Kinaxis Correlations

Stocks . Canada . 
Stock . Kinaxis
KXS Stock  CAD 156.78  2.81  1.76%   
The current 90-days correlation between Kinaxis and Open Text Corp is -0.13 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Kinaxis moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Kinaxis moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Kinaxis Correlation With Market

Significant diversification

The correlation between Kinaxis and DJI is 0.02 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Kinaxis and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Kinaxis could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Kinaxis 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 Kinaxis - 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 Kinaxis to buy it.

Moving together with Kinaxis Stock

  0.73CCL-A CCL IndustriesPairCorr

Moving against Kinaxis Stock

  0.87BUI Buhler IndustriesPairCorr
  0.87CCM Canagold ResourcesPairCorr
  0.87EPL Eagle Plains ResourcesPairCorr
  0.84IAU i 80 GoldPairCorr
  0.8KNG Kingsmen ResourcesPairCorr
  0.7RIO Rio2PairCorr
  0.68PCAA-P PC 1 CorpPairCorr
  0.48HLS HLS TherapeuticsPairCorr
  0.47CAPT Capitan MiningPairCorr
  0.39FDR Flinders ResourcesPairCorr
  0.37FFH-PG Fairfax Fin HldPairCorr
  0.33AOV Amotiv Limited Earnings Call TodayPairCorr
  0.32ICE Canlan Ice Sports Earnings Call TodayPairCorr
  0.87EDT Spectral Med Earnings Call This WeekPairCorr
  0.84III Imperial MetalsPairCorr
  0.8RAY-A Stingray GroupPairCorr
  0.77AGI Alamos GoldPairCorr
  0.74ERD Erdene Resource DevePairCorr
  0.74ARG Amerigo ResourcesPairCorr
  0.73SBI Serabi Gold PLCPairCorr
  0.73MAC Themac ResourcesPairCorr
  0.71QBR-A QuebecorPairCorr
  0.68IPCO International PetroleumPairCorr
  0.67MNT-U ROYAL CANADIAN MINTPairCorr
  0.66WCN Waste ConnectionsPairCorr

Related Correlations Analysis

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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   
ENGH
+ 0.89
OTEX
DSG
+ 0.85
DCBO
DCBO
+ 0.78
OTEX
DSG
+ 0.77
OTEX
DSG
+ 0.77
ENGH
DCBO
+ 0.75
ENGH
  
High negative correlations   
CSU
- 0.44
DCBO
CSU
- 0.22
OTEX
CSU
- 0.12
DSG
CSU
- 0.12
ENGH

Risk-Adjusted Indicators

There is a big difference between Kinaxis Stock performing well and Kinaxis 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 Kinaxis' 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.

Be your own money manager

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