Canadian Utilities Correlations

CU-PI Preferred Stock

CAD 24.76 0.11 0.45%

The current 90-days correlation between Canadian Utilities and Air Canada is -0.04 (i.e., Good diversification). The correlation of Canadian Utilities 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Canadian Utilities Correlation With Market

Weak diversification

The correlation between Canadian Utilities Ltd and DJI is 0.32 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Canadian Utilities Ltd and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Canadian Utilities 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 Utilities 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 Utilities - 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 Utilities Ltd to buy it.

Moving together with Canadian Preferred Stock

0.62

BRY

Bri Chem Corp

Pair Corr

Related Correlations Analysis

	VBNK	RY-PJ	BNS	BRAG	FTN-PA	AC	GH	FTU-PB
VBNK		0.72	0.79	-0.79	0.77	0.88	0.73	0.82	VBNK
RY-PJ	0.72		0.79	-0.77	0.86	0.84	0.41	0.88	RY-PJ
BNS	0.79	0.79		-0.92	0.91	0.9	0.53	0.82	BNS
BRAG	-0.79	-0.77	-0.92		-0.95	-0.89	-0.59	-0.78	BRAG
FTN-PA	0.77	0.86	0.91	-0.95		0.91	0.53	0.86	FTN-PA
AC	0.88	0.84	0.9	-0.89	0.91		0.52	0.91	AC
GH	0.73	0.41	0.53	-0.59	0.53	0.52		0.49	GH
FTU-PB	0.82	0.88	0.82	-0.78	0.86	0.91	0.49		FTU-PB
	VBNK	RY-PJ	BNS	BRAG	FTN-PA	AC	GH	FTU-PB

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

FTN-PA	+ 0.91	BNS
AC	+ 0.91	FTN-PA
FTU-PB	+ 0.91	AC
AC	+ 0.9	BNS
AC	+ 0.88	VBNK
FTU-PB	+ 0.88	RY-PJ

High negative correlations

FTN-PA	- 0.95	BRAG
BRAG	- 0.92	BNS
AC	- 0.89	BRAG
BRAG	- 0.79	VBNK
FTU-PB	- 0.78	BRAG
BRAG	- 0.77	RY-PJ

Risk-Adjusted Indicators

There is a big difference between Canadian Preferred Stock performing well and Canadian Utilities 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 Utilities' 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
VBNK	1.92	0.10	0.03	0.20	2.96	(1.98)	4.39	(3.69)	17.25
RY-PJ	0.28	0.04	0.03	2.31	0.34	(0.31)	0.68	(0.53)	2.42
BNS	0.62	0.11	0.11	0.39	0.70	(0.65)	1.55	(1.03)	5.33
BRAG	2.58	(0.45)	0.00	1.18	0.00	0.00	5.69	(4.31)	37.41
FTN-PA	0.18	0.07	0.28	2.95	0.00	(0.27)	0.48	(0.20)	1.71
AC	1.76	0.47	0.19	1.17	2.10	(1.98)	4.42	(2.38)	23.34
GH	0.70	(0.02)	0.00	(0.05)	0.00	0.00	1.45	(1.66)	5.57
FTU-PB	1.08	0.23	0.09	1.10	1.30	(1.60)	2.60	(2.36)	11.93

Be your own money manager

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

Did you try this?

Run Top Crypto Exchanges Now

Top Crypto Exchanges

Search and analyze digital assets across top global cryptocurrency exchanges

All Next

Launch Module

Canadian Utilities Corporate Management

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

Deanna Girard	Vice Resources	Profile
Brian Bale	Special Estate	Profile
Robert Myles	Exec Devel	Profile
Marshall Wilmot	Pres Officer	Profile
Lisa Cooke	Senior Officer	Profile

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC