Chorus Aviation Correlations

CHR Stock

CAD 23.33 0.51 2.23%

The current 90-days correlation between Chorus Aviation and Diversified Royalty Corp is 0.13 (i.e., Average diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Chorus Aviation moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Chorus Aviation moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Chorus Aviation Correlation With Market

Significant diversification

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

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

Moving together with Chorus Stock

0.85	FFH-PI	Fairfax Financial	Pair Corr
0.69	FFH-PK	Fairfax Financial	Pair Corr
0.74	SOU	Southern Energy Corp	Pair Corr
0.82	RIO	Rio2 Earnings Call This Week	Pair Corr
0.81	GMX	Globex Mining Enterprises Earnings Call This Week	Pair Corr
0.81	CPL	Copper Lake Resources	Pair Corr
0.78	IAG	iA Financial	Pair Corr
0.75	DGS	Dividend Growth Split	Pair Corr
0.77	GLXY	Galaxy Digital Holdings	Pair Corr
0.78	CCO	Cameco Corp	Pair Corr
0.74	PGDC	Patagonia Gold Corp	Pair Corr
0.83	CERT	Cerrado Gold Corp	Pair Corr
0.81	CS	Capstone Mining Corp	Pair Corr
0.86	III	Imperial Metals	Pair Corr
0.79	PRU	Perseus Mining	Pair Corr
0.65	ACO-Y	ATCO Earnings Call This Week	Pair Corr
0.79	GIL	Gildan Activewear	Pair Corr
0.81	TVE	Tamarack Valley Energy	Pair Corr

Moving against Chorus Stock

0.42

FFH

Fairfax Financial

Pair Corr

Related Correlations Analysis

	DIV	DXT	ZDC	CGY	ANRG	GDI	WJX	AFN	KBL	ALC
DIV		-0.63	-0.04	0.44	0.74	0.25	0.23	-0.33	-0.05	-0.41	DIV
DXT	-0.63		0.74	-0.18	-0.27	0.43	0.35	-0.37	0.31	0.75	DXT
ZDC	-0.04	0.74		0.1	0.24	0.77	0.64	-0.83	0.28	0.63	ZDC
CGY	0.44	-0.18	0.1		0.62	0.16	0.06	-0.07	-0.12	0.09	CGY
ANRG	0.74	-0.27	0.24	0.62		0.42	0.34	-0.48	0.14	0.06	ANRG
GDI	0.25	0.43	0.77	0.16	0.42		0.69	-0.79	0.28	0.45	GDI
WJX	0.23	0.35	0.64	0.06	0.34	0.69		-0.63	0.2	0.37	WJX
AFN	-0.33	-0.37	-0.83	-0.07	-0.48	-0.79	-0.63		-0.19	-0.39	AFN
KBL	-0.05	0.31	0.28	-0.12	0.14	0.28	0.2	-0.19		0.44	KBL
ALC	-0.41	0.75	0.63	0.09	0.06	0.45	0.37	-0.39	0.44		ALC
	DIV	DXT	ZDC	CGY	ANRG	GDI	WJX	AFN	KBL	ALC

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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

GDI	+ 0.77	ZDC
ALC	+ 0.75	DXT
ANRG	+ 0.74	DIV
ZDC	+ 0.74	DXT
WJX	+ 0.69	GDI
WJX	+ 0.64	ZDC

High negative correlations

AFN	- 0.83	ZDC
AFN	- 0.79	GDI
AFN	- 0.63	WJX
DXT	- 0.63	DIV
AFN	- 0.48	ANRG
ALC	- 0.41	DIV

Risk-Adjusted Indicators

There is a big difference between Chorus Stock performing well and Chorus Aviation 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 Chorus Aviation'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
DIV	0.79	0.06	0.00	0.24	0.84	(0.89)	1.46	(1.61)	4.19
DXT	1.16	0.11	0.01	(3.81)	1.05	(1.61)	2.42	(2.24)	9.69
ZDC	2.13	0.58	0.26	0.63	1.84	(2.66)	5.31	(3.32)	12.30
CGY	1.53	(0.11)	0.00	(0.03)	0.00	0.00	3.05	(3.50)	12.78
ANRG	3.68	0.91	0.20	0.68	3.64	(4.33)	8.36	(6.94)	31.23
GDI	1.31	0.15	0.05	0.74	1.32	(1.48)	3.01	(2.28)	9.79
WJX	1.10	0.31	0.18	0.64	1.02	(1.20)	2.09	(2.46)	9.19
AFN	1.29	(0.49)	0.00	(0.47)	0.00	0.00	1.52	(2.91)	7.99
KBL	1.03	0.14	0.05	4.99	0.93	(1.24)	2.11	(1.80)	10.12
ALC	1.00	0.14	0.03	(1.15)	1.02	(1.21)	2.45	(1.50)	5.89

Be your own money manager

Our tools can tell you how much better you can do entering a position in Chorus Aviation 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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