Cargojet Correlations
CJT Stock | CAD 114.99 4.14 3.73% |
The correlation of Cargojet 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 perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Cargojet moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Cargojet moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Very weak diversification
The correlation between Cargojet and NYA is 0.48 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Cargojet and NYA in the same portfolio, assuming nothing else is changed.
Cargojet |
The ability to find closely correlated positions to Cargojet could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Cargojet 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 Cargojet - 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 Cargojet to buy it.
Moving together with Cargojet Stock
Moving against Cargojet Stock
0.82 | NVDA | NVIDIA CDR | PairCorr |
0.67 | META | Meta Platforms CDR | PairCorr |
0.67 | BFM | Bedford Metals Corp | PairCorr |
0.65 | JPM | JPMorgan Chase | PairCorr |
0.63 | AMZN | Amazon CDR | PairCorr |
0.63 | CSH-UN | Chartwell Retirement | PairCorr |
0.58 | XOM | EXXON MOBIL CDR | PairCorr |
0.52 | BRK | Berkshire Hathaway CDR | PairCorr |
0.46 | VISA | Visa Inc CDR | PairCorr |
0.42 | OCO | Oroco Resource Corp | PairCorr |
Related Correlations Analysis
Click cells to compare fundamentals | Check Volatility | Backtest Portfolio |
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 Cargojet Stock performing well and Cargojet 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 Cargojet'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.Be your own money manager
Our tools can tell you how much better you can do entering a position in Cargojet 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 Price Transformation Now
Price TransformationUse Price Transformation models to analyze the depth of different equity instruments across global markets |
All Next | Launch Module |
Cargojet Corporate Management
Elected by the shareholders, the Cargojet's board of directors comprises two types of representatives: Cargojet inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Cargojet. The board's role is to monitor Cargojet's management team and ensure that shareholders' interests are well served. Cargojet'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, Cargojet's outside directors are responsible for providing unbiased perspectives on the board's policies.
Arlene Dickinson | Independent Director | Profile | |
Scott Calver | Chief Officer | Profile | |
Sanjeev Maini | Vice Finance | Profile | |
Gord Johnston | Senior Sales | Profile | |
Fernando Garcia | Vice Governance | Profile |
Already Invested in Cargojet?
The danger of trading Cargojet is mainly related to its market volatility and Company specific events. As an investor, you must understand the concept of risk-adjusted return before you start trading. The most common way to measure the risk of Cargojet is by using the Sharpe ratio. The ratio expresses how much excess return you acquire for the extra volatility you endure for holding a more risker asset than Cargojet. The Sharpe ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile Cargojet is, you must compare it to a benchmark. Traditionally, the risk-free rate of return is the rate of return on the shortest-dated U.S. Treasury, such as a 3-year bond.
Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Cargojet. Also, note that the market value of any company could be tightly coupled with the direction of predictive economic indicators such as signals in board of governors. You can also try the Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
Complementary Tools for Cargojet Stock analysis
When running Cargojet's price analysis, check to measure Cargojet's market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy Cargojet is operating at the current time. Most of Cargojet's value examination focuses on studying past and present price action to predict the probability of Cargojet's future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move Cargojet's price. Additionally, you may evaluate how the addition of Cargojet to your portfolios can decrease your overall portfolio volatility.
Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk |