Canadian Solar Correlations

L5A Stock

EUR 10.70 0.10 0.94%

The correlation of Canadian Solar 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.

Canadian Solar Correlation With Market

Average diversification

The correlation between Canadian Solar and DJI is 0.1 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Canadian Solar and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Canadian Solar 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 Solar 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 Solar - 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 Solar to buy it.

Moving together with Canadian Stock

0.64	F3A	First Solar	Pair Corr
0.86	2ED	SolarEdge Technologies	Pair Corr
0.8	S92	SMA Solar Technology	Pair Corr
0.63	S92	SMA Solar Technology	Pair Corr
0.81	KB9	KBC Ancora SCA	Pair Corr
0.76	AG8	AGILENT TECH	Pair Corr
0.79	FA2	FORWARD AIR P	Pair Corr

Moving against Canadian Stock

0.71	8VY	SCANDION ONC DK	Pair Corr
0.53	DBPD	Xtrackers ShortDAX	Pair Corr

Related Correlations Analysis

	13X	ZJS1	S92	94P	2DG	IUI1	6HW	CZX	RS6	3RKU
13X		0.0	0.09	0.34	-0.21	-0.19	0.57	-0.07	0.24	-0.12	13X
ZJS1	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	ZJS1
S92	0.09	0.0		0.84	0.32	0.13	0.6	0.74	0.78	0.63	S92
94P	0.34	0.0	0.84		0.18	-0.12	0.56	0.55	0.79	0.63	94P
2DG	-0.21	0.0	0.32	0.18		0.4	-0.14	0.56	0.43	0.16	2DG
IUI1	-0.19	0.0	0.13	-0.12	0.4		0.14	0.43	-0.12	-0.47	IUI1
6HW	0.57	0.0	0.6	0.56	-0.14	0.14		0.34	0.33	0.15	6HW
CZX	-0.07	0.0	0.74	0.55	0.56	0.43	0.34		0.6	0.41	CZX
RS6	0.24	0.0	0.78	0.79	0.43	-0.12	0.33	0.6		0.72	RS6
3RKU	-0.12	0.0	0.63	0.63	0.16	-0.47	0.15	0.41	0.72		3RKU
	13X	ZJS1	S92	94P	2DG	IUI1	6HW	CZX	RS6	3RKU

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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

94P	+ 0.84	S92
RS6	+ 0.79	94P
RS6	+ 0.78	S92
CZX	+ 0.74	S92
3RKU	+ 0.72	RS6
3RKU	+ 0.63	S92

High negative correlations

3RKU	- 0.47	IUI1
2DG	- 0.21	13X
IUI1	- 0.19	13X
6HW	- 0.14	2DG
RS6	- 0.12	IUI1
IUI1	- 0.12	94P

Risk-Adjusted Indicators

There is a big difference between Canadian Stock performing well and Canadian Solar 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 Solar'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
13X	2.96	0.05	(0.02)	(0.13)	3.33	(4.91)	7.14	(6.67)	18.25
ZJS1	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
S92	3.26	0.50	0.17	0.60	2.73	(4.05)	7.56	(4.36)	19.12
94P	1.29	0.14	0.03	0.49	1.48	(1.65)	3.01	(2.63)	10.45
2DG	3.58	0.34	0.08	0.41	3.10	(6.77)	9.68	(5.71)	20.87
IUI1	1.19	0.13	0.01	1.19	1.33	(1.36)	2.92	(1.94)	9.48
6HW	0.63	0.10	(0.01)	1.14	0.65	(1.29)	2.46	(1.79)	5.60
CZX	0.58	0.16	0.03	(4.83)	0.34	(0.96)	1.69	(0.58)	4.92
RS6	1.10	0.31	0.14	(5.28)	0.86	(1.28)	2.81	(1.99)	7.01
3RKU	1.72	0.46	0.15	(46.24)	1.68	(2.22)	4.11	(3.40)	11.00

Be your own money manager

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