Canadian National Correlations
| CNI Stock | USD 127.16 0.13 0.10% |
The correlation of Canadian National 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 Canadian National moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Canadian National Railway 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.
Good diversification
The correlation between Canadian National Railway and NYA is -0.04 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Canadian National Railway and NYA in the same portfolio, assuming nothing else is changed.
Canadian |
The ability to find closely correlated positions to Canadian National could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Canadian National 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 Canadian National - 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 Canadian National Railway to buy it.
Moving together with Canadian Stock
| 0.78 | CP | Canadian Pacific Railway Earnings Call This Week | PairCorr |
| 0.64 | CPA | Copa Holdings SA Financial Report 8th of May 2024 | PairCorr |
| 0.61 | DAL | Delta Air Lines Sell-off Trend | PairCorr |
| 0.65 | NSC | Norfolk Southern Earnings Call This Week | PairCorr |
| 0.75 | JBLU | JetBlue Airways Corp Earnings Call This Week | PairCorr |
| 0.73 | ATCOL | Atlas Corp | PairCorr |
| 0.72 | ODFL | Old Dominion Freight Earnings Call This Week | PairCorr |
| 0.77 | RYAAY | Ryanair Holdings PLC Report 27th of May 2024 | PairCorr |
| 0.75 | SAIA | Saia Inc Earnings Call This Week | PairCorr |
Moving against Canadian Stock
| 0.73 | ATSG | Air Transport Services Financial Report 2nd of May 2024 | PairCorr |
| 0.59 | VLRS | Volaris Buyout Trend | PairCorr |
| 0.53 | HA | Hawaiian Holdings Earnings Call This Week | PairCorr |
| 0.53 | SAVE | Spirit Airlines Financial Report 24th of April 2024 | PairCorr |
| 0.46 | MESA | Mesa Air Group Financial Report 14th of May 2024 | 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
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Risk-Adjusted Indicators
There is a big difference between Canadian Stock performing well and Canadian National 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 Canadian National'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| UNP | 0.73 | (0.08) | 0.00 | 0.46 | 0.00 | 1.69 | 3.85 | |||
| CSX | 0.77 | (0.07) | 0.00 | (0.02) | 0.00 | 1.70 | 4.12 | |||
| NSC | 1.13 | 0.00 | 0.02 | 0.06 | 1.09 | 1.82 | 11.52 | |||
| WAB | 0.68 | 0.13 | 0.15 | 0.24 | 0.51 | 1.44 | 3.22 | |||
| CP | 0.90 | 0.05 | 0.06 | 0.10 | 0.87 | 2.04 | 5.58 | |||
| TRN | 1.51 | (0.01) | 0.01 | 0.05 | 1.83 | 2.71 | 7.36 | |||
| GBX | 1.36 | 0.10 | 0.09 | 0.12 | 1.47 | 2.12 | 9.83 | |||
| FSTR | 1.60 | 0.05 | 0.02 | 0.13 | 2.33 | 3.60 | 11.55 |
Be your own money manager
Our tools can tell you how much better you can do entering a position in Canadian National 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?
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Canadian National Corporate Directors
Canadian National corporate directors refer to members of a Canadian National board of directors. The board of directors generally takes responsibility for the Canadian National's affairs and long-term direction of the entity. A corporate director does not make decisions for the corporation on his own. As a member of the board of directors, she or he must function as a part of a group that makes decisions on behalf of the business only by the board of directors' meetings. To pass a resolution, a majority of Canadian National's board members must vote for the resolution. The Canadian National board of directors' duties also include the election, removal, and supervision of officers, including the adoption, amendment, and repeal of bylaws.| Donald Carty | Independent Director | Profile | |
| Shauneen Bruder | Independent Director | Profile | |
| Edith Holiday | Independent Director | Profile | |
| Maureen Darkes | Independent Director | Profile |
Already Invested in Canadian National Railway?
The danger of trading Canadian National Railway 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 Canadian National 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 Canadian National. The Sharpe ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile Canadian National Railway 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.
When determining whether Canadian National Railway offers a strong return on investment in its stock, a comprehensive analysis is essential. The process typically begins with a thorough review of Canadian National's financial statements, including income statements, balance sheets, and cash flow statements, to assess its financial health. Key financial ratios are used to gauge profitability, efficiency, and growth potential of Canadian National Railway Stock. Outlined below are crucial reports that will aid in making a well-informed decision on Canadian National Railway Stock: Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Canadian National Railway. 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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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When running Canadian National's price analysis, check to measure Canadian National'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 Canadian National is operating at the current time. Most of Canadian National's value examination focuses on studying past and present price action to predict the probability of Canadian National's future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move Canadian National's price. Additionally, you may evaluate how the addition of Canadian National to your portfolios can decrease your overall portfolio volatility.
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Is Canadian National's industry expected to grow? Or is there an opportunity to expand the business' product line in the future? Factors like these will boost the valuation of Canadian National. If investors know Canadian will grow in the future, the company's valuation will be higher. The financial industry is built on trying to define current growth potential and future valuation accurately. All the valuation information about Canadian National listed above have to be considered, but the key to understanding future value is determining which factors weigh more heavily than others.
The market value of Canadian National Railway is measured differently than its book value, which is the value of Canadian that is recorded on the company's balance sheet. Investors also form their own opinion of Canadian National's value that differs from its market value or its book value, called intrinsic value, which is Canadian National's true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because Canadian National's market value can be influenced by many factors that don't directly affect Canadian National's underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between Canadian National's value and its price as these two are different measures arrived at by different means. Investors typically determine if Canadian National is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Canadian National's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.