Great West Correlations
| GWO Stock | CAD 40.27 0.09 0.22% |
The correlation of Great West 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 Great West moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Great West Lifeco 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.
Modest diversification
The correlation between Great West Lifeco and NYA is 0.21 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Great West Lifeco and NYA in the same portfolio, assuming nothing else is changed.
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The ability to find closely correlated positions to Great West could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Great West 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 Great West - 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 Great West Lifeco to buy it.
Moving against Great Stock
| 0.62 | RY-PZ | Royal Bank | PairCorr |
| 0.62 | IVN | Ivanhoe Mines Earnings Call This Week | PairCorr |
| 0.57 | ARX | ARC Resources | PairCorr |
| 0.47 | TD-PFM | Toronto Dominion Bank | PairCorr |
| 0.45 | TD-PFE | Toronto Dominion Bank | PairCorr |
| 0.41 | BN-PK | Brookfield Asset Man | PairCorr |
| 0.41 | CNQ | Canadian Natural Res | PairCorr |
Related Correlations Analysis
| Click cells to compare fundamentals | Check Volatility | Backtest Portfolio |
Risk-Adjusted Indicators
There is a big difference between Great Stock performing well and Great West 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 Great West'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 Great West 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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Crypto CorrelationsUse cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins |
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Great West Corporate Directors
Great West corporate directors refer to members of a Great West board of directors. The board of directors generally takes responsibility for the Great West'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 Great West's board members must vote for the resolution. The Great West board of directors' duties also include the election, removal, and supervision of officers, including the adoption, amendment, and repeal of bylaws.| Deborah Barrett | Independent Director | Profile | |
| Chaviva Hosek | Independent Director | Profile | |
| Andre Desmarais | Independent Director | Profile | |
| Claude Genereux | Independent Director | Profile |
Already Invested in Great West Lifeco?
The danger of trading Great West Lifeco 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 Great West 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 Great West. The Sharpe ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile Great West Lifeco 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 Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Great West Lifeco. 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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
Complementary Tools for Great Stock analysis
When running Great West's price analysis, check to measure Great West'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 Great West is operating at the current time. Most of Great West's value examination focuses on studying past and present price action to predict the probability of Great West's future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move Great West's price. Additionally, you may evaluate how the addition of Great West to your portfolios can decrease your overall portfolio volatility.
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