Canfor Correlations

CFP Stock

CAD 12.24 0.06 0.49%

The current 90-days correlation between Canfor and Northern Dynasty Minerals is -0.03 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Canfor moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Canfor moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Canfor Correlation With Market

Significant diversification

The correlation between Canfor and DJI is 0.05 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Canfor and DJI in the same portfolio, assuming nothing else is changed.

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

Moving against Canfor Stock

0.8	URZ	Urz Energy Corp	Pair Corr
0.78	FDY	Faraday Copper Corp	Pair Corr
0.77	IE	Ivanhoe Energy	Pair Corr
0.71	TD	Toronto Dominion Bank	Pair Corr
0.69	CGC	Aris Gold	Pair Corr
0.69	INFM	Infinico Metals Corp	Pair Corr
0.67	AG	First Majestic Silver	Pair Corr
0.66	III	Imperial Metals	Pair Corr
0.62	RY-PN	Royal Bank	Pair Corr
0.58	ORE	Orezone Gold Corp	Pair Corr
0.47	RY	Royal Bank	Pair Corr
0.41	BOFA	Bank of America	Pair Corr
0.34	JPM	JPMorgan Chase	Pair Corr
0.33	MG	Magna International	Pair Corr
0.75	CPL	Copper Lake Resources	Pair Corr
0.7	RIO	Rio2 Earnings Call This Week	Pair Corr
0.69	PGDC	Patagonia Gold Corp	Pair Corr
0.66	TVE	Tamarack Valley Energy	Pair Corr
0.65	CERT	Cerrado Gold Corp	Pair Corr
0.65	GMX	Globex Mining Enterprises Earnings Call This Week	Pair Corr
0.61	GIL	Gildan Activewear	Pair Corr
0.61	CS	Capstone Mining Corp	Pair Corr
0.59	ACO-Y	ATCO Earnings Call This Week	Pair Corr
0.58	PRU	Perseus Mining	Pair Corr
0.57	DGS	Dividend Growth Split	Pair Corr
0.55	IAG	iA Financial	Pair Corr
0.51	GOOG	Alphabet CDR	Pair Corr
0.4	MEG	MEG Energy Corp Earnings Call Tomorrow	Pair Corr
0.33	CGG	China Gold International Earnings Call This Week	Pair Corr

Related Correlations Analysis

	NDM	MSA	CNL	IFP	CFX	AFM	SLS	MUX	GFP	RUP
NDM		0.82	-0.04	-0.87	-0.66	0.62	0.65	0.82	-0.83	0.51	NDM
MSA	0.82		0.33	-0.78	-0.87	0.37	0.71	0.82	-0.94	0.75	MSA
CNL	-0.04	0.33		0.08	-0.29	0.06	0.0	0.23	-0.15	0.67	CNL
IFP	-0.87	-0.78	0.08		0.72	-0.56	-0.69	-0.88	0.88	-0.4	IFP
CFX	-0.66	-0.87	-0.29	0.72		-0.16	-0.7	-0.72	0.85	-0.68	CFX
AFM	0.62	0.37	0.06	-0.56	-0.16		0.12	0.62	-0.4	0.41	AFM
SLS	0.65	0.71	0.0	-0.69	-0.7	0.12		0.44	-0.74	0.27	SLS
MUX	0.82	0.82	0.23	-0.88	-0.72	0.62	0.44		-0.84	0.66	MUX
GFP	-0.83	-0.94	-0.15	0.88	0.85	-0.4	-0.74	-0.84		-0.56	GFP
RUP	0.51	0.75	0.67	-0.4	-0.68	0.41	0.27	0.66	-0.56		RUP
	NDM	MSA	CNL	IFP	CFX	AFM	SLS	MUX	GFP	RUP

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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

GFP	+ 0.88	IFP
GFP	+ 0.85	CFX
MSA	+ 0.82	NDM
MUX	+ 0.82	NDM
MUX	+ 0.82	MSA
RUP	+ 0.75	MSA

High negative correlations

GFP	- 0.94	MSA
MUX	- 0.88	IFP
CFX	- 0.87	MSA
IFP	- 0.87	NDM
GFP	- 0.84	MUX
GFP	- 0.83	NDM

Risk-Adjusted Indicators

There is a big difference between Canfor Stock performing well and Canfor 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 Canfor'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
NDM	4.42	1.23	0.24	1.01	4.24	(5.88)	13.85	(7.24)	52.35
MSA	2.96	1.09	0.23	2.65	3.57	(3.40)	6.39	(5.11)	18.86
CNL	2.63	0.29	0.03	(0.42)	3.97	(2.33)	4.69	(7.51)	19.88
IFP	1.80	(0.66)	0.00	(60.71)	0.00	0.00	2.85	(5.01)	11.04
CFX	3.11	(0.90)	0.00	2.19	0.00	0.00	4.55	(10.71)	27.94
AFM	2.01	0.27	0.09	1.33	1.72	(3.18)	6.00	(3.60)	14.85
SLS	2.49	0.51	0.15	(6.58)	2.40	(2.99)	6.55	(3.53)	18.34
MUX	3.30	0.71	0.14	(7.81)	3.78	(3.60)	7.00	(5.90)	32.55
GFP	2.07	(0.33)	0.00	0.37	0.00	0.00	4.98	(5.14)	14.37
RUP	2.08	0.17	0.03	4.04	2.58	(2.33)	3.92	(4.01)	15.06

Be your own money manager

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