Elcora Advanced Correlations

ERA Stock

CAD 0.01 0.01 25.00%

The current 90-days correlation between Elcora Advanced Materials and Lundin Gold is 0.07 (i.e., Significant diversification). The correlation of Elcora Advanced 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.

Elcora Advanced Correlation With Market

Average diversification

The correlation between Elcora Advanced Materials 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 Elcora Advanced Materials and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Elcora Stock

0.47

IVS

Inventus Mining Corp

Pair Corr

Related Correlations Analysis

	LUG	SLS	AOT	FINC	ZUAG-U	XHB	SOLR	0P0000OXA6	XMF-PB	ALA-PA
LUG		0.01	0.57	0.19	-0.11	0.0	0.05	0.32	0.09	0.03	LUG
SLS	0.01		-0.18	0.55	-0.28	0.81	-0.75	0.42	0.85	0.88	SLS
AOT	0.57	-0.18		-0.12	-0.29	-0.23	0.15	0.1	-0.05	-0.28	AOT
FINC	0.19	0.55	-0.12		-0.39	0.65	-0.55	0.46	0.73	0.68	FINC
ZUAG-U	-0.11	-0.28	-0.29	-0.39		-0.3	0.56	-0.31	-0.52	-0.33	ZUAG-U
XHB	0.0	0.81	-0.23	0.65	-0.3		-0.72	0.53	0.79	0.81	XHB
SOLR	0.05	-0.75	0.15	-0.55	0.56	-0.72		-0.43	-0.79	-0.73	SOLR
0P0000OXA6	0.32	0.42	0.1	0.46	-0.31	0.53	-0.43		0.45	0.29	0P0000OXA6
XMF-PB	0.09	0.85	-0.05	0.73	-0.52	0.79	-0.79	0.45		0.88	XMF-PB
ALA-PA	0.03	0.88	-0.28	0.68	-0.33	0.81	-0.73	0.29	0.88		ALA-PA
	LUG	SLS	AOT	FINC	ZUAG-U	XHB	SOLR	0P0000OXA6	XMF-PB	ALA-PA

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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

ALA-PA	+ 0.88	SLS
ALA-PA	+ 0.88	XMF-PB
XMF-PB	+ 0.85	SLS
XHB	+ 0.81	SLS
ALA-PA	+ 0.81	XHB
XMF-PB	+ 0.79	XHB

High negative correlations

XMF-PB	- 0.79	SOLR
SOLR	- 0.75	SLS
ALA-PA	- 0.73	SOLR
SOLR	- 0.72	XHB
SOLR	- 0.55	FINC
XMF-PB	- 0.52	ZUAG-U

Risk-Adjusted Indicators

There is a big difference between Elcora Stock performing well and Elcora Advanced 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 Elcora Advanced'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
LUG	1.60	0.05	0.02	0.19	2.31	(1.57)	3.67	(4.56)	10.52
SLS	2.79	0.37	0.12	0.33	2.75	(3.33)	5.37	(4.97)	30.41
AOT	5.43	0.52	0.08	(1.17)	4.61	(10.49)	14.29	(9.52)	41.07
FINC	0.12	0.01	0.00	(0.13)	0.00	0.00	0.37	(0.41)	2.20
ZUAG-U	0.16	(0.07)	0.00	(26.23)	0.00	0.00	0.23	(0.72)	1.80
XHB	0.22	0.02	0.07	1.17	0.13	(0.28)	0.51	(0.31)	1.52
SOLR	7.74	(0.11)	0.00	(0.08)	0.00	0.00	25.00	(25.00)	58.33
0P0000OXA6	0.68	(0.01)	0.00	0.30	2.22	(0.55)	1.10	(1.20)	13.40
XMF-PB	0.31	0.05	0.06	(15.86)	0.29	(0.75)	1.39	(0.76)	2.76
ALA-PA	0.50	0.09	0.11	0.66	0.60	(0.58)	1.15	(1.45)	3.73

Be your own money manager

Our tools can tell you how much better you can do entering a position in Elcora Advanced 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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