Enbridge H Correlations

ENB-PH Preferred Stock

CAD 20.40 0.00 0.00%

The current 90-days correlation between Enbridge H Cum and Royal Bank of is -0.05 (i.e., Good diversification). The correlation of Enbridge H 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.

Enbridge H Correlation With Market

Very good diversification

The correlation between Enbridge H Cum and DJI is -0.24 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Enbridge H Cum and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Enbridge Preferred Stock

0.61	ENB-PFE	Enbridge Pref 13	Pair Corr
0.74	PPL-PFA	Pembina Pipeline Corp	Pair Corr
0.63	SRES	Sun Residential Real	Pair Corr
0.62	AAPL	Apple Inc CDR	Pair Corr

Moving against Enbridge Preferred Stock

0.62	LAC	Lithium Americas Corp	Pair Corr
0.58	VBNK	VersaBank	Pair Corr
0.54	FSZ	Fiera Capital	Pair Corr
0.36	TUF	Honey Badger Silver	Pair Corr

Related Correlations Analysis

	ENB-PFK	ENB-PFE	PPL-PFA	ARX	HUT	RX	MAC	AQN-PD	RY-PM	ERE-UN
ENB-PFK		-0.68	-0.31	-0.29	-0.7	-0.59	0.36	-0.27	-0.66	-0.61	ENB-PFK
ENB-PFE	-0.68		0.57	0.31	0.63	0.74	-0.09	0.63	0.58	0.73	ENB-PFE
PPL-PFA	-0.31	0.57		0.17	0.14	0.38	0.03	0.81	0.11	0.31	PPL-PFA
ARX	-0.29	0.31	0.17		0.64	0.34	0.1	-0.03	0.54	0.67	ARX
HUT	-0.7	0.63	0.14	0.64		0.65	-0.21	-0.01	0.84	0.88	HUT
RX	-0.59	0.74	0.38	0.34	0.65		-0.25	0.34	0.61	0.59	RX
MAC	0.36	-0.09	0.03	0.1	-0.21	-0.25		0.0	-0.19	-0.07	MAC
AQN-PD	-0.27	0.63	0.81	-0.03	-0.01	0.34	0.0		-0.01	0.2	AQN-PD
RY-PM	-0.66	0.58	0.11	0.54	0.84	0.61	-0.19	-0.01		0.7	RY-PM
ERE-UN	-0.61	0.73	0.31	0.67	0.88	0.59	-0.07	0.2	0.7		ERE-UN
	ENB-PFK	ENB-PFE	PPL-PFA	ARX	HUT	RX	MAC	AQN-PD	RY-PM	ERE-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

ERE-UN	+ 0.88	HUT
RY-PM	+ 0.84	HUT
AQN-PD	+ 0.81	PPL-PFA
RX	+ 0.74	ENB-PFE
ERE-UN	+ 0.73	ENB-PFE
ERE-UN	+ 0.7	RY-PM

High negative correlations

HUT	- 0.7	ENB-PFK
ENB-PFE	- 0.68	ENB-PFK
RY-PM	- 0.66	ENB-PFK
ERE-UN	- 0.61	ENB-PFK
RX	- 0.59	ENB-PFK
PPL-PFA	- 0.31	ENB-PFK

Risk-Adjusted Indicators

There is a big difference between Enbridge Preferred Stock performing well and Enbridge H 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 Enbridge H'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
ENB-PFK	0.54	(0.04)	0.00	0.32	0.00	0.00	0.92	(1.26)	3.41
ENB-PFE	0.52	0.09	0.07	(0.39)	0.65	(0.56)	1.29	(1.21)	4.26
PPL-PFA	0.44	0.00	(0.03)	0.01	0.72	(0.39)	1.19	(1.06)	2.79
ARX	1.66	0.18	0.08	(1.09)	1.80	(1.78)	3.50	(3.01)	12.13
HUT	5.38	1.25	0.20	(0.98)	5.20	(6.07)	14.41	(9.33)	36.90
RX	1.43	0.10	0.04	(0.38)	1.52	(1.93)	3.93	(3.47)	9.42
MAC	4.91	0.88	0.00	0.34	0.00	0.00	20.00	(16.67)	97.50
AQN-PD	0.45	0.01	(0.01)	(0.08)	0.63	(0.51)	1.05	(1.20)	2.76
RY-PM	0.31	0.06	0.08	2.85	0.22	(0.37)	0.92	(0.55)	2.01
ERE-UN	1.24	0.26	0.19	1.04	1.03	(1.74)	2.30	(1.58)	20.23

Be your own money manager

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