Canadian National Correlations

CNI Stock

USD 98.35 0.35 0.35%

The current 90-days correlation between Canadian National Railway and Union Pacific is -0.21 (i.e., Very good diversification). The correlation of Canadian National 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 National Correlation With Market

Very weak diversification

The correlation between Canadian National Railway and DJI is 0.5 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Canadian National Railway and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Canadian National Railway. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

Moving together with Canadian Stock

0.65	CP	Canadian Pacific Railway	Pair Corr
0.82	VLRS	Volaris	Pair Corr
0.76	AAL	American Airlines Aggressive Push	Pair Corr
0.65	ALK	Alaska Air Group	Pair Corr
0.8	DAL	Delta Air Lines	Pair Corr
0.66	NSC	Norfolk Southern	Pair Corr
0.7	RXO	RXO Inc	Pair Corr
0.79	UAL	United Airlines Holdings	Pair Corr
0.83	HTLD	Heartland Express	Pair Corr
0.61	JBLU	JetBlue Airways Corp	Pair Corr
0.74	MESA	Mesa Air Group	Pair Corr
0.69	ODFL	Old Dominion Freight	Pair Corr
0.7	AIRT	Air T Inc	Pair Corr
0.79	ALGT	Allegiant Travel	Pair Corr
0.78	SAIA	Saia Inc	Pair Corr
0.75	SKYW	SkyWest	Pair Corr
0.72	SNCY	Sun Country Airlines	Pair Corr
0.71	TFII	TFI International	Pair Corr
0.69	ULCC	Frontier Group Holdings Downward Rally	Pair Corr
0.78	J	Jacobs Solutions	Pair Corr
0.75	R	Ryder System Earnings Call This Week	Pair Corr
0.63	BV	BrightView Holdings	Pair Corr

Moving against Canadian Stock

0.41	LTM	LATAM Airlines Group	Pair Corr
0.4	EH	Ehang Holdings	Pair Corr
0.35	KC	Kingsoft Cloud Holdings	Pair Corr
0.33	LZ	LegalZoom	Pair Corr

Related Correlations Analysis

	UNP	CSX	NSC	WAB	CP	TRN	GBX	FSTR
UNP		0.11	0.66	0.02	0.69	-0.15	-0.17	0.0	UNP
CSX	0.11		0.74	0.72	0.56	0.82	0.74	0.93	CSX
NSC	0.66	0.74		0.64	0.86	0.53	0.48	0.62	NSC
WAB	0.02	0.72	0.64		0.44	0.91	0.9	0.71	WAB
CP	0.69	0.56	0.86	0.44		0.34	0.32	0.43	CP
TRN	-0.15	0.82	0.53	0.91	0.34		0.97	0.81	TRN
GBX	-0.17	0.74	0.48	0.9	0.32	0.97		0.72	GBX
FSTR	0.0	0.93	0.62	0.71	0.43	0.81	0.72		FSTR
	UNP	CSX	NSC	WAB	CP	TRN	GBX	FSTR

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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

GBX	+ 0.97	TRN
FSTR	+ 0.93	CSX
TRN	+ 0.91	WAB
GBX	+ 0.9	WAB
CP	+ 0.86	NSC
TRN	+ 0.82	CSX

High negative correlations

GBX	- 0.17	UNP
TRN	- 0.15	UNP
FSTR	- 0.0	UNP

Risk-Adjusted Indicators

There is a big difference between Canadian Stock performing well and Canadian National 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 National'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
UNP	0.94	0.02	0.01	(0.10)	1.35	(0.92)	1.65	(2.07)	9.43
CSX	1.00	(0.16)	0.00	(0.23)	0.00	0.00	1.58	(2.84)	6.57
NSC	1.05	(0.05)	0.00	(0.06)	0.00	0.00	2.00	(2.70)	6.43
WAB	1.31	(0.06)	0.00	(0.05)	0.00	0.00	2.30	(3.77)	12.32
CP	1.40	(0.02)	0.00	(0.01)	0.00	0.00	3.29	(2.62)	9.92
TRN	1.44	(0.31)	0.00	(0.25)	0.00	0.00	2.44	(3.64)	11.94
GBX	1.52	(0.29)	0.00	(0.29)	0.00	0.00	2.82	(3.63)	9.05
FSTR	2.17	(0.45)	0.00	(0.23)	0.00	0.00	3.64	(4.76)	17.09

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