Dynamic Equity Correlations

Funds . Canada . 
Fund . Dynamic Equity Income
0P000075R0   14.35  0.07  0.49%   
The current 90-days correlation between Dynamic Equity Income and Manulife Global Equity is -0.11 (i.e., Good 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 0.85 (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

  0.910P0000706A RBC Select BalancedPairCorr
  0.920P0000S9O7 PIMCO Monthly IncomePairCorr
  0.910P0000S9O5 PIMCO Monthly IncomePairCorr
  0.940P000072KJ RBC Canadian DividendPairCorr
  0.910P00007069 RBC PortefeuillePairCorr
  0.930P0000WJMR IG Mackenzie DividendPairCorr
  0.870P0000IUYO Edgepoint Global PorPairCorr
  0.930P000077FS RBC Canadian EquityPairCorr
  0.90P0000VUYE Manulife Dividend IncomePairCorr
  0.840P0000YW3H Russell Inv RealPairCorr
  0.79GRNI BMO BROOKFIELD GLOBALPairCorr
  0.80P0001LXLL iProfile Low VolatilityPairCorr
  0.840P0001FAU5 TD Comfort AggressivePairCorr
  0.870P00008XLH Fidelity Global GrowthPairCorr
  0.880P000074QV Fidelity CanadianPairCorr
  0.860P00007060 RBC Canadian MoneyPairCorr
  0.960P000075KH NEI Canadian EquityPairCorr
  0.920P0000714B Mawer New CanadaPairCorr
  0.760P0000NFNA Manulife Strategic IncomePairCorr
  0.840P00007148 Mawer Canadian MoneyPairCorr
  0.920P0000M3Z6 FRIQUE Canadian DividendPairCorr
  0.880P000072CO CI Corporate BondPairCorr
  0.950P0001J62O Dfa World EquityPairCorr
  0.810P000075B1 Resolute PerformancePairCorr
  0.820P0000ZCTA IG Core PortfolioPairCorr
  0.920P0001OO5L NBI International EquityPairCorr
  0.620P0001P069 PICTON Multi StrategyPairCorr
  0.870P0001KUBJ Tangerine Equity GrowthPairCorr
  0.730P0000YW39 Russell InvestmentsPairCorr
  0.920P0000WJLP IG Mackenzie EuropeanPairCorr
  0.870P000071KM NEI Clean InfrastructurePairCorr
  0.870P0001OO5K NBI Canadian EquityPairCorr
  0.880P0001GZLR Fidelity Canadian GrowthPairCorr
  0.870P0001FGJG Mackenzie Grnchp GlblPairCorr
  0.90P000071HC FRIQUE World DividendPairCorr

Related Correlations Analysis


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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
0P0001EDJY  0.57  0.04 (0.07) 0.53  0.68 
(0.61)
 1.06 
(1.28)
 3.68 
0P000077FS  0.43  0.15  0.09  20.76  0.33 
(0.48)
 0.91 
(0.89)
 2.45 
0P0001N2YH  0.44  0.08 (0.02) 1.62  0.38 
(0.52)
 0.97 
(0.89)
 2.69 
0P0001J62O  0.45  0.10  0.10  0.30  0.20 
(0.54)
 1.04 
(0.79)
 2.90 
0P00007149  0.38  0.06 (0.04) 0.61  0.32 
(0.41)
 0.88 
(0.79)
 2.60 
0P0000UGMA  0.47 (0.01)(0.11) 0.08  0.55 
(0.56)
 1.10 
(0.83)
 3.45 
0P000075R0  0.39  0.08  0.01  0.36  0.36 
(0.42)
 0.86 
(0.86)
 2.54 
0P0001KUBJ  0.46  0.04 (0.01) 0.19  0.40 
(0.52)
 1.02 
(0.70)
 2.84 
MMF4606  0.55  0.03 (0.09) 0.35  0.60 
(0.59)
 1.21 
(1.05)
 3.42 

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.
 Risk & Return  Correlation
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