Autocanada Correlations
The current 90-days correlation between Autocanada and Linamar is 0.03 (i.e., Significant diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Autocanada moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Autocanada moves in either direction, the perfectly negatively correlated security will move in the opposite direction.
Autocanada Correlation With Market
Significant diversification
The correlation between Autocanada and DJI is 0.01 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Autocanada and DJI in the same portfolio, assuming nothing else is changed.
Autocanada |
The ability to find closely correlated positions to Autocanada could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Autocanada 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 Autocanada - 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 Autocanada to buy it.
Moving together with Autocanada Stock
Related Correlations Analysis
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Risk-Adjusted Indicators
There is a big difference between Autocanada Stock performing well and Autocanada 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 Autocanada'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.Autocanada Related Equities
One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with Autocanada stock to make a market-neutral strategy. Peer analysis of Autocanada could also be used in its relative valuation, which is a method of valuing Autocanada by comparing valuation metrics with similar companies.
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