Purpose Canadian Correlations

BNC Etf

CAD 35.17 0.10 0.29%

The current 90-days correlation between Purpose Canadian Fin and iShares Canadian Universe is 0.1 (i.e., Average 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

Very poor diversification

The correlation between Purpose Canadian Financial 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 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

0.99	ZEB	BMO SPTSX Equal	Pair Corr
0.99	XFN	iShares SPTSX Capped	Pair Corr
0.95	ZBK	BMO Equal Weight	Pair Corr
0.99	HCA	Hamilton Canadian Bank	Pair Corr
0.95	ZUB	BMO Equal Weight	Pair Corr
0.92	FSF	CI Global Financial	Pair Corr
0.95	ZWK	BMO Covered Call	Pair Corr
0.99	CIC	CI Canadian Banks	Pair Corr
0.87	FLI	CI Canada Lifeco	Pair Corr
0.93	CEW	iShares Equal Weight	Pair Corr
0.75	HGU	BetaPro Canadian Gold	Pair Corr
0.82	ZGD	BMO Equal Weight	Pair Corr
0.81	ZJG	BMO Junior Gold	Pair Corr
0.79	XGD	iShares SPTSX Global	Pair Corr
0.62	HZU	BetaPro Silver 2x	Pair Corr
0.97	HFU	BetaPro SPTSX Capped	Pair Corr
0.79	HEP	Global X Enhanced	Pair Corr
0.82	XBM	iShares SPTSX Global	Pair Corr

Related Correlations Analysis

	VEQT	XEQT	XUS	XBB	VGRO	VCN	VIU	ZEA	VDY	ZAG
VEQT		1.0	0.62	0.01	1.0	0.94	0.93	0.94	0.8	-0.02	VEQT
XEQT	1.0		0.62	0.03	1.0	0.93	0.93	0.94	0.8	0.0	XEQT
XUS	0.62	0.62		0.27	0.63	0.38	0.39	0.43	0.13	0.26	XUS
XBB	0.01	0.03	0.27		0.06	-0.22	0.09	0.11	-0.28	0.99	XBB
VGRO	1.0	1.0	0.63	0.06		0.93	0.93	0.94	0.79	0.03	VGRO
VCN	0.94	0.93	0.38	-0.22	0.93		0.86	0.86	0.91	-0.25	VCN
VIU	0.93	0.93	0.39	0.09	0.93	0.86		1.0	0.83	0.05	VIU
ZEA	0.94	0.94	0.43	0.11	0.94	0.86	1.0		0.82	0.07	ZEA
VDY	0.8	0.8	0.13	-0.28	0.79	0.91	0.83	0.82		-0.31	VDY
ZAG	-0.02	0.0	0.26	0.99	0.03	-0.25	0.05	0.07	-0.31		ZAG
	VEQT	XEQT	XUS	XBB	VGRO	VCN	VIU	ZEA	VDY	ZAG

Please upgrade your account to get full access to Macroaxis premium features

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

XEQT	+ 1.0	VEQT
VGRO	+ 1.0	VEQT
VGRO	+ 1.0	XEQT
ZEA	+ 1.0	VIU
ZAG	+ 0.99	XBB
VCN	+ 0.94	VEQT

High negative correlations

ZAG	- 0.31	VDY
VDY	- 0.28	XBB
ZAG	- 0.25	VCN
VCN	- 0.22	XBB
ZAG	- 0.02	VEQT
ZAG	- 0.0	XEQT

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
VEQT	0.54	0.03	(0.03)	0.14	0.57	(0.63)	1.02	(1.18)	2.96
XEQT	0.54	0.03	(0.02)	0.14	0.58	(0.58)	1.07	(1.15)	3.12
XUS	0.57	(0.05)	0.00	(0.04)	0.00	0.00	1.12	(1.25)	3.45
XBB	0.18	(0.02)	0.00	(0.15)	0.00	0.00	0.36	(0.32)	1.35
VGRO	0.45	0.02	(0.06)	0.12	0.49	(0.48)	0.88	(0.90)	2.63
VCN	0.62	0.10	0.05	0.34	0.84	(0.62)	1.28	(1.41)	4.61
VIU	0.54	0.10	0.07	0.32	0.51	(0.55)	1.35	(1.11)	2.71
ZEA	0.55	0.08	0.04	0.26	0.52	(0.57)	1.21	(1.04)	2.67
VDY	0.40	0.15	0.13	0.96	0.23	(0.44)	0.90	(0.83)	2.24
ZAG	0.17	(0.02)	0.00	(0.12)	0.00	0.00	0.36	(0.36)	1.30

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.

Did you try this?

Run Balance Of Power Now

Balance Of Power

Check stock momentum by analyzing Balance Of Power indicator and other technical ratios

All Next

Launch Module

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2026 Macroaxis LLC