Trican Well Correlations

TOLWF Stock  USD 3.46  0.07  1.98%   
The current 90-days correlation between Trican Well Service and Borr Drilling is 0.36 (i.e., Weak diversification). The correlation of Trican Well 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.
  
The ability to find closely correlated positions to Trican Well could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Trican Well 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 Trican Well - 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 Trican Well Service to buy it.

Moving against Trican Pink Sheet

  0.39GSTX Graphene Solar TechnPairCorr
  0.38TRV The Travelers Companies Fiscal Year End 17th of January 2025 PairCorr

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   
IDSCRYY
NESDRL
BORRNE
444859BR2BORR
ABHYXNE
IDMSTSX
  
High negative correlations   
IDBORR
SCRYYBORR
444859BR2SCRYY
ID444859BR2
MSTSX444859BR2
MSTSXBRRAY

Risk-Adjusted Indicators

There is a big difference between Trican Pink Sheet performing well and Trican Well 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 Trican Well'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
SDRL  1.96 (0.18) 0.00 (0.07) 0.00 
 3.83 
 13.44 
NE  1.84 (0.30) 0.00 (0.09) 0.00 
 3.36 
 14.34 
BORR  2.48 (0.87) 0.00 (0.51) 0.00 
 4.02 
 12.96 
SCRYY  2.04  0.35  0.09 (0.76) 1.97 
 5.61 
 12.99 
444859BR2  1.38 (0.09) 0.00 (0.14) 0.00 
 5.93 
 16.62 
AQUI  0.00  0.00  0.00  0.00  0.00 
 0.00 
 0.00 
BRRAY  1.27 (0.11) 0.00  0.01  0.00 
 0.00 
 34.02 
MSTSX  0.49  0.05 (0.08)(1.05) 0.50 
 1.21 
 2.80 
ABHYX  0.18  0.01 (0.17) 0.39  0.25 
 0.34 
 1.91 
ID  3.87  0.90  0.17  1.45  4.00 
 7.89 
 20.54 

Be your own money manager

Our tools can tell you how much better you can do entering a position in Trican Well 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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Trican Well Corporate Management