Canada Goose Correlations

GOOS Stock  CAD 17.89  0.53  3.05%   
The current 90-days correlation between Canada Goose Holdings and Aritzia is 0.17 (i.e., Average diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Canada Goose moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Canada Goose Holdings moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Canada Goose Correlation With Market

Significant diversification

The correlation between Canada Goose Holdings 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 Canada Goose Holdings and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Canada Goose could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Canada Goose 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 Canada Goose - 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 Canada Goose Holdings to buy it.

Moving together with Canada Stock

  0.69NVDA NVIDIA CDR SplitPairCorr
  0.74WMT Walmart Inc CDRPairCorr

Moving against Canada Stock

  0.47CHEV CHEVRON CDRPairCorr

Related Correlations Analysis

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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   
SHOPQSR
DOLATZ
LSPDDOL
SHOPATZ
QSRATZ
  
High negative correlations   
LSPDQSR
DOLQSR
SHOPDOL
LSPDSHOP
LSPDATZ

Risk-Adjusted Indicators

There is a big difference between Canada Stock performing well and Canada Goose 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 Canada Goose'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 Canada Goose 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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