Corr

Related Correlations Analysis

	NVA	ATH	GEI	POU	BTE	TPZ	TVE	PXT	FRU	PSK
NVA		0.36	0.58	0.53	0.23	0.5	0.47	0.34	0.47	0.51	NVA
ATH	0.36		0.76	0.81	0.66	0.84	0.75	0.78	0.76	0.83	ATH
GEI	0.58	0.76		0.71	0.8	0.83	0.94	0.89	0.94	0.94	GEI
POU	0.53	0.81	0.71		0.45	0.89	0.68	0.64	0.67	0.75	POU
BTE	0.23	0.66	0.8	0.45		0.64	0.83	0.89	0.84	0.78	BTE
TPZ	0.5	0.84	0.83	0.89	0.64		0.83	0.79	0.81	0.84	TPZ
TVE	0.47	0.75	0.94	0.68	0.83	0.83		0.95	0.97	0.96	TVE
PXT	0.34	0.78	0.89	0.64	0.89	0.79	0.95		0.95	0.93	PXT
FRU	0.47	0.76	0.94	0.67	0.84	0.81	0.97	0.95		0.96	FRU
PSK	0.51	0.83	0.94	0.75	0.78	0.84	0.96	0.93	0.96		PSK
	NVA	ATH	GEI	POU	BTE	TPZ	TVE	PXT	FRU	PSK

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Risk-Adjusted Indicators

There is a big difference between Peyto Stock performing well and Peyto ExplorationDevel 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 Peyto ExplorationDevel'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
NVA	0.87	0.16	0.08	7.71	0.91	(0.90)	1.94	(1.70)	6.79
ATH	1.79	0.24	0.09	0.44	2.08	(1.92)	4.12	(3.58)	10.77
GEI	0.98	0.35	0.20	(1.64)	0.91	(1.08)	2.37	(1.92)	5.70
POU	1.47	0.19	0.05	(1.83)	1.96	(1.46)	2.64	(3.19)	7.95
BTE	1.81	0.34	0.10	(2.83)	2.24	(1.99)	4.58	(3.46)	13.26
TPZ	0.96	0.18	0.09	1.39	1.04	(1.04)	2.07	(1.84)	5.64
TVE	1.82	0.50	0.19	1.59	1.96	(2.04)	3.79	(3.36)	10.49
PXT	1.81	0.26	0.08	1.23	2.42	(1.73)	3.94	(4.13)	9.39
FRU	0.98	0.25	0.14	1.00	0.97	(1.04)	2.19	(1.89)	5.58
PSK	1.17	0.19	0.10	0.54	1.23	(1.26)	2.62	(2.58)	6.28

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