Ninepoint Energy Correlations

0P0000732C

CAD 26.40 0.35 1.34%

The current 90-days correlation between Ninepoint Energy and Bloom Select Income is 0.05 (i.e., Significant diversification). The correlation of Ninepoint Energy 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.

Ninepoint Energy Correlation With Market

Average diversification

The correlation between Ninepoint Energy and DJI is 0.11 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Ninepoint Energy and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Ninepoint Fund

0.32	0P0000716B	Mawer Equity A	Pair Corr
0.31	0P000070JI	Fidelity Technology	Pair Corr

Related Correlations Analysis

	BLB-UN	0P0000VPWA	SSF-UN	0P0000JO4R	JFS-UN	WAAV	0P00016N6E	0P0000732C	GIGC
BLB-UN		0.19	0.68	0.55	0.07	-0.1	0.7	0.24	-0.71	BLB-UN
0P0000VPWA	0.19		0.39	0.42	-0.3	-0.11	0.64	-0.16	-0.35	0P0000VPWA
SSF-UN	0.68	0.39		0.49	0.01	0.11	0.72	0.05	-0.76	SSF-UN
0P0000JO4R	0.55	0.42	0.49		-0.61	0.06	0.71	-0.24	-0.39	0P0000JO4R
JFS-UN	0.07	-0.3	0.01	-0.61		-0.24	-0.16	0.58	-0.16	JFS-UN
WAAV	-0.1	-0.11	0.11	0.06	-0.24		-0.35	-0.61	0.3	WAAV
0P00016N6E	0.7	0.64	0.72	0.71	-0.16	-0.35		0.24	-0.77	0P00016N6E
0P0000732C	0.24	-0.16	0.05	-0.24	0.58	-0.61	0.24		-0.4	0P0000732C
GIGC	-0.71	-0.35	-0.76	-0.39	-0.16	0.3	-0.77	-0.4		GIGC
	BLB-UN	0P0000VPWA	SSF-UN	0P0000JO4R	JFS-UN	WAAV	0P00016N6E	0P0000732C	GIGC

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

0P00016N6E	+ 0.72	SSF-UN
0P00016N6E	+ 0.71	0P0000JO4R
0P00016N6E	+ 0.7	BLB-UN
SSF-UN	+ 0.68	BLB-UN
0P00016N6E	+ 0.64	0P0000VPWA
0P0000732C	+ 0.58	JFS-UN

High negative correlations

GIGC	- 0.77	0P00016N6E
GIGC	- 0.76	SSF-UN
GIGC	- 0.71	BLB-UN
0P0000732C	- 0.61	WAAV
JFS-UN	- 0.61	0P0000JO4R
GIGC	- 0.4	0P0000732C

Risk-Adjusted Indicators

There is a big difference between Ninepoint Fund performing well and Ninepoint Energy Fund 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 Ninepoint Energy'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
BLB-UN	0.41	0.03	0.03	0.14	0.48	(1.99)	1.79	(1.03)	4.46
0P0000VPWA	0.26	(0.01)	(0.03)	0.35	0.34	(0.30)	0.54	(0.53)	1.80
SSF-UN	0.54	(0.02)	0.00	(0.08)	0.00	0.00	1.17	(1.44)	3.66
0P0000JO4R	0.42	0.01	0.01	0.02	0.51	(0.42)	0.81	(0.83)	2.20
JFS-UN	0.89	(0.04)	0.00	0.66	0.00	0.00	1.72	(1.66)	5.89
WAAV	0.22	0.02	0.02	(0.19)	0.23	(0.73)	0.87	(0.77)	3.09
0P00016N6E	0.59	(0.01)	(0.01)	(0.01)	0.85	(0.57)	1.15	(1.27)	3.46
0P0000732C	1.21	(0.01)	0.00	(0.06)	0.00	0.00	2.02	(2.17)	8.33
GIGC	0.41	0.20	0.00	0.99	0.00	0.00	0.42	0.00	11.74

Be your own money manager

Our tools can tell you how much better you can do entering a position in Ninepoint Energy 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.

Did you try this?

Run Price Ceiling Movement Now

Price Ceiling Movement

Calculate and plot Price Ceiling Movement for different equity instruments

All Next

Launch Module

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC