Canada Goose Correlations

GOOS Stock

USD 8.62 0.34 4.11%

The correlation of Canada Goose 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.

Canada Goose Correlation With Market

Good diversification

The correlation between Canada Goose Holdings and DJI is -0.16 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Canada Goose Holdings and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Canada Goose Holdings. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in persons.

Moving together with Canada Stock

0.62	GIL	Gildan Activewear	Pair Corr
0.61	KTB	Kontoor Brands	Pair Corr
0.67	ZGN	Ermenegildo Zegna Earnings Call This Week	Pair Corr
0.67	HD	Home Depot	Pair Corr
0.62	RH	RH Earnings Call This Week	Pair Corr
0.79	EWCZ	European Wax Center	Pair Corr
0.7	DDS	Dillards	Pair Corr
0.77	DKS	Dicks Sporting Goods	Pair Corr
0.66	LOW	Lowes Companies	Pair Corr

Moving against Canada Stock

0.43	YUM	Yum Brands	Pair Corr
0.31	MCD	McDonalds	Pair Corr

Related Correlations Analysis

	PVH	VFC	LEVI	UAA	COLM	HBI	RL	UA
PVH		0.31	0.23	0.61	0.41	0.66	-0.19	0.91	PVH
VFC	0.31		0.86	0.38	0.66	0.38	0.78	0.39	VFC
LEVI	0.23	0.86		0.4	0.47	0.42	0.73	0.35	LEVI
UAA	0.61	0.38	0.4		0.21	0.92	-0.02	0.7	UAA
COLM	0.41	0.66	0.47	0.21		0.1	0.36	0.44	COLM
HBI	0.66	0.38	0.42	0.92	0.1		-0.03	0.73	HBI
RL	-0.19	0.78	0.73	-0.02	0.36	-0.03		-0.17	RL
UA	0.91	0.39	0.35	0.7	0.44	0.73	-0.17		UA
	PVH	VFC	LEVI	UAA	COLM	HBI	RL	UA

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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

HBI	+ 0.92	UAA
UA	+ 0.91	PVH
LEVI	+ 0.86	VFC
RL	+ 0.78	VFC
RL	+ 0.73	LEVI
UA	+ 0.73	HBI

High negative correlations

RL	- 0.19	PVH
UA	- 0.17	RL
RL	- 0.03	HBI
RL	- 0.02	UAA

Risk-Adjusted Indicators

There is a big difference between Canada Stock performing well and Canada Goose 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 Canada Goose'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
PVH	1.80	(0.64)	0.00	(0.63)	0.00	0.00	2.69	(4.80)	10.85
VFC	2.42	(0.26)	0.00	(0.23)	0.00	0.00	4.75	(6.94)	18.12
LEVI	1.62	(0.03)	0.00	(0.07)	0.00	0.00	4.02	(3.95)	9.12
UAA	1.80	(0.39)	0.00	1.30	0.00	0.00	3.58	(3.58)	13.25
COLM	1.41	(0.18)	0.00	(0.42)	0.00	0.00	2.41	(3.37)	10.58
HBI	1.88	(0.49)	0.00	15.36	0.00	0.00	3.54	(4.25)	23.59
RL	1.69	0.10	0.04	0.04	2.30	(1.65)	3.61	(3.67)	15.81
UA	1.59	(0.28)	0.00	(0.74)	0.00	0.00	3.02	(3.32)	9.96

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