ALA.TO vs. ^TNX
ALA.TO (AltaGas Ltd.) is a stock, while ^TNX (Cboe 10-Year Treasury Note Yield Index) is an index. Over the past 10 years, ALA.TO returned 10.72%/yr vs 12.12%/yr for ^TNX. At a 0.07 correlation, their price movements are largely independent.
Performance
ALA.TO vs. ^TNX - Performance Comparison
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Different Trading Currencies
ALA.TO is traded in CAD, while ^TNX is traded in USD. To make them comparable, the ^TNX values have been converted to CAD using the latest available exchange rates.
Returns By Period
In the year-to-date period, ALA.TO achieves a 33.24% return, which is significantly higher than ^TNX's 13.07% return. Over the past 10 years, ALA.TO has underperformed ^TNX with an annualized return of 10.72%, while ^TNX has yielded a comparatively higher 12.12% annualized return.
ALA.TO
- 1D
- -0.40%
- 1M
- 2.17%
- 6M
- 36.20%
- YTD
- 33.24%
- 1Y
- 38.54%
- 3Y*
- 35.28%
- 5Y*
- 20.34%
- 10Y*
- 10.72%
- ALL TIME*
- 9.73%
^TNX
- 1D
- 1.13%
- 1M
- 2.71%
- 6M
- 9.70%
- YTD
- 13.07%
- 1Y
- 5.88%
- 3Y*
- 8.44%
- 5Y*
- 31.77%
- 10Y*
- 12.12%
- ALL TIME*
- 0.48%
ALA.TO vs. ^TNX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ALA.TO AltaGas Ltd. | 33.24% | 29.01% | 24.94% | 24.42% | -10.99% | 52.17% | 0.41% | 49.96% | -46.85% | -9.38% |
^TNX Cboe 10-Year Treasury Note Yield Index | 13.07% | -13.12% | 28.30% | -2.71% | 172.80% | 64.80% | -53.35% | -31.50% | 21.07% | -8.33% |
Correlation
The correlation between ALA.TO and ^TNX is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Aug 17, 2006 | 0.07 |
The correlation between ALA.TO and ^TNX shifts across timeframes, from -0.04 (3 years) to 0.16 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ALA.TO vs. ^TNX — Risk / Return Rank
ALA.TO
^TNX
ALA.TO vs. ^TNX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AltaGas Ltd. (ALA.TO) and Cboe 10-Year Treasury Note Yield Index (^TNX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| ALA.TO | ^TNX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.81 | ||
| Sortino ratioReturn per unit of downside risk | +2.39 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.07 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 5.05 | 0.56 | +4.49 |
| Martin ratioReturn relative to average drawdown | 12.79 | 1.23 | +11.56 |
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Drawdowns
ALA.TO vs. ^TNX - Drawdown Comparison
The maximum ALA.TO drawdown since its inception was -74.98%, smaller than the maximum ^TNX drawdown of -89.94%. Use the drawdown chart below to compare losses from any high point for ALA.TO and ^TNX.
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Drawdown Indicators
| ALA.TO | ^TNX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.98% | -89.94% | +14.96% |
Max Drawdown (1Y)Largest decline over 1 year | -7.67% | -10.53% | +2.86% |
Max Drawdown (3Y)Largest decline over 3 years | -9.12% | -28.13% | +19.01% |
Max Drawdown (5Y)Largest decline over 5 years | -27.83% | -28.13% | +0.30% |
Max Drawdown (10Y)Largest decline over 10 years | -66.68% | -83.97% | +17.29% |
Current DrawdownCurrent decline from peak | -1.17% | -6.90% | +5.73% |
Average DrawdownAverage peak-to-trough decline | -20.18% | -44.63% | +24.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.03% | 5.15% | -2.12% |
Volatility
ALA.TO vs. ^TNX - Volatility Comparison
AltaGas Ltd. (ALA.TO) has a higher volatility of 5.27% compared to Cboe 10-Year Treasury Note Yield Index (^TNX) at 4.38%. This indicates that ALA.TO's price experiences larger fluctuations and is considered to be riskier than ^TNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ALA.TO | ^TNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.27% | 4.38% | +0.89% |
Volatility (6M)Calculated over the trailing 6-month period | 13.41% | 11.80% | +1.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.70% | 15.46% | +2.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.16% | 32.06% | -12.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.80% | 48.34% | -19.54% |
Frequently Asked Questions
ALA.TO and ^TNX have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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