Canadian Utilities Correlations

CUTLF Stock

USD 16.21 0.00 0.00%

The correlation of Canadian Utilities 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.

Canadian Utilities Correlation With Market

Significant diversification

The correlation between Canadian Utilities Limited and DJI is 0.08 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Canadian Utilities Limited and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Canadian Pink Sheet

0.67	IBDSF	Iberdrola SA	Pair Corr
0.72	IBDRY	Iberdrola SA	Pair Corr
0.7	ESOCF	Enel SpA	Pair Corr
0.65	ENLAY	ENEL Societa per	Pair Corr
0.76	ENGQF	Engie SA	Pair Corr
0.74	TLK	Telkom Indonesia Tbk	Pair Corr
0.69	LINRF	Liontown Resources	Pair Corr
0.74	PLTK	Playtika Holding Corp	Pair Corr
0.66	UYSC	UY Scuti Acquisition	Pair Corr
0.84	PHKIF	Poly Property Group	Pair Corr
0.63	PBKC	Pioneer Bankcorp	Pair Corr

Moving against Canadian Pink Sheet

0.74	PPWLO	PacifiCorp	Pair Corr
0.5	PPERF	Bank Mandiri Persero	Pair Corr
0.39	PTAIF	PT Astra International	Pair Corr
0.56	YLLXF	Yellow Cake plc Downward Rally	Pair Corr
0.43	WXIBF	WuXi Biologics Downward Rally	Pair Corr
0.59	CRSTF	Crest Resources	Pair Corr

Related Correlations Analysis

	ACEJF	ACLTF	ACLLF	CGASY	CRGGF	CNUTF	GGDVF	HKCVF	COENF	CPWIF
ACEJF		0.0	0.0	0.0	0.0	0.0	1.0	0.0	0.0	0.0	ACEJF
ACLTF	0.0		0.82	0.25	0.15	0.65	0.0	-0.6	-0.34	0.0	ACLTF
ACLLF	0.0	0.82		0.34	0.24	0.79	0.0	-0.37	-0.45	0.0	ACLLF
CGASY	0.0	0.25	0.34		0.64	0.49	0.0	-0.13	-0.79	0.0	CGASY
CRGGF	0.0	0.15	0.24	0.64		0.37	0.0	-0.08	-0.45	0.0	CRGGF
CNUTF	0.0	0.65	0.79	0.49	0.37		0.0	-0.26	-0.6	0.0	CNUTF
GGDVF	1.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	GGDVF
HKCVF	0.0	-0.6	-0.37	-0.13	-0.08	-0.26	0.0		0.16	0.0	HKCVF
COENF	0.0	-0.34	-0.45	-0.79	-0.45	-0.6	0.0	0.16		0.0	COENF
CPWIF	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		CPWIF
	ACEJF	ACLTF	ACLLF	CGASY	CRGGF	CNUTF	GGDVF	HKCVF	COENF	CPWIF

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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

GGDVF	+ 1.0	ACEJF
ACLLF	+ 0.82	ACLTF
CNUTF	+ 0.79	ACLLF
CNUTF	+ 0.65	ACLTF
CRGGF	+ 0.64	CGASY
CNUTF	+ 0.49	CGASY

High negative correlations

COENF	- 0.79	CGASY
COENF	- 0.6	CNUTF
HKCVF	- 0.6	ACLTF
COENF	- 0.45	CRGGF
COENF	- 0.45	ACLLF
HKCVF	- 0.37	ACLLF

Risk-Adjusted Indicators

There is a big difference between Canadian Pink Sheet performing well and Canadian Utilities 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 Utilities' 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
ACEJF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
ACLTF	0.95	0.39	0.00	(0.73)	0.00	0.00	2.63	0.00	11.42
ACLLF	0.73	0.08	0.05	0.51	0.77	(0.90)	1.72	(1.53)	5.80
CGASY	0.05	0.01	0.00	0.21	0.00	0.00	0.00	0.00	1.54
CRGGF	0.85	0.04	0.00	(0.24)	0.00	0.00	0.00	0.00	26.67
CNUTF	0.49	0.24	0.00	(4.53)	0.00	0.00	0.00	0.00	15.07
GGDVF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
HKCVF	0.71	(0.41)	0.00	(0.44)	0.00	0.00	0.00	0.00	23.88
COENF	0.30	(0.09)	0.00	11.81	0.00	0.00	0.00	0.00	10.06
CPWIF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Be your own money manager

Our tools can tell you how much better you can do entering a position in Canadian Utilities 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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