Major Drilling Correlations
| MDI Stock | CAD 7.91 0.21 2.73% |
The current 90-days correlation between Major Drilling Group and Pason Systems is 0.11 (i.e., Average diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Major Drilling moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Major Drilling Group moves in either direction, the perfectly negatively correlated security will move in the opposite direction.
Major Drilling Correlation With Market
Weak diversification
The correlation between Major Drilling Group and DJI is 0.38 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Major Drilling Group and DJI in the same portfolio, assuming nothing else is changed.
Major |
The ability to find closely correlated positions to Major Drilling could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Major Drilling 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 Major Drilling - 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 Major Drilling Group to buy it.
Moving together with Major Stock
| 0.66 | GOOG | Alphabet CDR | PairCorr |
| 0.75 | AMZN | Amazon CDR | PairCorr |
| 0.66 | META | Meta Platforms CDR | PairCorr |
| 0.74 | WMT | Walmart Inc CDR | PairCorr |
Moving against Major Stock
| 0.67 | FDY | Faraday Copper Corp | PairCorr |
| 0.56 | AG | First Majestic Silver | PairCorr |
| 0.51 | VZ | Verizon Communications | PairCorr |
| 0.49 | BRK | Berkshire Hathaway CDR | PairCorr |
| 0.35 | INFM | Infinico Metals Corp | PairCorr |
Related Correlations Analysis
| Click cells to compare fundamentals | Check Volatility | Backtest Portfolio |
Risk-Adjusted Indicators
There is a big difference between Major Stock performing well and Major Drilling 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 Major Drilling'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| PSI | 1.34 | (0.01) | 0.00 | (0.20) | 0.00 | 2.53 | 7.39 | |||
| HBM | 2.55 | 0.06 | 0.02 | 0.04 | 3.64 | 4.43 | 18.47 | |||
| ESI | 2.39 | (0.25) | 0.00 | (0.30) | 0.00 | 5.33 | 15.65 | |||
| PD | 1.66 | (0.32) | 0.00 | (0.40) | 0.00 | 3.05 | 11.63 | |||
| TCW | 1.58 | (0.02) | 0.00 | (0.08) | 0.00 | 3.11 | 8.47 |
Be your own money manager
Our tools can tell you how much better you can do entering a position in Major Drilling 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.Did you try this?
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