Royal Bank Correlations

RY Stock

CAD 174.84 0.19 0.11%

The current 90-days correlation between Royal Bank and Bank of America is 0.44 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Royal Bank moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Royal Bank of moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Royal Bank Correlation With Market

Good diversification

The correlation between Royal Bank of and DJI is -0.18 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Royal Bank of and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Royal Stock

0.93	MSFT	Microsoft Corp CDR	Pair Corr
0.91	NVDA	NVIDIA CDR	Pair Corr
0.84	AMZN	Amazon CDR	Pair Corr
0.8	GOOG	Alphabet CDR	Pair Corr
0.87	META	Meta Platforms CDR	Pair Corr
0.94	AVGO	Broadcom	Pair Corr
0.91	TSLA	Tesla Inc CDR	Pair Corr
0.68	WMT	Walmart Inc CDR	Pair Corr
0.84	FISH	Sailfish Royalty Corp	Pair Corr
0.95	JPM	JPMorgan Chase	Pair Corr
0.85	LB	Laurentian Bank	Pair Corr
0.84	CIX	CI Financial Corp	Pair Corr
0.88	NPTH	NeuPath Health	Pair Corr
0.85	GH	Gamehost	Pair Corr
0.79	OGN	Orogen Royalties	Pair Corr
0.73	L	Loblaw Companies	Pair Corr
0.89	T	Telus Corp	Pair Corr
0.77	CRDL	Cardiol Therapeutics	Pair Corr
0.79	BEI-UN	Boardwalk Real Estate	Pair Corr
0.76	KNT	K92 Mining	Pair Corr
0.93	SPRX	Sparx Technology	Pair Corr
0.84	GOT	Goliath Resources	Pair Corr
0.91	SGR-U	Slate Grocery REIT	Pair Corr
0.65	GMV	GMV Minerals	Pair Corr
0.9	LNF	Leons Furniture	Pair Corr
0.75	CHP-UN	Choice Properties Real	Pair Corr
0.81	YES	CHAR Technologies	Pair Corr
0.8	VZLA	Vizsla Silver Corp	Pair Corr
0.92	MFI	Maple Leaf Foods	Pair Corr

Moving against Royal Stock

0.58

BRK

Berkshire Hathaway CDR

Pair Corr

Related Correlations Analysis

	BRK	JPM	GOOG	BOFA	CITI	MSFT	AMZN	JNJ	GS	IBM
BRK		-0.49	-0.44	-0.42	-0.45	-0.69	-0.49	0.44	-0.48	-0.55	BRK
JPM	-0.49		0.82	0.93	0.94	0.93	0.9	-0.15	0.97	0.79	JPM
GOOG	-0.44	0.82		0.8	0.81	0.78	0.86	0.06	0.85	0.77	GOOG
BOFA	-0.42	0.93	0.8		0.99	0.83	0.92	0.08	0.97	0.86	BOFA
CITI	-0.45	0.94	0.81	0.99		0.86	0.93	0.07	0.97	0.85	CITI
MSFT	-0.69	0.93	0.78	0.83	0.86		0.86	-0.29	0.9	0.78	MSFT
AMZN	-0.49	0.9	0.86	0.92	0.93	0.86		-0.02	0.94	0.83	AMZN
JNJ	0.44	-0.15	0.06	0.08	0.07	-0.29	-0.02		-0.04	0.09	JNJ
GS	-0.48	0.97	0.85	0.97	0.97	0.9	0.94	-0.04		0.86	GS
IBM	-0.55	0.79	0.77	0.86	0.85	0.78	0.83	0.09	0.86		IBM
	BRK	JPM	GOOG	BOFA	CITI	MSFT	AMZN	JNJ	GS	IBM

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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

CITI	+ 0.99	BOFA
GS	+ 0.97	JPM
GS	+ 0.97	BOFA
GS	+ 0.97	CITI
CITI	+ 0.94	JPM
GS	+ 0.94	AMZN

High negative correlations

MSFT	- 0.69	BRK
IBM	- 0.55	BRK
AMZN	- 0.49	BRK
JPM	- 0.49	BRK
GS	- 0.48	BRK
CITI	- 0.45	BRK

Risk-Adjusted Indicators

There is a big difference between Royal Stock performing well and Royal Bank 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 Royal Bank'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
BRK	1.06	0.00	0.00	0.00	0.00	0.00	1.87	(2.10)	10.88
JPM	1.39	0.23	0.08	(1.49)	1.94	(1.49)	2.96	(2.30)	10.75
GOOG	1.76	0.03	0.00	(0.38)	2.29	(1.91)	2.90	(3.68)	17.27
BOFA	1.35	0.13	0.04	6.98	2.50	(1.54)	3.33	(3.02)	12.30
CITI	1.55	0.17	0.04	7.12	2.79	(1.67)	3.69	(3.13)	15.10
MSFT	1.26	0.32	0.17	(267.80)	1.24	(1.30)	3.27	(2.61)	13.44
AMZN	1.89	0.13	0.04	(0.51)	2.42	(2.14)	3.80	(4.21)	16.50
JNJ	1.10	(0.12)	0.00	0.95	0.00	0.00	2.15	(1.81)	8.81
GS	1.76	0.24	0.06	(2.02)	2.67	(1.60)	3.01	(2.83)	17.57
IBM	1.34	0.20	0.07	9.38	1.97	(1.27)	2.20	(2.08)	13.41

Be your own money manager

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