Canadian Utilities Correlations

CDUAF Stock

USD 25.57 0.30 1.19%

The current 90-days correlation between Canadian Utilities and Energy of Minas is -0.04 (i.e., Good diversification). The correlation of Canadian Utilities 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.

Canadian Utilities Correlation With Market

Good diversification

The correlation between Canadian Utilities Limited and DJI is -0.02 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Canadian Utilities Limited and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Canadian Pink Sheet

0.63	SOJE	Southern Company	Pair Corr
0.66	CMSA	CMS Energy Corp	Pair Corr
0.62	DTW	DTE Energy	Pair Corr

Moving against Canadian Pink Sheet

0.35	BMYMP	Bristol Myers Squibb	Pair Corr
0.33	GOOG	Alphabet Class C	Pair Corr
0.33	BAC	Bank of America Aggressive Push	Pair Corr
0.43	JPM	JPMorgan Chase Sell-off Trend	Pair Corr

Related Correlations Analysis

	CMNR	ARAO	CIG-C	AESC	ALE	AVA	NWE	AES	BIP	RWEOY
CMNR		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	CMNR
ARAO	0.0		0.32	0.27	-0.68	0.28	0.12	0.71	-0.64	0.86	ARAO
CIG-C	0.0	0.32		0.06	-0.04	0.12	0.2	0.15	-0.27	0.31	CIG-C
AESC	0.0	0.27	0.06		-0.18	0.54	-0.26	-0.27	-0.62	0.24	AESC
ALE	0.0	-0.68	-0.04	-0.18		0.04	0.3	-0.67	0.62	-0.68	ALE
AVA	0.0	0.28	0.12	0.54	0.04		0.45	0.1	-0.15	0.34	AVA
NWE	0.0	0.12	0.2	-0.26	0.3	0.45		0.37	0.43	0.2	NWE
AES	0.0	0.71	0.15	-0.27	-0.67	0.1	0.37		-0.14	0.74	AES
BIP	0.0	-0.64	-0.27	-0.62	0.62	-0.15	0.43	-0.14		-0.58	BIP
RWEOY	0.0	0.86	0.31	0.24	-0.68	0.34	0.2	0.74	-0.58		RWEOY
	CMNR	ARAO	CIG-C	AESC	ALE	AVA	NWE	AES	BIP	RWEOY

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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

RWEOY	+ 0.86	ARAO
RWEOY	+ 0.74	AES
AES	+ 0.71	ARAO
BIP	+ 0.62	ALE
AVA	+ 0.54	AESC
NWE	+ 0.45	AVA

High negative correlations

RWEOY	- 0.68	ALE
ALE	- 0.68	ARAO
AES	- 0.67	ALE
BIP	- 0.64	ARAO
BIP	- 0.62	AESC
RWEOY	- 0.58	BIP

Risk-Adjusted Indicators

There is a big difference between Canadian Pink Sheet performing well and Canadian Utilities 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 Canadian Utilities' 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
CMNR	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
ARAO	2.96	(1.62)	0.00	(2.14)	0.00	0.00	0.00	0.00	99.24
CIG-C	1.53	0.12	0.01	0.67	1.62	(2.09)	4.58	(2.68)	11.22
AESC	1.14	(0.08)	0.00	(5.37)	0.00	0.00	2.19	(2.64)	5.69
ALE	0.24	0.03	(0.29)	0.28	0.00	(0.31)	0.81	(0.35)	1.38
AVA	0.89	(0.01)	(0.08)	0.09	1.04	(0.96)	2.10	(1.84)	4.75
NWE	0.89	(0.03)	(0.05)	0.07	1.34	(0.84)	1.61	(2.04)	7.10
AES	1.92	(0.33)	0.00	0.70	0.00	0.00	2.79	(4.41)	18.47
BIP	1.09	0.01	0.01	0.12	1.13	(1.22)	2.95	(1.70)	6.89
RWEOY	1.05	(0.15)	0.00	(0.70)	0.00	0.00	2.27	(1.87)	7.79

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