Paramount Resources Correlations

POU Stock

CAD 21.05 0.50 2.32%

The current 90-days correlation between Paramount Resources and Birchtech Corp is -0.3 (i.e., Very good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Paramount Resources moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Paramount Resources moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Paramount Resources Correlation With Market

Good diversification

The correlation between Paramount Resources and DJI is -0.03 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Paramount Resources and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Paramount Stock

0.91	ENB-PFV	Enbridge Pref 5	Pair Corr
0.88	ENB-PFC	Enbridge Pref 11	Pair Corr
0.87	ENB-PFU	Enbridge Pref L	Pair Corr
0.61	GSTM	Goldstorm Metals Corp	Pair Corr
0.85	JPM	JPMorgan Chase	Pair Corr
0.87	BOFA	Bank of America	Pair Corr
0.81	CITI	CITIGROUP CDR	Pair Corr
0.84	RY	Royal Bank	Pair Corr
0.9	TD	Toronto Dominion Bank	Pair Corr
0.81	RY-PM	Royal Bank	Pair Corr
0.77	RY-PO	Royal Bank	Pair Corr
0.71	RY-PS	Royal Bank	Pair Corr
0.81	RY-PN	Royal Bank	Pair Corr
0.87	CNQ	Canadian Natural Res	Pair Corr

Moving against Paramount Stock

0.91

ENS-PA

E Split Corp

Pair Corr

Related Correlations Analysis

	BCHT	ICE	SPP	THP	PNC-A	BRAG	HIVE	ROOF
BCHT		0.66	0.0	0.0	0.33	0.36	0.52	-0.09	BCHT
ICE	0.66		0.0	0.0	0.39	0.38	0.53	0.06	ICE
SPP	0.0	0.0		1.0	0.0	0.0	0.0	0.0	SPP
THP	0.0	0.0	1.0		0.0	0.0	0.0	0.0	THP
PNC-A	0.33	0.39	0.0	0.0		0.66	0.57	0.04	PNC-A
BRAG	0.36	0.38	0.0	0.0	0.66		0.67	0.21	BRAG
HIVE	0.52	0.53	0.0	0.0	0.57	0.67		0.2	HIVE
ROOF	-0.09	0.06	0.0	0.0	0.04	0.21	0.2		ROOF
	BCHT	ICE	SPP	THP	PNC-A	BRAG	HIVE	ROOF

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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

THP	+ 1.0	SPP
HIVE	+ 0.67	BRAG
ICE	+ 0.66	BCHT
BRAG	+ 0.66	PNC-A
HIVE	+ 0.57	PNC-A
HIVE	+ 0.53	ICE

High negative correlations

ROOF	- 0.09	BCHT
ROOF	- 0.0	THP
HIVE	- 0.0	THP
BRAG	- 0.0	THP
PNC-A	- 0.0	THP
ROOF	- 0.0	SPP

Risk-Adjusted Indicators

There is a big difference between Paramount Stock performing well and Paramount Resources 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 Paramount Resources' 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
BCHT	2.59	0.47	0.10	0.67	2.34	(5.34)	7.81	(4.17)	31.18
ICE	1.47	0.31	0.04	1.51	1.92	(3.59)	4.14	(4.18)	15.39
SPP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
THP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
PNC-A	2.73	1.19	0.09	(0.33)	2.69	(9.03)	10.16	(3.97)	40.07
BRAG	1.79	0.35	0.10	3.64	1.96	(1.92)	4.20	(3.10)	11.58
HIVE	3.27	0.64	0.19	0.83	2.74	(4.22)	9.20	(5.04)	30.81
ROOF	2.27	0.16	0.01	1.26	2.37	(4.12)	5.71	(5.41)	22.40

Be your own money manager

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