Magellan Aerospace Correlations

MAL Stock

CAD 10.76 0.17 1.61%

The current 90-days correlation between Magellan Aerospace and High Liner Foods is -0.01 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Magellan Aerospace moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Magellan Aerospace moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Magellan Aerospace Correlation With Market

Modest diversification

The correlation between Magellan Aerospace and DJI is 0.22 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Magellan Aerospace and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Magellan Stock

0.83	BMO-PE	Bank of Montreal Earnings Call This Week	Pair Corr
0.91	BMO	Bank of Montreal Earnings Call This Week	Pair Corr
0.8	RY-PS	Royal Bank Earnings Call This Week	Pair Corr
0.89	RY	Royal Bank Earnings Call This Week	Pair Corr
0.74	FFH-PC	Fairfax Fin Hld	Pair Corr
0.89	NA	National Bank Earnings Call This Week	Pair Corr

Related Correlations Analysis

	CSU	CRM	HLF	GURU	FTG	HOT-U	MTY
CSU		0.76	0.75	-0.29	0.55	-0.08	0.63	CSU
CRM	0.76		0.71	-0.74	0.89	0.06	0.79	CRM
HLF	0.75	0.71		-0.29	0.71	-0.45	0.35	HLF
GURU	-0.29	-0.74	-0.29		-0.76	-0.38	-0.66	GURU
FTG	0.55	0.89	0.71	-0.76		-0.08	0.63	FTG
HOT-U	-0.08	0.06	-0.45	-0.38	-0.08		0.47	HOT-U
MTY	0.63	0.79	0.35	-0.66	0.63	0.47		MTY
	CSU	CRM	HLF	GURU	FTG	HOT-U	MTY

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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

FTG	+ 0.89	CRM
MTY	+ 0.79	CRM
CRM	+ 0.76	CSU
HLF	+ 0.75	CSU
HLF	+ 0.71	CRM
FTG	+ 0.71	HLF

High negative correlations

FTG	- 0.76	GURU
GURU	- 0.74	CRM
MTY	- 0.66	GURU
HOT-U	- 0.45	HLF
HOT-U	- 0.38	GURU
GURU	- 0.29	HLF

Risk-Adjusted Indicators

There is a big difference between Magellan Stock performing well and Magellan Aerospace 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 Magellan Aerospace'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
CSU	1.05	0.06	0.02	0.21	1.20	(1.07)	2.24	(1.85)	6.34
CRM	1.29	0.29	0.17	0.55	1.10	(1.52)	3.32	(1.69)	10.15
HLF	1.23	0.25	0.10	(1.53)	0.87	(1.64)	3.29	(1.62)	5.71
GURU	2.04	(0.03)	0.00	0.29	0.00	0.00	3.55	(4.43)	18.12
FTG	1.26	0.21	0.10	0.54	1.14	(1.58)	2.86	(1.48)	13.03
HOT-U	1.49	0.00	(0.01)	0.12	2.11	(12.40)	6.38	(5.66)	29.89
MTY	1.11	0.08	0.02	0.27	1.30	(1.21)	2.81	(2.08)	8.26

Be your own money manager

Our tools can tell you how much better you can do entering a position in Magellan Aerospace 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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