Dynamic Equity Correlations

0P000075R0

13.84 0.12 0.87%

The current 90-days correlation between Dynamic Equity Income and CDSPI Canadian Equity is 0.02 (i.e., Significant diversification). The correlation of Dynamic Equity 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 correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Dynamic Equity Correlation With Market

Very poor diversification

The correlation between Dynamic Equity Income and DJI is 0.86 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Dynamic Equity Income and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Dynamic Equity could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Dynamic Equity 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 Dynamic Equity - 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 Dynamic Equity Income to buy it.

Moving together with Dynamic Fund

0.8	0P0000706A	RBC Select Balanced	Pair Corr
0.91	0P0000S9O7	PIMCO Monthly Income	Pair Corr
0.88	0P0000S9O5	PIMCO Monthly Income	Pair Corr
0.98	0P000072KJ	RBC Canadian Dividend	Pair Corr
0.81	0P00007069	RBC Portefeuille	Pair Corr
0.95	0P0000WJMR	IG Mackenzie Dividend	Pair Corr
0.94	0P0000IUYO	Edgepoint Global Por	Pair Corr
0.9	0P0001K9TH	CIBC Money Market	Pair Corr

Related Correlations Analysis

	0P000077FS	0P0001J62O	0P00007149	0P0001KUBJ	0P0001OO5L	0P0000N468	0P000073MU	0P000070CY
0P000077FS		0.93	0.41	0.69	0.92	0.98	0.92	0.94	0P000077FS
0P0001J62O	0.93		0.63	0.88	0.98	0.92	0.98	0.9	0P0001J62O
0P00007149	0.41	0.63		0.82	0.69	0.35	0.68	0.36	0P00007149
0P0001KUBJ	0.69	0.88	0.82		0.86	0.69	0.86	0.68	0P0001KUBJ
0P0001OO5L	0.92	0.98	0.69	0.86		0.89	0.99	0.87	0P0001OO5L
0P0000N468	0.98	0.92	0.35	0.69	0.89		0.9	0.96	0P0000N468
0P000073MU	0.92	0.98	0.68	0.86	0.99	0.9		0.88	0P000073MU
0P000070CY	0.94	0.9	0.36	0.68	0.87	0.96	0.88		0P000070CY
	0P000077FS	0P0001J62O	0P00007149	0P0001KUBJ	0P0001OO5L	0P0000N468	0P000073MU	0P000070CY

Risk-Adjusted Indicators

There is a big difference between Dynamic Fund performing well and Dynamic Equity Fund 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 Dynamic Equity'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
0P000077FS	0.42	0.06	0.05	0.24	0.46	(0.41)	0.81	(1.02)	2.59
0P0001J62O	0.47	0.02	0.00	0.09	0.53	(0.49)	1.04	(1.04)	2.28
0P00007149	0.41	(0.03)	0.00	(0.09)	0.00	0.00	0.88	(0.84)	2.72
0P0001KUBJ	0.46	(0.02)	(0.09)	(0.02)	0.59	(0.46)	0.95	(1.00)	2.84
0P0001OO5L	0.53	0.05	0.03	0.14	0.61	(0.60)	1.03	(1.11)	2.94
0P0000N468	0.56	0.03	0.00	0.11	0.81	(0.53)	1.08	(1.16)	3.16
0P000073MU	0.53	0.03	0.01	0.10	0.66	(0.55)	1.11	(1.02)	3.06
0P000070CY	0.50	0.04	(0.01)	(0.81)	0.53	(0.55)	1.00	(0.93)	3.02

Dynamic Equity Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with Dynamic Equity fund to make a market-neutral strategy. Peer analysis of Dynamic Equity could also be used in its relative valuation, which is a method of valuing Dynamic Equity by comparing valuation metrics with similar companies.

RBC Canadian Equity Dfa World Equity Mawer International Equity Tangerine Equity Growth NBI International Equity PHN Canadian Equity FRIQUE International Equity CDSPI Canadian Equity American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup SentinelOne CVS Health Corp

Risk & Return

Correlation

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