Mullen Correlations

MTL Stock

CAD 16.67 0.08 0.48%

The current 90-days correlation between Mullen Group and Cargojet is 0.16 (i.e., Average diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Mullen moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Mullen Group moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Mullen Correlation With Market

Good diversification

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

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

Moving together with Mullen Stock

0.69	ENB-PFU	Enbridge Pref L	Pair Corr
0.67	VAX	Vantex Resources	Pair Corr
0.96	ELD	Eldorado Gold Corp	Pair Corr
0.77	AX-UN	Artis Real Estate	Pair Corr
0.81	KTO	K2 Gold	Pair Corr
0.74	IE	Ivanhoe Energy	Pair Corr
0.66	VM	Voyageur Pharmaceuticals	Pair Corr
0.72	GMG	Graphene Manufacturing	Pair Corr
0.69	FFH-PJ	Fairfax Financial	Pair Corr
0.8	TNR	TNR Gold Corp	Pair Corr

Moving against Mullen Stock

0.69	NFLX	Netflix Inc CDR Earnings Call Tomorrow	Pair Corr
0.63	MSFT	Microsoft Corp CDR	Pair Corr
0.63	MSFT	Microsoft CDR	Pair Corr
0.43	NVDA	NVIDIA CDR	Pair Corr
0.43	NVDA	Nvidia CDR	Pair Corr

Related Correlations Analysis

	CJT	BDI	WTE	ADEN	MAL	TCL-A	BLDP	BDT	SIS
CJT		0.84	0.52	0.6	0.69	0.55	-0.41	0.54	0.68	CJT
BDI	0.84		0.47	0.68	0.85	0.47	-0.12	0.66	0.86	BDI
WTE	0.52	0.47		0.57	0.6	0.74	-0.49	0.37	0.57	WTE
ADEN	0.6	0.68	0.57		0.63	0.18	0.12	0.61	0.65	ADEN
MAL	0.69	0.85	0.6	0.63		0.63	-0.32	0.5	0.95	MAL
TCL-A	0.55	0.47	0.74	0.18	0.63		-0.72	0.27	0.6	TCL-A
BLDP	-0.41	-0.12	-0.49	0.12	-0.32	-0.72		0.28	-0.26	BLDP
BDT	0.54	0.66	0.37	0.61	0.5	0.27	0.28		0.52	BDT
SIS	0.68	0.86	0.57	0.65	0.95	0.6	-0.26	0.52		SIS
	CJT	BDI	WTE	ADEN	MAL	TCL-A	BLDP	BDT	SIS

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

SIS	+ 0.95	MAL
SIS	+ 0.86	BDI
MAL	+ 0.85	BDI
BDI	+ 0.84	CJT
TCL-A	+ 0.74	WTE
MAL	+ 0.69	CJT

High negative correlations

BLDP	- 0.72	TCL-A
BLDP	- 0.49	WTE
BLDP	- 0.41	CJT
BLDP	- 0.32	MAL
SIS	- 0.26	BLDP
BLDP	- 0.12	BDI

Risk-Adjusted Indicators

There is a big difference between Mullen Stock performing well and Mullen 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 Mullen'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
CJT	1.64	0.21	0.04	6.08	2.65	(1.83)	4.44	(2.15)	15.37
BDI	1.02	0.20	0.10	0.86	1.09	(1.26)	2.61	(1.62)	7.60
WTE	0.80	0.13	0.08	0.31	0.95	(0.85)	1.84	(1.53)	4.56
ADEN	1.45	0.14	0.10	0.22	1.39	(1.64)	3.03	(2.56)	9.94
MAL	1.66	0.57	0.23	(3.61)	1.54	(1.95)	4.59	(2.79)	11.78
TCL-A	1.24	0.37	0.21	(0.89)	0.90	(1.59)	1.91	(1.97)	21.82
BLDP	2.38	(0.42)	0.00	(1.14)	0.00	0.00	4.81	(5.72)	15.09
BDT	1.48	(0.11)	(0.03)	0.01	2.68	(1.27)	3.10	(3.75)	11.62
SIS	0.95	0.23	0.16	0.79	0.82	(1.20)	1.89	(1.95)	7.27

Be your own money manager

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