Ritchie Bros Correlations

RBA Stock

CAD 151.38 2.17 1.45%

The current 90-days correlation between Ritchie Bros Auctioneers and Toromont Industries is 0.51 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Ritchie Bros moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Ritchie Bros Auctioneers moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Ritchie Bros Correlation With Market

Poor diversification

The correlation between Ritchie Bros Auctioneers and DJI is 0.69 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Ritchie Bros Auctioneers and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Ritchie Stock

0.71	ELF-PF	E L Financial	Pair Corr
0.63	CCL-A	CCL Industries	Pair Corr
0.64	EIF	Exchange Income	Pair Corr

Moving against Ritchie Stock

0.44	UNH	UnitedHealth Group CDR	Pair Corr
0.32	TFPM	Triple Flag Precious	Pair Corr
0.31	CNL	Collective Mining	Pair Corr
0.4	BRMI	Boat Rocker Media	Pair Corr

Related Correlations Analysis

	TIH	STN	FTT	FSV	CCL-B
TIH		-0.2	0.64	0.76	0.44	TIH
STN	-0.2		0.38	0.08	0.62	STN
FTT	0.64	0.38		0.56	0.7	FTT
FSV	0.76	0.08	0.56		0.56	FSV
CCL-B	0.44	0.62	0.7	0.56		CCL-B
	TIH	STN	FTT	FSV	CCL-B

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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

FSV	+ 0.76	TIH
CCL-B	+ 0.7	FTT
FTT	+ 0.64	TIH
CCL-B	+ 0.62	STN
FSV	+ 0.56	FTT
CCL-B	+ 0.56	FSV

High negative correlations

STN

- 0.2

TIH

Risk-Adjusted Indicators

There is a big difference between Ritchie Stock performing well and Ritchie Bros 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 Ritchie Bros' 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
TIH	1.24	0.00	0.00	(0.06)	0.00	0.00	2.20	(3.45)	10.15
STN	1.65	0.45	0.24	0.51	1.54	(1.89)	5.35	(3.43)	14.66
FTT	1.92	0.34	0.12	0.28	2.54	(1.99)	3.98	(4.02)	14.30
FSV	1.09	0.03	0.03	(0.01)	1.47	(1.09)	2.34	(2.36)	8.01
CCL-B	1.32	0.21	0.14	0.32	1.45	(1.38)	3.79	(2.60)	9.70

Be your own money manager

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