Canadian Pacific Correlations

CP Stock

USD 74.95 2.22 3.05%

The current 90-days correlation between Canadian Pacific Railway and Union Pacific is 0.71 (i.e., Poor diversification). The correlation of Canadian Pacific 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Canadian Pacific Correlation With Market

Good diversification

The correlation between Canadian Pacific Railway and DJI is -0.13 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Canadian Pacific Railway and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Canadian Stock

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Canadian Pacific Railway. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in american community survey.

Moving together with Canadian Stock

0.82	CNI	Canadian National Railway	Pair Corr
0.84	CSX	CSX Corporation	Pair Corr
0.67	GBX	Greenbrier Companies	Pair Corr
0.78	FSTR	LB Foster Earnings Call Tomorrow	Pair Corr
0.7	NSC	Norfolk Southern	Pair Corr
0.73	TRN	Trinity Industries	Pair Corr
0.72	UNP	Union Pacific	Pair Corr
0.77	RAIL	Freightcar America Earnings Call This Week	Pair Corr
0.81	RVSN	Rail Vision	Pair Corr
0.77	J	Jacobs Solutions	Pair Corr
0.84	R	Ryder System Earnings Call This Week	Pair Corr
0.77	BW	Babcock Wilcox Enter Earnings Call This Week	Pair Corr
0.73	CR	Crane Company	Pair Corr
0.62	DY	Dycom Industries	Pair Corr
0.71	FA	First Advantage Corp Earnings Call This Week	Pair Corr
0.73	FC	Franklin Covey	Pair Corr
0.79	HI	Hillenbrand	Pair Corr
0.74	HY	Hyster Yale Materials Earnings Call Tomorrow	Pair Corr
0.76	IR	Ingersoll Rand	Pair Corr
0.63	KE	Kimball Electronics Earnings Call Tomorrow	Pair Corr
0.7	OP	Oceanpal	Pair Corr

Moving against Canadian Stock

0.55	GD	General Dynamics	Pair Corr
0.49	NL	NL Industries	Pair Corr
0.38	PC	Premium Catering	Pair Corr

Related Correlations Analysis

	UNP	CSX	NSC	WAB	CNI	TRN	GBX	FSTR
UNP		0.92	0.78	0.43	0.6	0.82	0.89	0.64	UNP
CSX	0.92		0.86	0.63	0.71	0.93	0.92	0.84	CSX
NSC	0.78	0.86		0.8	0.65	0.79	0.8	0.89	NSC
WAB	0.43	0.63	0.8		0.63	0.68	0.63	0.76	WAB
CNI	0.6	0.71	0.65	0.63		0.65	0.57	0.71	CNI
TRN	0.82	0.93	0.79	0.68	0.65		0.96	0.77	TRN
GBX	0.89	0.92	0.8	0.63	0.57	0.96		0.69	GBX
FSTR	0.64	0.84	0.89	0.76	0.71	0.77	0.69		FSTR
	UNP	CSX	NSC	WAB	CNI	TRN	GBX	FSTR

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Risk-Adjusted Indicators

There is a big difference between Canadian Stock performing well and Canadian Pacific 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 Pacific'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
UNP	1.17	(0.14)	0.00	(2.06)	0.00	0.00	1.69	(1.97)	9.30
CSX	1.21	(0.19)	0.00	2.07	0.00	0.00	1.99	(2.93)	10.31
NSC	1.33	(0.07)	0.00	(0.19)	0.00	0.00	2.13	(2.95)	10.56
WAB	1.74	0.06	0.00	(0.07)	0.00	0.00	2.81	(4.21)	13.80
CNI	1.32	0.05	0.12	(0.89)	1.39	(1.57)	3.03	(2.55)	8.66
TRN	1.67	(0.56)	0.00	9.80	0.00	0.00	2.50	(4.68)	13.98
GBX	1.89	(0.56)	0.00	1.57	0.00	0.00	2.77	(4.34)	15.70
FSTR	2.17	(0.30)	0.00	(0.36)	0.00	0.00	3.23	(4.58)	15.94

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