Canadian Pacific Correlations

CP Stock

USD 75.61 0.03 0.04%

The current 90-days correlation between Canadian Pacific Railway and Union Pacific is 0.22 (i.e., Modest 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

Weak diversification

The correlation between Canadian Pacific Railway and DJI is 0.34 (i.e., Weak 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.

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

0.79	FLYX	flyExclusive,	Pair Corr
0.78	MESA	Mesa Air Group Earnings Call This Week	Pair Corr
0.9	BEST	BEST Inc	Pair Corr

Moving against Canadian Stock

0.93	UAL	United Airlines Holdings Fiscal Year End 27th of January 2025	Pair Corr
0.92	DAL	Delta Air Lines Fiscal Year End 10th of January 2025	Pair Corr
0.92	ALGT	Allegiant Travel	Pair Corr
0.9	SKYW	SkyWest	Pair Corr
0.88	ALK	Alaska Air Group Upward Rally	Pair Corr
0.87	AAL	American Airlines Aggressive Push	Pair Corr
0.85	VLRS	Volaris	Pair Corr
0.82	LUV	Southwest Airlines Fiscal Year End 23rd of January 2025	Pair Corr
0.82	ATSG	Air Transport Services	Pair Corr
0.79	SNCY	Sun Country Airlines	Pair Corr
0.77	SAIA	Saia Inc	Pair Corr
0.72	SNDR	Schneider National	Pair Corr
0.68	WERN	Werner Enterprises	Pair Corr
0.67	ODFL	Old Dominion Freight	Pair Corr
0.63	CVLG	Covenant Logistics Group, Fiscal Year End 28th of January 2025	Pair Corr
0.62	ULH	Universal Logistics	Pair Corr
0.62	SRFM	Surf Air Mobility	Pair Corr
0.5	CPA	Copa Holdings SA	Pair Corr
0.94	AZ	A2Z Smart Technologies	Pair Corr
0.84	B	Barnes Group	Pair Corr
0.83	CW	Curtiss Wright	Pair Corr
0.78	NL	NL Industries	Pair Corr
0.77	BR	Broadridge Financial	Pair Corr
0.76	LZ	LegalZoom	Pair Corr
0.75	R	Ryder System	Pair Corr
0.75	HI	Hillenbrand	Pair Corr
0.74	CR	Crane Company	Pair Corr
0.73	J	Jacobs Solutions	Pair Corr
0.71	G	Genpact Limited	Pair Corr

Related Correlations Analysis

	UNP	CSX	NSC	WAB	CNI	TRN	GBX	FSTR
UNP		0.18	-0.03	-0.52	0.8	-0.41	-0.5	-0.2	UNP
CSX	0.18		0.81	0.62	-0.2	0.68	0.6	0.63	CSX
NSC	-0.03	0.81		0.71	-0.49	0.7	0.81	0.74	NSC
WAB	-0.52	0.62	0.71		-0.78	0.95	0.91	0.73	WAB
CNI	0.8	-0.2	-0.49	-0.78		-0.67	-0.81	-0.59	CNI
TRN	-0.41	0.68	0.7	0.95	-0.67		0.87	0.75	TRN
GBX	-0.5	0.6	0.81	0.91	-0.81	0.87		0.81	GBX
FSTR	-0.2	0.63	0.74	0.73	-0.59	0.75	0.81		FSTR
	UNP	CSX	NSC	WAB	CNI	TRN	GBX	FSTR

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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

TRN	+ 0.95	WAB
GBX	+ 0.91	WAB
GBX	+ 0.87	TRN
NSC	+ 0.81	CSX
GBX	+ 0.81	NSC
FSTR	+ 0.81	GBX

High negative correlations

GBX	- 0.81	CNI
CNI	- 0.78	WAB
TRN	- 0.67	CNI
FSTR	- 0.59	CNI
WAB	- 0.52	UNP
GBX	- 0.5	UNP

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	1.01	(0.21)	0.00	(0.07)	0.00	0.00	2.03	(2.01)	8.63
CSX	1.20	(0.15)	(0.05)	0.02	1.75	(1.28)	2.21	(2.44)	12.00
NSC	1.19	(0.19)	(0.08)	0.01	1.34	(1.29)	2.06	(1.67)	12.14
WAB	0.78	0.21	0.32	0.32	0.00	(0.97)	2.14	(0.94)	5.32
CNI	0.88	(0.25)	0.00	(0.16)	0.00	0.00	1.86	(1.85)	5.27
TRN	1.41	0.17	0.13	0.21	1.52	(1.54)	2.85	(3.11)	11.92
GBX	1.45	0.49	0.43	0.49	0.57	(1.75)	3.46	(1.52)	19.01
FSTR	1.98	0.46	0.29	0.36	1.39	(2.35)	6.37	(3.31)	14.55

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