Canfor Pulp Correlations

Stocks . Canada . 
Stock . Canfor Pulp Products
CFX Stock  CAD 0.39  0.02  5.41%   
The current 90-days correlation between Canfor Pulp Products and Wealth Minerals is 0.07 (i.e., Significant diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Canfor Pulp moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Canfor Pulp Products moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Canfor Pulp Correlation With Market

Significant diversification

The correlation between Canfor Pulp Products and DJI is 0.08 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Canfor Pulp Products and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Canfor Pulp 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 Pulp 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 Pulp - 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 Pulp Products to buy it.

Moving against Canfor Stock

  0.86DGS Dividend Growth SplitPairCorr
  0.85AAPL Apple CDRPairCorr
  0.82AG First Majestic SilverPairCorr
  0.78ORE Orezone Gold CorpPairCorr
  0.78DNTL dentalcorp HoldingsPairCorr
  0.77FDY Faraday Copper CorpPairCorr
  0.77URZ Urz Energy CorpPairCorr
  0.77MFC Manulife Financial CorpPairCorr
  0.74CGC Aris GoldPairCorr
  0.72CPL Copper Lake ResourcesPairCorr
  0.72GMX Globex Mining EnterprisesPairCorr
  0.7TD-PFI Toronto Dominion BankPairCorr
  0.7LLY Eli LillyPairCorr
  0.69IE Ivanhoe EnergyPairCorr
  0.69MEG MEG Energy CorpPairCorr
  0.68RIO Rio2PairCorr
  0.66NBY Niobay MetalsPairCorr
  0.66AAV Advantage Oil GasPairCorr
  0.51SU Suncor EnergyPairCorr
  0.5INFM Infinico Metals CorpPairCorr
  0.39FDR Flinders ResourcesPairCorr
  0.93PGDC Patagonia Gold CorpPairCorr
  0.92VROY Vizsla Royalties CorpPairCorr
  0.91PRU Perseus MiningPairCorr
  0.9CERT Cerrado Gold CorpPairCorr
  0.88TVE Tamarack Valley EnergyPairCorr
  0.86GOOG Alphabet CDRPairCorr
  0.86SVM Silvercorp MetalsPairCorr
  0.84FP FP Newspapers Earnings Call This WeekPairCorr
  0.84IAG iA FinancialPairCorr
  0.83III Imperial MetalsPairCorr
  0.81CS Capstone Mining CorpPairCorr
  0.81MAE Maritime Resources Corp Earnings Call TodayPairCorr
  0.8CGG China Gold International Earnings Call TodayPairCorr

Related Correlations Analysis


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

CH
+ 0.91
STRR
CN
+ 0.88
SMY
CN
+ 0.84
STRR
SMY
+ 0.82
CH
YRB
+ 0.8
CH
YRB
+ 0.79
STRR
  

High negative correlations

KFR
- 0.83
STRR
KFR
- 0.78
YRB
CN
- 0.77
KFR
KFR
- 0.77
CH
KFR
- 0.73
SMY
KFR
- 0.51
WML

Risk-Adjusted Indicators

There is a big difference between Canfor Stock performing well and Canfor Pulp 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 Pulp'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
WML  10.51  2.02  0.10 (0.30) 9.91 
(18.96)
 20.00 
(18.75)
 72.82 
STRR  2.00  0.55  0.12  3.85  1.52 
(4.96)
 6.90 
(3.33)
 16.80 
ELBM  10.91  1.43  0.13  0.45  11.29 
(16.65)
 23.81 
(19.32)
 228.53 
CH  6.77  1.62  0.18  1.85  5.22 
(13.46)
 20.00 
(8.33)
 50.00 
YRB  2.50  0.65  0.00 (8.04) 0.00 
 0.00 
 20.00 
 0.00 
 41.67 
SMY  8.25  1.42  0.15  0.56  7.70 
(13.48)
 28.57 
(11.54)
 78.84 
KFR  3.63 (0.77) 0.00  1.04  0.00 
 0.00 
 6.67 
(7.89)
 21.95 
CN  4.38  0.96  0.08 (0.20) 4.25 
(9.22)
 12.50 
(8.33)
 30.08 
NGC  6.82  1.22  0.13  0.90  6.00 
(11.57)
 14.29 
(12.50)
 57.49 

Be your own money manager

Our tools can tell you how much better you can do entering a position in Canfor Pulp 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 Bollinger Bands Now

   

Bollinger Bands

Use Bollinger Bands indicator to analyze target price for a given investing horizon
All  Next Launch Module
Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions
 
Feedback Blog
Made with optimal in San Francisco
2025 Macroaxis LLC
COMMON DESTINATIONS
MAIN CATEGORIES
COMPANY