Canadian Palladium Correlations

DCNNF Stock

USD 0.04 0.01 13.51%

The current 90-days correlation between Canadian Palladium and Qubec Nickel Corp is 0.13 (i.e., Average diversification). The correlation of Canadian Palladium 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 Palladium Correlation With Market

Significant diversification

The correlation between Canadian Palladium Resources and DJI is 0.03 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Canadian Palladium Resources and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Canadian Palladium 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 Palladium 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 Palladium - 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 Palladium Resources to buy it.

Moving against Canadian Pink Sheet

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0.61	WMT	Walmart Aggressive Push	Pair Corr
0.52	CVX	Chevron Corp Sell-off Trend	Pair Corr
0.51	BAC	Bank of America Fiscal Year End 10th of January 2025	Pair Corr
0.5	AXP	American Express Fiscal Year End 24th of January 2025	Pair Corr
0.41	CSCO	Cisco Systems	Pair Corr
0.35	TRV	The Travelers Companies Fiscal Year End 17th of January 2025	Pair Corr
0.33	HD	Home Depot	Pair Corr

Related Correlations Analysis

	QNICF	IIDDY	FCSMF	MALRY	ANSNF	AVRTF	ADTLF	AUMTF	EDDYF
QNICF		0.06	0.02	0.12	0.14	0.55	0.15	0.42	0.3	QNICF
IIDDY	0.06		-0.71	-0.51	-0.71	-0.53	0.7	-0.19	0.09	IIDDY
FCSMF	0.02	-0.71		0.09	0.58	0.54	-0.59	0.14	0.04	FCSMF
MALRY	0.12	-0.51	0.09		0.4	0.51	-0.03	0.17	0.04	MALRY
ANSNF	0.14	-0.71	0.58	0.4		0.64	-0.51	0.4	-0.1	ANSNF
AVRTF	0.55	-0.53	0.54	0.51	0.64		-0.13	0.53	0.19	AVRTF
ADTLF	0.15	0.7	-0.59	-0.03	-0.51	-0.13		0.07	0.27	ADTLF
AUMTF	0.42	-0.19	0.14	0.17	0.4	0.53	0.07		0.11	AUMTF
EDDYF	0.3	0.09	0.04	0.04	-0.1	0.19	0.27	0.11		EDDYF
	QNICF	IIDDY	FCSMF	MALRY	ANSNF	AVRTF	ADTLF	AUMTF	EDDYF

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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

ADTLF	+ 0.7	IIDDY
AVRTF	+ 0.64	ANSNF
ANSNF	+ 0.58	FCSMF
AVRTF	+ 0.55	QNICF
AVRTF	+ 0.54	FCSMF
AUMTF	+ 0.53	AVRTF

High negative correlations

ANSNF	- 0.71	IIDDY
FCSMF	- 0.71	IIDDY
ADTLF	- 0.59	FCSMF
AVRTF	- 0.53	IIDDY
ADTLF	- 0.51	ANSNF
MALRY	- 0.51	IIDDY

Risk-Adjusted Indicators

There is a big difference between Canadian Pink Sheet performing well and Canadian Palladium 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 Palladium'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
QNICF	13.30	6.07	0.00	(1.24)	0.00	0.00	9.09	0.00	133.99
IIDDY	0.60	0.27	0.00	(3.57)	0.00	0.00	0.00	0.00	16.28
FCSMF	5.75	0.10	0.00	0.07	0.00	0.00	17.00	(16.67)	36.67
MALRY	4.05	0.19	0.04	0.29	5.06	(4.37)	8.13	(7.29)	35.16
ANSNF	5.04	(0.29)	0.00	(0.02)	0.00	0.00	27.27	(21.87)	76.49
AVRTF	2.52	(1.46)	0.00	(0.87)	0.00	0.00	0.00	0.00	84.29
ADTLF	1.94	0.43	0.06	1.70	2.05	(4.74)	5.20	(4.94)	25.51
AUMTF	2.07	(0.83)	0.00	(1.40)	0.00	0.00	0.00	0.00	73.07
EDDYF	6.34	0.77	0.04	0.87	8.37	(21.82)	31.94	(20.14)	87.64

Be your own money manager

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