Canadian Solar Correlations

L5A Stock

EUR 9.37 0.40 4.09%

The current 90-days correlation between Canadian Solar and UNIQA INSURANCE GR is 0.06 (i.e., Significant diversification). The correlation of Canadian Solar 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 Solar Correlation With Market

Average diversification

The correlation between Canadian Solar 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 Canadian Solar and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Canadian Solar 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 Solar 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 Solar - 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 Solar to buy it.

Moving together with Canadian Stock

0.81	F3A	First Solar	Pair Corr
0.8	3S9	Sunrun Inc	Pair Corr
0.86	ZJS1	JinkoSolar Holding	Pair Corr
0.73	HO1	Hologic	Pair Corr
0.67	YMI	Yellow Pages Limited	Pair Corr
0.77	DBPD	Xtrackers ShortDAX	Pair Corr

Moving against Canadian Stock

0.74	DBPE	Xtrackers LevDAX	Pair Corr
0.67	E908	Lyxor 1	Pair Corr
0.58	WY8	Universal Health Realty	Pair Corr
0.57	SLT	SCHALTBAU HOLDING	Pair Corr
0.57	VVDH	Veolia Environnement	Pair Corr
0.5	IPOK	Heidelberger Beteiligungshold	Pair Corr
0.48	S92	SMA Solar Technology	Pair Corr
0.47	S93	SMA SOLAR T	Pair Corr
0.4	S92	SMA Solar Technology	Pair Corr
0.39	C2H	Copa Holdings SA	Pair Corr

Related Correlations Analysis

	TF7A	8QC	UN9	PG4	D1LN	FH21	PH4	DHR
TF7A		0.0	0.15	0.22	0.18	0.11	0.56	0.41	TF7A
8QC	0.0		0.1	-0.23	0.03	0.03	0.04	0.04	8QC
UN9	0.15	0.1		0.52	0.89	0.55	0.83	-0.15	UN9
PG4	0.22	-0.23	0.52		0.64	0.64	0.42	-0.58	PG4
D1LN	0.18	0.03	0.89	0.64		0.59	0.71	-0.32	D1LN
FH21	0.11	0.03	0.55	0.64	0.59		0.42	-0.4	FH21
PH4	0.56	0.04	0.83	0.42	0.71	0.42		0.21	PH4
DHR	0.41	0.04	-0.15	-0.58	-0.32	-0.4	0.21		DHR
	TF7A	8QC	UN9	PG4	D1LN	FH21	PH4	DHR

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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

D1LN	+ 0.89	UN9
PH4	+ 0.83	UN9
PH4	+ 0.71	D1LN
D1LN	+ 0.64	PG4
FH21	+ 0.64	PG4
FH21	+ 0.59	D1LN

High negative correlations

DHR	- 0.58	PG4
DHR	- 0.4	FH21
DHR	- 0.32	D1LN
PG4	- 0.23	8QC
DHR	- 0.15	UN9
8QC	- 0.0	TF7A

Risk-Adjusted Indicators

There is a big difference between Canadian Stock performing well and Canadian Solar 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 Solar'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
TF7A	1.13	(0.10)	0.00	0.65	0.00	0.00	2.39	(2.21)	6.73
8QC	0.91	0.06	0.10	0.24	1.12	(1.06)	2.05	(2.39)	12.74
UN9	0.83	0.41	0.45	3.15	0.44	(0.97)	2.52	(1.36)	5.85
PG4	1.19	0.02	0.05	0.02	1.46	(1.28)	2.03	(2.44)	8.09
D1LN	0.73	0.19	0.26	0.62	0.58	(1.07)	1.66	(1.20)	7.57
FH21	1.42	0.05	0.05	1.51	1.80	(1.86)	3.74	(2.79)	17.47
PH4	3.66	0.78	0.16	(1.51)	3.39	(6.08)	11.11	(7.50)	23.38
DHR	1.93	(0.09)	0.00	0.07	0.00	0.00	4.94	(4.00)	14.83

Be your own money manager

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