TMX Group Correlations

X Stock

CAD 51.43 0.42 0.81%

The current 90-days correlation between TMX Group Limited and iA Financial is 0.38 (i.e., Weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as TMX Group moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if TMX Group Limited moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

TMX Group Correlation With Market

Significant diversification

The correlation between TMX Group Limited and DJI is 0.07 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding TMX Group Limited and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against TMX Stock

0.75	RPX	Red Pine Exploration	Pair Corr
0.72	AEMC	Alaska Energy Metals	Pair Corr
0.66	BIP-UN	Brookfield Infrastructure	Pair Corr
0.49	PPL-PO	Pembina Pipeline Corp	Pair Corr
0.43	AAPL	Apple Inc CDR	Pair Corr
0.43	AAPL	Apple CDR	Pair Corr
0.42	CNR	Canadian National Railway	Pair Corr
0.4	FN-PB	First National Financial	Pair Corr
0.32	NVDA	NVIDIA CDR	Pair Corr
0.32	NVDA	Nvidia CDR	Pair Corr
0.31	EBM	Eastwood Bio Medical	Pair Corr
0.63	FDY	Faraday Copper Corp	Pair Corr
0.6	BLUE	Blue Thunder Mining	Pair Corr
0.57	ERO	Ero Copper Corp	Pair Corr
0.52	GZD	Grizzly Discoveries	Pair Corr
0.44	FLT	Drone Delivery Canada	Pair Corr
0.42	NPTH	NeuPath Health	Pair Corr
0.41	KLS	Kelso Technologies	Pair Corr
0.39	ALS	Altius Minerals	Pair Corr
0.36	CAS	Cascades	Pair Corr
0.36	TD	Toronto Dominion Bank	Pair Corr

Related Correlations Analysis

	IAG	IGM	IFC	HUT	DFY	PWF-PZ	ONEX	GLXY	ELF
IAG		0.91	0.57	0.32	-0.02	0.73	-0.65	-0.48	0.3	IAG
IGM	0.91		0.6	0.33	-0.01	0.74	-0.77	-0.53	0.38	IGM
IFC	0.57	0.6		-0.32	0.59	0.39	-0.73	-0.79	0.61	IFC
HUT	0.32	0.33	-0.32		-0.7	0.45	-0.02	0.47	-0.12	HUT
DFY	-0.02	-0.01	0.59	-0.7		-0.41	-0.04	-0.55	0.39	DFY
PWF-PZ	0.73	0.74	0.39	0.45	-0.41		-0.68	-0.32	0.3	PWF-PZ
ONEX	-0.65	-0.77	-0.73	-0.02	-0.04	-0.68		0.61	-0.49	ONEX
GLXY	-0.48	-0.53	-0.79	0.47	-0.55	-0.32	0.61		-0.51	GLXY
ELF	0.3	0.38	0.61	-0.12	0.39	0.3	-0.49	-0.51		ELF
	IAG	IGM	IFC	HUT	DFY	PWF-PZ	ONEX	GLXY	ELF

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

IGM	+ 0.91	IAG
PWF-PZ	+ 0.74	IGM
PWF-PZ	+ 0.73	IAG
ELF	+ 0.61	IFC
GLXY	+ 0.61	ONEX
IFC	+ 0.6	IGM

High negative correlations

GLXY	- 0.79	IFC
ONEX	- 0.77	IGM
ONEX	- 0.73	IFC
DFY	- 0.7	HUT
ONEX	- 0.68	PWF-PZ
ONEX	- 0.65	IAG

Risk-Adjusted Indicators

There is a big difference between TMX Stock performing well and TMX Group 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 TMX Group'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
IAG	0.81	0.16	0.09	0.62	1.00	(0.85)	1.76	(1.67)	5.94
IGM	0.85	0.26	0.22	0.70	0.65	(1.03)	2.07	(1.59)	6.06
IFC	0.99	0.02	(0.04)	(0.15)	1.19	(0.96)	1.90	(1.77)	6.43
HUT	5.32	0.52	0.07	0.46	7.84	(4.90)	8.91	(12.28)	32.59
DFY	0.93	0.01	(0.06)	0.02	1.11	(0.97)	2.18	(1.70)	5.05
PWF-PZ	0.37	0.03	(0.06)	0.43	0.44	(0.42)	0.92	(0.85)	2.58
ONEX	1.03	(0.18)	0.00	(0.34)	0.00	0.00	1.91	(2.17)	6.72
GLXY	4.11	(0.08)	(0.01)	0.01	6.37	(3.49)	7.38	(10.29)	24.08
ELF	0.89	0.02	(0.03)	0.20	1.01	(0.96)	2.10	(1.52)	6.96

Be your own money manager

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