Scandium Canada Correlations
| SCD Stock | CAD 0.09 0.01 10.00% |
The current 90-days correlation between Scandium Canada and Canadian Natural Resources is -0.21 (i.e., Very good diversification). The correlation of Scandium Canada 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. If the correlation is 0, the equities are not correlated; they are entirely random.
Scandium Canada Correlation With Market
Significant diversification
The correlation between Scandium Canada 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 Scandium Canada and DJI in the same portfolio, assuming nothing else is changed.
Scandium |
The ability to find closely correlated positions to Scandium Canada could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Scandium Canada 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 Scandium Canada - 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 Scandium Canada to buy it.
Moving together with Scandium Stock
| 0.62 | CNQ | Canadian Natural Res | PairCorr |
| 0.63 | WCP | Whitecap Resources Earnings Call This Week | PairCorr |
| 0.65 | MEG | MEG Energy Corp | PairCorr |
| 0.78 | PSK | PrairieSky Royalty Earnings Call This Week | PairCorr |
| 0.81 | MFC | Manulife Financial Corp | PairCorr |
| 0.9 | TD | Toronto Dominion Bank | PairCorr |
| 0.72 | TRP | TC Energy Corp | PairCorr |
| 0.75 | ATH | Athabasca Oil Corp | PairCorr |
| 0.89 | BTO | B2Gold Corp | PairCorr |
| 0.69 | CVE | Cenovus Energy | PairCorr |
| 0.72 | BNS | Bank of Nova Scotia | PairCorr |
| 0.92 | DML | Denison Mines Corp | PairCorr |
| 0.71 | GOOG | Alphabet CDR | PairCorr |
| 0.8 | CDB | Cordoba Minerals Corp | PairCorr |
| 0.87 | CCE | Commerce Resources Corp | PairCorr |
| 0.69 | GAL | Galantas Gold Corp | PairCorr |
| 0.61 | BYN | Banyan Gold Corp | PairCorr |
| 0.71 | BZ | Benz Mining Corp | PairCorr |
| 0.94 | EFR | Energy Fuels | PairCorr |
| 0.92 | ORE | Orezone Gold Corp | PairCorr |
| 0.77 | QNC | Quantum Numbers | PairCorr |
| 0.83 | ABX | Barrick Gold Corp | PairCorr |
| 0.88 | DMGI | Dmg Blockchain Solutions | PairCorr |
| 0.67 | TMO | Thermo Fisher CDR Earnings Call This Week | PairCorr |
| 0.75 | LPS | Legend Power Systems | PairCorr |
| 0.93 | FPX | FPX Nickel Corp | PairCorr |
| 0.66 | APLI | Appili Therapeutics | PairCorr |
Moving against Scandium Stock
Related Correlations Analysis
| 0.77 | -0.3 | 0.49 | 0.85 | 0.63 | 0.86 | CNQ | ||
| 0.77 | -0.14 | 0.35 | 0.61 | 0.32 | 0.69 | TOU | ||
| -0.3 | -0.14 | -0.31 | -0.48 | -0.66 | -0.39 | ARX | ||
| 0.49 | 0.35 | -0.31 | 0.49 | 0.3 | 0.32 | OVV | ||
| 0.85 | 0.61 | -0.48 | 0.49 | 0.68 | 0.79 | WCP | ||
| 0.63 | 0.32 | -0.66 | 0.3 | 0.68 | 0.64 | MEG | ||
| 0.86 | 0.69 | -0.39 | 0.32 | 0.79 | 0.64 | PSK | ||
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
| High negative correlations
|
Risk-Adjusted Indicators
There is a big difference between Scandium Stock performing well and Scandium Canada 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 Scandium Canada'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| CNQ | 1.15 | 0.01 | 0.00 | 0.03 | 0.00 | 2.36 | 6.84 | |||
| TOU | 1.00 | (0.05) | 0.00 | 0.24 | 0.00 | 1.81 | 9.04 | |||
| ARX | 1.14 | (0.16) | 0.00 | 0.91 | 0.00 | 2.33 | 5.84 | |||
| OVV | 1.73 | (0.11) | 0.00 | 0.23 | 0.00 | 3.72 | 10.02 | |||
| WCP | 1.10 | 0.16 | 0.08 | (1.22) | 1.13 | 2.04 | 8.66 | |||
| MEG | 0.92 | 0.18 | 0.09 | (0.26) | 0.97 | 2.07 | 8.70 | |||
| PSK | 0.91 | 0.07 | 0.02 | 0.33 | 1.14 | 2.10 | 5.62 |
Be your own money manager
Our tools can tell you how much better you can do entering a position in Scandium Canada 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 Global Markets Map Now
Global Markets MapGet a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes |
| All Next | Launch Module |
Scandium Canada Corporate Management
Elected by the shareholders, the Scandium Canada's board of directors comprises two types of representatives: Scandium Canada inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Scandium. The board's role is to monitor Scandium Canada's management team and ensure that shareholders' interests are well served. Scandium Canada's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Scandium Canada's outside directors are responsible for providing unbiased perspectives on the board's policies.