Chibougamau Independent Correlations

CBG Stock

CAD 0.14 0.00 0.00%

The current 90-days correlation between Chibougamau Independent and International Zeolite Corp is 0.2 (i.e., Modest diversification). The correlation of Chibougamau Independent 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Chibougamau Independent Correlation With Market

Good diversification

The correlation between Chibougamau Independent Mines and DJI is -0.1 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Chibougamau Independent Mines and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Chibougamau Stock

0.82	IE	Ivanhoe Energy	Pair Corr
0.7	FDY	Faraday Copper Corp	Pair Corr
0.61	ELF	E L Financial	Pair Corr
0.8	FFH	Fairfax Financial	Pair Corr
0.73	FFH-PC	Fairfax Fin Hld	Pair Corr

Moving against Chibougamau Stock

0.53	INFM	Infinico Metals Corp	Pair Corr
0.35	ORE	Orezone Gold Corp	Pair Corr

Related Correlations Analysis

	ASTL	CIA	IZ	ERE-UN	FTN-PA	ROMJ	VO	LNR	AMZN	FHE
ASTL		-0.39	-0.66	0.6	0.71	-0.5	0.03	-0.46	0.69	0.26	ASTL
CIA	-0.39		0.6	-0.05	-0.35	0.04	0.2	0.56	-0.25	0.2	CIA
IZ	-0.66	0.6		-0.42	-0.55	0.3	0.09	0.3	-0.42	0.02	IZ
ERE-UN	0.6	-0.05	-0.42		0.84	-0.8	0.3	-0.05	0.87	0.63	ERE-UN
FTN-PA	0.71	-0.35	-0.55	0.84		-0.8	0.38	-0.3	0.81	0.6	FTN-PA
ROMJ	-0.5	0.04	0.3	-0.8	-0.8		-0.56	0.16	-0.72	-0.78	ROMJ
VO	0.03	0.2	0.09	0.3	0.38	-0.56		-0.14	0.34	0.81	VO
LNR	-0.46	0.56	0.3	-0.05	-0.3	0.16	-0.14		-0.37	-0.22	LNR
AMZN	0.69	-0.25	-0.42	0.87	0.81	-0.72	0.34	-0.37		0.62	AMZN
FHE	0.26	0.2	0.02	0.63	0.6	-0.78	0.81	-0.22	0.62		FHE
	ASTL	CIA	IZ	ERE-UN	FTN-PA	ROMJ	VO	LNR	AMZN	FHE

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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

AMZN	+ 0.87	ERE-UN
FTN-PA	+ 0.84	ERE-UN
AMZN	+ 0.81	FTN-PA
FHE	+ 0.81	VO
FTN-PA	+ 0.71	ASTL
AMZN	+ 0.69	ASTL

High negative correlations

ROMJ	- 0.8	FTN-PA
ROMJ	- 0.8	ERE-UN
FHE	- 0.78	ROMJ
AMZN	- 0.72	ROMJ
IZ	- 0.66	ASTL
VO	- 0.56	ROMJ

Risk-Adjusted Indicators

There is a big difference between Chibougamau Stock performing well and Chibougamau Independent 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 Chibougamau Independent'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
ASTL	1.70	(0.05)	0.01	0.09	1.84	(1.85)	4.54	(3.26)	12.55
CIA	2.35	(0.21)	0.00	(0.06)	0.00	0.00	4.57	(4.08)	15.66
IZ	6.18	0.66	0.00	(0.02)	7.95	(20.48)	25.00	(20.00)	58.33
ERE-UN	1.42	0.31	0.29	0.30	0.76	(1.88)	3.40	(1.58)	20.23
FTN-PA	0.18	0.08	(0.36)	(1.33)	0.00	(0.27)	0.48	(0.20)	1.71
ROMJ	2.97	(0.38)	0.00	(0.53)	0.00	0.00	7.50	(6.52)	27.78
VO	7.34	0.54	0.07	0.28	6.82	(18.30)	20.00	(16.67)	56.67
LNR	1.21	(0.09)	0.00	(0.07)	0.00	0.00	1.83	(2.63)	10.57
AMZN	1.41	0.22	0.10	0.48	1.46	(1.59)	3.21	(2.97)	10.08
FHE	0.13	0.05	0.00	(0.53)	0.00	0.00	0.35	0.00	2.77

Be your own money manager

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