National Bank Correlations

NTIOF Stock

USD 80.05 0.83 1.03%

The current 90-days correlation between National Bank and Barclays PLC ADR is 0.27 (i.e., Modest diversification). The correlation of National Bank 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.

National Bank Correlation With Market

Weak diversification

The correlation between National Bank of and DJI is 0.35 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding National Bank of and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with National Pink Sheet

0.77	CNCK	Coincheck Group NV	Pair Corr
0.85	AA	Alcoa Corp	Pair Corr
0.87	MSFT	Microsoft	Pair Corr
0.78	HPQ	HP Inc	Pair Corr
0.73	CAT	Caterpillar	Pair Corr

Moving against National Pink Sheet

0.8	T	ATT Inc	Pair Corr
0.69	CSCO	Cisco Systems	Pair Corr
0.69	MMM	3M Company	Pair Corr
0.64	VZ	Verizon Communications	Pair Corr
0.41	PG	Procter Gamble	Pair Corr
0.41	TRV	The Travelers Companies	Pair Corr
0.37	PFE	Pfizer Inc	Pair Corr

Related Correlations Analysis

	BCS	BBVA	SAN	UBS	HSBC	TD	BMO	CM	BNS	JPM
BCS		0.94	0.93	0.63	0.94	0.89	0.65	-0.67	-0.76	0.55	BCS
BBVA	0.94		0.98	0.52	0.97	0.89	0.6	-0.79	-0.84	0.43	BBVA
SAN	0.93	0.98		0.44	0.96	0.85	0.63	-0.76	-0.77	0.39	SAN
UBS	0.63	0.52	0.44		0.48	0.7	0.68	-0.12	-0.35	0.74	UBS
HSBC	0.94	0.97	0.96	0.48		0.86	0.59	-0.79	-0.84	0.4	HSBC
TD	0.89	0.89	0.85	0.7	0.86		0.63	-0.63	-0.75	0.72	TD
BMO	0.65	0.6	0.63	0.68	0.59	0.63		-0.09	-0.24	0.65	BMO
CM	-0.67	-0.79	-0.76	-0.12	-0.79	-0.63	-0.09		0.93	-0.01	CM
BNS	-0.76	-0.84	-0.77	-0.35	-0.84	-0.75	-0.24	0.93		-0.27	BNS
JPM	0.55	0.43	0.39	0.74	0.4	0.72	0.65	-0.01	-0.27		JPM
	BCS	BBVA	SAN	UBS	HSBC	TD	BMO	CM	BNS	JPM

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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

SAN	+ 0.98	BBVA
HSBC	+ 0.97	BBVA
HSBC	+ 0.96	SAN
BBVA	+ 0.94	BCS
HSBC	+ 0.94	BCS
SAN	+ 0.93	BCS

High negative correlations

BNS	- 0.84	HSBC
BNS	- 0.84	BBVA
CM	- 0.79	HSBC
CM	- 0.79	BBVA
BNS	- 0.77	SAN
CM	- 0.76	SAN

Risk-Adjusted Indicators

There is a big difference between National Pink Sheet performing well and National Bank 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 National Bank'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
BCS	1.73	0.44	0.18	0.20	1.98	(2.12)	3.37	(2.80)	14.95
BBVA	1.46	0.68	0.43	0.58	1.04	(1.77)	4.12	(2.47)	8.81
SAN	1.58	0.65	0.34	0.45	1.45	(2.04)	4.24	(2.19)	15.03
UBS	1.35	0.12	0.00	(0.01)	0.00	0.00	2.76	(3.33)	11.01
HSBC	0.90	0.38	0.28	0.42	1.03	(0.93)	1.91	(1.74)	7.68
TD	0.82	0.13	0.12	0.13	1.47	(0.81)	1.36	(1.59)	6.72
BMO	0.84	0.10	0.17	0.09	0.92	(1.08)	1.81	(2.06)	7.04
CM	0.91	(0.10)	0.00	(0.30)	0.00	0.00	1.34	(2.36)	9.53
BNS	0.68	(0.17)	0.00	(0.63)	0.00	0.00	1.02	(1.76)	5.17
JPM	1.07	0.04	0.00	(0.09)	0.00	0.00	1.97	(3.35)	6.85

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