TA-PJ.TO vs. EMA-PC.TO

Last updated Jun 5, 2026

TA-PJ.TO (TransAlta Corporation) and EMA-PC.TO (Emera Incorporated) are both stocks. Both are in the Utilities sector — TA-PJ.TO in Utilities - Independent Power Producers, EMA-PC.TO in Utilities - Regulated Electric. Over the past 10 years, TA-PJ.TO returned 12.31%/yr vs 9.95%/yr for EMA-PC.TO. At a 0.22 correlation, their price movements are largely independent.

Performance

TA-PJ.TO vs. EMA-PC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in TransAlta Corporation (TA-PJ.TO) and Emera Incorporated (EMA-PC.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TA-PJ.TO achieves a 2.83% return, which is significantly lower than EMA-PC.TO's 5.77% return. Over the past 10 years, TA-PJ.TO has outperformed EMA-PC.TO with an annualized return of 12.31%, while EMA-PC.TO has yielded a comparatively lower 9.95% annualized return.

TA-PJ.TO

• 1D: 0.00%
• 1M: 2.15%
• YTD: 2.83%
• 6M: 3.51%
• 1Y: 10.19%
• 3Y*: 17.95%
• 5Y*: 9.01%
• 10Y*: 12.31%

EMA-PC.TO

• 1D: 0.70%
• 1M: 0.35%
• YTD: 5.77%
• 6M: 5.68%
• 1Y: 13.37%
• 3Y*: 18.49%
• 5Y*: 7.95%
• 10Y*: 9.95%

*Multi-year figures are annualized to reflect compound growth (CAGR)

TA-PJ.TO vs. EMA-PC.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TA-PJ.TO TransAlta Corporation	2.83%	17.42%	28.47%	2.13%	-9.51%	33.30%	13.81%	7.17%	-13.49%	21.06%
EMA-PC.TO Emera Incorporated	5.77%	15.47%	23.62%	16.61%	-18.92%	44.17%	3.84%	-7.46%	-8.81%	17.30%

Correlation

The correlation between TA-PJ.TO and EMA-PC.TO is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.20
Correlation (10Y) Calculated over the trailing 10-year period	0.24
Correlation (All Time) Calculated using the full available price history since Aug 18, 2014	0.22

The correlation between TA-PJ.TO and EMA-PC.TO shifts across timeframes, from 0.12 (1 year) to 0.24 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

TA-PJ.TO vs. EMA-PC.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TA-PJ.TO

TA-PJ.TO Risk / Return Rank: 88
TA-PJ.TO Sharpe Ratio Rank: 85
TA-PJ.TO Sortino Ratio Rank: 85
TA-PJ.TO Omega Ratio Rank: 85
TA-PJ.TO Calmar Ratio Rank: 93
TA-PJ.TO Martin Ratio Rank: 93

EMA-PC.TO

EMA-PC.TO Risk / Return Rank: 89
EMA-PC.TO Sharpe Ratio Rank: 87
EMA-PC.TO Sortino Ratio Rank: 87
EMA-PC.TO Omega Ratio Rank: 86
EMA-PC.TO Calmar Ratio Rank: 91
EMA-PC.TO Martin Ratio Rank: 94

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TA-PJ.TO vs. EMA-PC.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TransAlta Corporation (TA-PJ.TO) and Emera Incorporated (EMA-PC.TO). 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.

	TA-PJ.TO	EMA-PC.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.77	1.95	-0.18
Sortino ratio: Return per unit of downside risk	2.69	2.93	-0.25
Omega ratio: Gain probability vs. loss probability	1.36	1.37	-0.01
Calmar ratio: Return relative to maximum drawdown	6.04	4.89	+1.16
Martin ratio: Return relative to average drawdown	15.14	17.51	-2.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TA-PJ.TO vs. EMA-PC.TO - Sharpe Ratio Comparison

The current TA-PJ.TO Sharpe Ratio is 1.77, which is comparable to the EMA-PC.TO Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of TA-PJ.TO and EMA-PC.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TA-PJ.TO	EMA-PC.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.77	1.95	-0.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.84	0.54	+0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.78	0.60	+0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.35	+0.06

Drawdowns

TA-PJ.TO vs. EMA-PC.TO - Drawdown Comparison

The maximum TA-PJ.TO drawdown since its inception was -48.77%, which is greater than EMA-PC.TO's maximum drawdown of -45.60%. Use the drawdown chart below to compare losses from any high point for TA-PJ.TO and EMA-PC.TO.

Drawdown Indicators

	TA-PJ.TO	EMA-PC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-48.77%	-45.60%	-3.17%
Max Drawdown (1Y) Largest decline over 1 year	-1.70%	-2.80%	+1.10%
Max Drawdown (3Y) Largest decline over 3 years	-7.51%	-13.29%	+5.78%
Max Drawdown (5Y) Largest decline over 5 years	-17.94%	-26.10%	+8.16%
Max Drawdown (10Y) Largest decline over 10 years	-48.16%	-45.60%	-2.56%
Current Drawdown Current decline from peak	-0.19%	0.00%	-0.19%
Average Drawdown Average peak-to-trough decline	-11.01%	-8.96%	-2.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.68%	0.78%	-0.10%

Volatility

TA-PJ.TO vs. EMA-PC.TO - Volatility Comparison

The current volatility for TransAlta Corporation (TA-PJ.TO) is 1.20%, while Emera Incorporated (EMA-PC.TO) has a volatility of 2.01%. This indicates that TA-PJ.TO experiences smaller price fluctuations and is considered to be less risky than EMA-PC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TA-PJ.TO	EMA-PC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.20%	2.01%	-0.81%
Volatility (6M) Calculated over the trailing 6-month period	4.02%	4.04%	-0.02%
Volatility (1Y) Calculated over the trailing 1-year period	5.81%	7.05%	-1.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.83%	14.86%	-4.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.77%	16.59%	-0.82%

Dividends

TA-PJ.TO vs. EMA-PC.TO - Dividend Comparison

TA-PJ.TO's dividend yield for the trailing twelve months is around 6.52%, more than EMA-PC.TO's 6.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMA-PC.TO Emera Incorporated	6.19%	6.34%	6.85%	6.29%	6.29%	4.83%	6.60%	6.40%	5.02%	4.22%	4.73%	5.20%
TA-PJ.TO TransAlta Corporation	6.52%	6.48%	5.72%	6.36%	6.10%	5.22%	6.58%	7.26%	7.32%	5.96%	6.78%	8.92%

Financials

Frequently Asked Questions

Can I hold both TA-PJ.TO and EMA-PC.TO in my portfolio?

TA-PJ.TO and EMA-PC.TO have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.