Bank of New York Correlations

BK Stock

CAD 15.79 0.25 1.61%

The current 90-days correlation between Canadian Banc Corp and Life Banc Split is 0.27 (i.e., Modest diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Bank of New York moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Canadian Banc Corp moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Bank of New York Correlation With Market

Average diversification

The correlation between Canadian Banc Corp and DJI is 0.19 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Canadian Banc Corp and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Bank Stock

0.7	GOOG	Alphabet CDR	Pair Corr
0.81	AAPL	Apple CDR	Pair Corr
0.8	AAPL	Apple Inc CDR	Pair Corr
0.7	GOOG	Alphabet CDR	Pair Corr
0.77	TOT	Total Energy Services	Pair Corr
0.78	TD-PFJ	Toronto Dominion Bank	Pair Corr
0.84	QTWO	Q2 Metals Corp	Pair Corr
0.72	MFC	Manulife Financial Corp	Pair Corr
0.84	FDY	Faraday Copper Corp	Pair Corr
0.69	BLUE	Blue Thunder Mining	Pair Corr
0.77	ERO	Ero Copper Corp	Pair Corr
0.81	MTL	Mullen Group	Pair Corr
0.67	EBM	Eastwood Bio Medical	Pair Corr
0.63	CAS	Cascades	Pair Corr
0.83	RY	Royal Bank	Pair Corr
0.68	LBNK	LithiumBank Resources	Pair Corr
0.66	PPL-PO	Pembina Pipeline Corp	Pair Corr
0.69	BIP-UN	Brookfield Infrastructure	Pair Corr
0.75	ALS	Altius Minerals	Pair Corr

Moving against Bank Stock

0.49	MSFT	Microsoft CDR	Pair Corr
0.49	MSFT	Microsoft Corp CDR	Pair Corr

Related Correlations Analysis

	LBS	FTN	FFN	FSZ	SBC	DGS	AIM-PA	URB	URB-A	DFN
LBS		0.89	0.85	-0.81	0.98	0.83	-0.59	0.83	0.81	0.94	LBS
FTN	0.89		0.94	-0.72	0.89	0.88	-0.48	0.78	0.76	0.91	FTN
FFN	0.85	0.94		-0.61	0.85	0.95	-0.49	0.83	0.78	0.88	FFN
FSZ	-0.81	-0.72	-0.61		-0.8	-0.59	0.24	-0.6	-0.59	-0.7	FSZ
SBC	0.98	0.89	0.85	-0.8		0.83	-0.51	0.79	0.76	0.91	SBC
DGS	0.83	0.88	0.95	-0.59	0.83		-0.5	0.82	0.75	0.87	DGS
AIM-PA	-0.59	-0.48	-0.49	0.24	-0.51	-0.5		-0.66	-0.7	-0.71	AIM-PA
URB	0.83	0.78	0.83	-0.6	0.79	0.82	-0.66		0.95	0.88	URB
URB-A	0.81	0.76	0.78	-0.59	0.76	0.75	-0.7	0.95		0.87	URB-A
DFN	0.94	0.91	0.88	-0.7	0.91	0.87	-0.71	0.88	0.87		DFN
	LBS	FTN	FFN	FSZ	SBC	DGS	AIM-PA	URB	URB-A	DFN

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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

SBC	+ 0.98	LBS
DGS	+ 0.95	FFN
URB-A	+ 0.95	URB
DFN	+ 0.94	LBS
FFN	+ 0.94	FTN
DFN	+ 0.91	FTN

High negative correlations

FSZ	- 0.81	LBS
SBC	- 0.8	FSZ
FSZ	- 0.72	FTN
DFN	- 0.71	AIM-PA
URB-A	- 0.7	AIM-PA
DFN	- 0.7	FSZ

Risk-Adjusted Indicators

There is a big difference between Bank Stock performing well and Bank of New York 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 Bank of New York'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
LBS	0.83	0.35	0.24	1.01	0.75	(0.99)	1.84	(1.55)	6.87
FTN	0.85	0.22	0.19	0.39	0.69	(1.04)	2.03	(1.45)	6.24
FFN	0.71	0.29	0.25	0.52	0.59	(0.89)	1.69	(1.47)	4.95
FSZ	0.88	(0.23)	0.00	(0.49)	0.00	0.00	1.51	(2.00)	8.88
SBC	1.13	0.29	0.16	0.53	1.29	(1.29)	2.35	(1.93)	9.28
DGS	0.42	0.08	0.03	0.64	0.48	(0.49)	0.83	(0.82)	3.04
AIM-PA	0.53	(0.04)	0.00	(0.57)	0.00	0.00	2.34	(2.38)	9.71
URB	0.78	0.16	0.09	1.84	0.79	(0.93)	1.55	(1.31)	5.67
URB-A	1.20	0.17	0.09	0.61	1.14	(1.47)	3.09	(2.53)	6.60
DFN	0.45	0.19	0.16	1.26	0.40	(0.59)	1.17	(0.46)	4.63

Be your own money manager

Our tools can tell you how much better you can do entering a position in Bank of New York 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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