Prime Dividend Correlations

PDV Stock

CAD 8.63 0.03 0.35%

The current 90-days correlation between Prime Dividend Corp and iShares Canadian HYBrid is 0.02 (i.e., Significant diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Prime Dividend moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Prime Dividend Corp moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Prime Dividend Correlation With Market

Good diversification

The correlation between Prime Dividend Corp and DJI is -0.05 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Prime Dividend Corp and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Prime Stock

0.68	CEF	Sprott Physical Gold	Pair Corr
0.71	PHYS	Sprott Physical Gold	Pair Corr
0.73	EVT	Economic Investment Trust	Pair Corr
0.9	UNC	Uniteds Limited	Pair Corr
0.92	AC	Air Canada	Pair Corr
0.96	POW	Power	Pair Corr

Related Correlations Analysis

	XHB	ALA-PA	ERE-UN	CLU	RUDB	BN-PFI	XEG	FLSA	HTAE	DXF
XHB		0.13	0.81	0.74	0.72	0.25	0.17	0.74	0.64	0.72	XHB
ALA-PA	0.13		0.02	0.03	0.04	0.75	-0.16	0.0	-0.28	0.04	ALA-PA
ERE-UN	0.81	0.02		0.9	0.74	0.31	0.52	0.86	0.81	0.85	ERE-UN
CLU	0.74	0.03	0.9		0.81	0.19	0.65	0.96	0.9	0.93	CLU
RUDB	0.72	0.04	0.74	0.81		0.11	0.45	0.91	0.72	0.9	RUDB
BN-PFI	0.25	0.75	0.31	0.19	0.11		0.1	0.13	-0.09	0.17	BN-PFI
XEG	0.17	-0.16	0.52	0.65	0.45	0.1		0.62	0.67	0.59	XEG
FLSA	0.74	0.0	0.86	0.96	0.91	0.13	0.62		0.89	0.97	FLSA
HTAE	0.64	-0.28	0.81	0.9	0.72	-0.09	0.67	0.89		0.83	HTAE
DXF	0.72	0.04	0.85	0.93	0.9	0.17	0.59	0.97	0.83		DXF
	XHB	ALA-PA	ERE-UN	CLU	RUDB	BN-PFI	XEG	FLSA	HTAE	DXF

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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

DXF	+ 0.97	FLSA
FLSA	+ 0.96	CLU
DXF	+ 0.93	CLU
FLSA	+ 0.91	RUDB
CLU	+ 0.9	ERE-UN
HTAE	+ 0.9	CLU

High negative correlations

HTAE	- 0.28	ALA-PA
XEG	- 0.16	ALA-PA
HTAE	- 0.09	BN-PFI
FLSA	- 0.0	ALA-PA

Risk-Adjusted Indicators

There is a big difference between Prime Stock performing well and Prime Dividend 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 Prime Dividend'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
XHB	0.21	0.03	(0.27)	0.30	0.00	(0.29)	0.52	(0.31)	1.07
ALA-PA	0.53	0.03	(0.12)	(0.13)	0.66	(0.63)	1.15	(1.45)	3.73
ERE-UN	1.37	0.30	0.27	0.27	0.81	(1.79)	3.40	(1.58)	20.23
CLU	0.47	0.04	(0.03)	0.21	0.38	(0.71)	0.92	(0.97)	4.36
RUDB	0.25	0.06	(0.11)	(1.29)	0.25	(0.28)	0.61	(0.47)	1.96
BN-PFI	0.51	0.03	(0.09)	3.31	0.60	(0.63)	1.23	(1.12)	2.87
XEG	1.16	(0.02)	(0.06)	(0.02)	1.68	(1.07)	2.20	(2.34)	8.20
FLSA	0.43	0.08	0.01	0.38	0.28	(0.51)	0.95	(0.85)	2.60
HTAE	0.96	0.03	0.01	0.13	1.39	(0.95)	2.18	(2.65)	6.89
DXF	0.58	0.15	0.11	0.44	0.44	(0.63)	1.40	(1.05)	7.05

Be your own money manager

Our tools can tell you how much better you can do entering a position in Prime Dividend 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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