Purpose Canadian Correlations

BNC Etf

CAD 35.12 0.17 0.49%

The current 90-days correlation between Purpose Canadian Fin and iShares MSCI Canada is 0.45 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Purpose Canadian moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Purpose Canadian Financial moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Purpose Canadian Correlation With Market

Poor diversification

The correlation between Purpose Canadian Financial and DJI is 0.77 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Purpose Canadian Financial and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Purpose Etf

0.95	ZEB	BMO SPTSX Equal	Pair Corr
0.96	XFN	iShares SPTSX Capped	Pair Corr
0.75	ZBK	BMO Equal Weight	Pair Corr
0.93	HCA	Hamilton Canadian Bank	Pair Corr
0.75	ZUB	BMO Equal Weight	Pair Corr
0.67	ZWK	BMO Covered Call	Pair Corr
0.91	CIC	CI Canadian Banks	Pair Corr
0.77	CEW	iShares Equal Weight	Pair Corr
0.83	XIU	iShares SPTSX 60	Pair Corr
0.81	XIC	iShares Core SPTSX	Pair Corr
0.81	ZCN	BMO SPTSX Capped	Pair Corr
0.78	QDX	Mackenzie International	Pair Corr
0.81	XESG	iShares ESG Aware	Pair Corr
0.68	PXS	Invesco RAFI Index	Pair Corr
0.75	HXU	BetaPro SP TSX	Pair Corr
0.76	WSRD	Wealthsimple Developed	Pair Corr
0.81	VCN	Vanguard FTSE Canada	Pair Corr
0.71	HXH	Global X Canadian	Pair Corr
0.75	RID	RBC Quant EAFE	Pair Corr
0.65	TGFI	TD Active Global	Pair Corr
0.63	XINC	iShares Core Income	Pair Corr
0.62	VCB	Vanguard Canadian	Pair Corr
0.64	ZSML	BMO SP Small	Pair Corr
0.73	UMI	CI MidCap Dividend	Pair Corr
0.62	XMM	iShares MSCI Min	Pair Corr
0.98	BANK	Evolve Canadian Banks	Pair Corr

Related Correlations Analysis

	AMAX	ZPAY	FLSD	ZEQ	CRED	ZWG	TPRF	MCLC	XMV
AMAX		-0.71	0.77	0.89	0.78	0.52	0.82	0.92	0.88	AMAX
ZPAY	-0.71		-0.63	-0.75	-0.7	-0.38	-0.78	-0.76	-0.67	ZPAY
FLSD	0.77	-0.63		0.85	0.94	0.74	0.74	0.85	0.86	FLSD
ZEQ	0.89	-0.75	0.85		0.85	0.68	0.9	0.93	0.89	ZEQ
CRED	0.78	-0.7	0.94	0.85		0.71	0.77	0.87	0.85	CRED
ZWG	0.52	-0.38	0.74	0.68	0.71		0.53	0.63	0.68	ZWG
TPRF	0.82	-0.78	0.74	0.9	0.77	0.53		0.89	0.87	TPRF
MCLC	0.92	-0.76	0.85	0.93	0.87	0.63	0.89		0.94	MCLC
XMV	0.88	-0.67	0.86	0.89	0.85	0.68	0.87	0.94		XMV
	AMAX	ZPAY	FLSD	ZEQ	CRED	ZWG	TPRF	MCLC	XMV

Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

CRED	+ 0.94	FLSD
XMV	+ 0.94	MCLC
MCLC	+ 0.93	ZEQ
MCLC	+ 0.92	AMAX
TPRF	+ 0.9	ZEQ
ZEQ	+ 0.89	AMAX

High negative correlations

TPRF	- 0.78	ZPAY
MCLC	- 0.76	ZPAY
ZEQ	- 0.75	ZPAY
ZPAY	- 0.71	AMAX
CRED	- 0.7	ZPAY
XMV	- 0.67	ZPAY

Purpose Canadian Constituents Risk-Adjusted Indicators

There is a big difference between Purpose Etf performing well and Purpose Canadian ETF 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 Purpose Canadian'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
AMAX	1.90	0.27	0.08	0.27	3.15	(1.95)	4.26	(5.97)	15.28
ZPAY	0.42	(0.07)	0.00	1.01	0.00	0.00	0.79	(1.28)	3.12
FLSD	0.09	0.00	(0.23)	(0.36)	0.09	(0.11)	0.21	(0.21)	0.47
ZEQ	0.51	0.05	0.02	0.89	0.71	(0.52)	0.99	(1.14)	3.16
CRED	0.07	0.00	(0.22)	(0.16)	0.00	(0.10)	0.20	(0.10)	0.54
ZWG	0.58	0.01	(0.04)	(0.20)	0.73	(0.61)	1.18	(1.20)	3.73
TPRF	0.15	0.05	0.06	1.44	0.00	(0.19)	0.33	(0.24)	0.98
MCLC	0.55	0.12	0.08	(0.71)	0.84	(0.54)	1.02	(1.38)	3.62
XMV	0.41	0.07	0.08	0.29	0.43	(0.44)	0.92	(0.84)	2.75

Be your own money manager

Our tools can tell you how much better you can do entering a position in Purpose Canadian 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.

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