Canadian Tire Correlations

YAAA Stock   91.60  0.90  0.97%   
The correlation of Canadian Tire 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.

Canadian Tire Correlation With Market

Good diversification

The correlation between Canadian Tire Corp and DJI is -0.05 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Canadian Tire Corp and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Canadian Tire 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 Tire 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 Tire - 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 Tire Corp to buy it.

Moving together with Canadian Stock

  0.7MSF MicrosoftPairCorr
  0.7MSF MicrosoftPairCorr
  0.7MSF MicrosoftPairCorr
  0.69MSF MicrosoftPairCorr
  0.79HX1A HEXINDO ADIPERKASAPairCorr
  0.69I41 INDIKA ENERGYPairCorr
  0.75HX1A HEXINDO ADIPERKASAPairCorr
  0.683IB PT Indo TambangrayaPairCorr

Moving against Canadian Stock

  0.55DBPE Xtrackers LevDAXPairCorr
  0.33E908 Lyxor 1PairCorr

Related Correlations Analysis

Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

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   
TLIK5EZ
MLT7QD
MLTDT7
7QDDT7
DT79TH0
7QD9TH0
  
High negative correlations   
TLIKMLT
TLIK7QD
5EZMLT
TLIKDT7
5EZDT7
5EZ7QD

Risk-Adjusted Indicators

There is a big difference between Canadian Stock performing well and Canadian Tire 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 Tire'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.

Be your own money manager

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

Run Analyst Advice Now

   

Analyst Advice

Analyst recommendations and target price estimates broken down by several categories
All  Next Launch Module