TransAlta Correlations

TZ1 Stock

EUR 10.32 0.15 1.47%

The current 90-days correlation between TransAlta and CHAMPION IRON is 0.14 (i.e., Average diversification). The correlation of TransAlta 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.

TransAlta Correlation With Market

Good diversification

The correlation between TransAlta and DJI is -0.13 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding TransAlta and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with TransAlta Stock

0.81	ENR0	SIEMENS ENERGY AG	Pair Corr
0.81	ENR	Siemens Energy AG	Pair Corr
0.8	0V6	Vistra Corp	Pair Corr
0.71	BJI	Datang International	Pair Corr
0.73	BZB	Contact Energy	Pair Corr
0.76	MSF	Microsoft	Pair Corr
0.75	MSF	Microsoft	Pair Corr
0.76	MSF	Microsoft	Pair Corr
0.77	MSF	Microsoft	Pair Corr
0.86	8HJ	LANDSEA HOMES P	Pair Corr
0.63	SWN	SOUTHWEST AIRLINES Earnings Call This Week	Pair Corr
0.84	FJZ	Zijin Mining Group	Pair Corr
0.72	R6N	Retail Estates NV	Pair Corr
0.7	KGX1	KION GROUP AG	Pair Corr
0.83	SSUN	Samsung Electronics	Pair Corr
0.8	9960	RENERGEN LTD	Pair Corr
0.61	9A2	ARES CAPITAL	Pair Corr
0.75	EBO	Erste Group Bank	Pair Corr
0.64	SWN	Southwest Airlines Earnings Call This Week	Pair Corr
0.82	4JP	Japan Post Insurance	Pair Corr
0.92	0ZQ	JSC National Atomic	Pair Corr

Moving against TransAlta Stock

0.56	06Y	POLENERGIA SA ZY	Pair Corr
0.54	9PAA	Pampa Energa SA	Pair Corr
0.36	APC	Apple Inc	Pair Corr
0.34	APC	Apple Inc	Pair Corr
0.33	APC	Apple Inc	Pair Corr
0.32	APC	Apple Inc	Pair Corr
0.31	APC	Apple Inc	Pair Corr
0.35	GAP	Gap	Pair Corr
0.31	JI5	Jubilee Metals Group	Pair Corr

Related Correlations Analysis

	36N	MMPI	8QC	YM9A	LIE	JPX	LIE	GNV
36N		-0.07	0.82	0.66	0.6	0.83	0.61	0.62	36N
MMPI	-0.07		0.14	-0.29	0.06	0.04	0.02	0.35	MMPI
8QC	0.82	0.14		0.69	0.23	0.89	0.23	0.86	8QC
YM9A	0.66	-0.29	0.69		0.22	0.72	0.26	0.49	YM9A
LIE	0.6	0.06	0.23	0.22		0.3	0.97	0.02	LIE
JPX	0.83	0.04	0.89	0.72	0.3		0.31	0.73	JPX
LIE	0.61	0.02	0.23	0.26	0.97	0.31		0.03	LIE
GNV	0.62	0.35	0.86	0.49	0.02	0.73	0.03		GNV
	36N	MMPI	8QC	YM9A	LIE	JPX	LIE	GNV

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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

LIE	+ 0.97	LIE
JPX	+ 0.89	8QC
GNV	+ 0.86	8QC
JPX	+ 0.83	36N
8QC	+ 0.82	36N
GNV	+ 0.73	JPX

High negative correlations

YM9A	- 0.29	MMPI
MMPI	- 0.07	36N

Risk-Adjusted Indicators

There is a big difference between TransAlta Stock performing well and TransAlta 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 TransAlta'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
36N	2.23	0.39	0.13	0.71	2.29	(2.86)	7.33	(4.73)	19.05
MMPI	2.18	0.15	0.03	0.47	2.42	(2.54)	4.24	(4.17)	11.73
8QC	0.90	0.25	0.11	12.18	0.75	(1.00)	2.36	(1.72)	4.54
YM9A	2.34	0.16	0.01	0.57	2.68	(5.73)	5.88	(5.56)	19.09
LIE	0.68	0.10	(0.01)	1.32	0.85	(1.06)	1.22	(0.94)	6.49
JPX	3.07	1.10	0.30	(4.08)	2.65	(3.98)	6.85	(5.02)	30.29
LIE	0.90	0.13	(0.01)	(1.83)	0.92	(1.36)	1.90	(1.77)	8.34
GNV	2.75	0.46	0.06	3.22	2.72	(6.97)	6.25	(5.88)	33.05

Be your own money manager

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