McChip Resources Correlations

MCS Stock

CAD 0.80 0.00 0.00%

The current 90-days correlation between McChip Resources and Titanium Transportation Group is 0.05 (i.e., Significant diversification). The correlation of McChip Resources 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.

McChip Resources Correlation With Market

Modest diversification

The correlation between McChip Resources and DJI is 0.23 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding McChip Resources and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with McChip Stock

0.74	T	Telus Corp	Pair Corr
0.71	TD	Toronto Dominion Bank	Pair Corr
0.62	SMD	Strategic Metals	Pair Corr
0.63	VCU	Vizsla Copper Corp	Pair Corr

Moving against McChip Stock

0.63	ATH	Athabasca Oil Corp	Pair Corr
0.52	BTE	Baytex Energy Corp	Pair Corr
0.51	BNS	Bank of Nova Scotia	Pair Corr
0.41	CM	Canadian Imperial Bank	Pair Corr
0.33	MFC	Manulife Financial Corp	Pair Corr

Related Correlations Analysis

	TTNM	LITT	PRU	CXB	AND	JWEL	WCM-A	UNH
TTNM		0.82	-0.84	-0.89	0.53	0.9	0.75	0.65	TTNM
LITT	0.82		-0.91	-0.9	0.28	0.88	0.66	0.28	LITT
PRU	-0.84	-0.91		0.84	-0.52	-0.89	-0.77	-0.41	PRU
CXB	-0.89	-0.9	0.84		-0.25	-0.87	-0.56	-0.34	CXB
AND	0.53	0.28	-0.52	-0.25		0.51	0.82	0.59	AND
JWEL	0.9	0.88	-0.89	-0.87	0.51		0.79	0.43	JWEL
WCM-A	0.75	0.66	-0.77	-0.56	0.82	0.79		0.59	WCM-A
UNH	0.65	0.28	-0.41	-0.34	0.59	0.43	0.59		UNH
	TTNM	LITT	PRU	CXB	AND	JWEL	WCM-A	UNH

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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

JWEL	+ 0.9	TTNM
JWEL	+ 0.88	LITT
CXB	+ 0.84	PRU
LITT	+ 0.82	TTNM
WCM-A	+ 0.82	AND
WCM-A	+ 0.79	JWEL

High negative correlations

PRU	- 0.91	LITT
CXB	- 0.9	LITT
JWEL	- 0.89	PRU
CXB	- 0.89	TTNM
JWEL	- 0.87	CXB
PRU	- 0.84	TTNM

Risk-Adjusted Indicators

There is a big difference between McChip Stock performing well and McChip Resources 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 McChip Resources' 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
TTNM	1.65	(0.72)	0.00	7.91	0.00	0.00	3.04	(4.14)	18.35
LITT	2.80	(1.16)	0.00	0.51	0.00	0.00	6.25	(10.71)	36.73
PRU	1.59	0.26	0.17	1.46	1.70	(1.80)	3.43	(2.87)	6.84
CXB	2.48	0.52	0.17	0.40	2.69	(2.93)	4.88	(5.06)	15.56
AND	1.05	(0.14)	0.00	(0.84)	0.00	0.00	1.64	(2.99)	10.04
JWEL	1.50	(0.26)	0.00	(0.64)	0.00	0.00	2.60	(3.16)	8.88
WCM-A	0.27	(0.10)	0.00	(1.14)	0.00	0.00	0.00	0.00	9.13
UNH	1.41	(0.02)	0.00	(0.23)	0.00	0.00	2.33	(4.08)	11.71

Be your own money manager

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