Bank of Montreal Correlations

CARU Etf

29.24 1.75 5.65%

The correlation of Bank of Montreal 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Bank of Montreal Correlation With Market

Poor diversification

The correlation between Bank of Montreal and DJI is 0.66 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Bank of Montreal and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Bank of Montreal. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in metropolitan statistical area.

For more information on how to buy Bank Etf please use our How to Invest in Bank of Montreal guide.

Moving together with Bank Etf

0.61	SSO	ProShares Ultra SP500	Pair Corr
0.62	SPXL	Direxion Daily SP500	Pair Corr
0.62	UPRO	ProShares UltraPro SP500	Pair Corr
0.68	GUSH	Direxion Daily SP	Pair Corr
0.64	FNGU	MicroSectors FANG Index	Pair Corr
0.77	UYG	ProShares Ultra Fina	Pair Corr
0.64	OIH	VanEck Oil Services	Pair Corr
0.79	ARKW	ARK Next Generation	Pair Corr
0.72	WTMF	WisdomTree Managed	Pair Corr
0.64	WMT	Walmart Aggressive Push	Pair Corr
0.66	AXP	American Express Fiscal Year End 24th of January 2025	Pair Corr
0.74	DIS	Walt Disney Aggressive Push	Pair Corr
0.7	CVX	Chevron Corp Fiscal Year End 7th of February 2025	Pair Corr
0.79	JPM	JPMorgan Chase Sell-off Trend	Pair Corr

Moving against Bank Etf

0.69	JNJ	Johnson Johnson Sell-off Trend	Pair Corr
0.34	IRET	Tidal Trust II	Pair Corr
0.77	PFE	Pfizer Inc Aggressive Push	Pair Corr
0.65	KO	Coca Cola Aggressive Push	Pair Corr
0.54	MRK	Merck Company Fiscal Year End 6th of February 2025	Pair Corr
0.32	BA	Boeing Fiscal Year End 29th of January 2025	Pair Corr

Related Correlations Analysis

	AAVXF	MSTSX	ID	KNF	LICY	CIRAX	SEIC	GSHD	DODWX
AAVXF		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	AAVXF
MSTSX	0.0		0.46	0.67	0.65	0.82	0.42	0.33	0.87	MSTSX
ID	0.0	0.46		0.83	0.47	0.11	0.81	0.83	0.08	ID
KNF	0.0	0.67	0.83		0.73	0.33	0.86	0.83	0.32	KNF
LICY	0.0	0.65	0.47	0.73		0.4	0.65	0.54	0.49	LICY
CIRAX	0.0	0.82	0.11	0.33	0.4		-0.05	-0.13	0.9	CIRAX
SEIC	0.0	0.42	0.81	0.86	0.65	-0.05		0.98	0.04	SEIC
GSHD	0.0	0.33	0.83	0.83	0.54	-0.13	0.98		-0.08	GSHD
DODWX	0.0	0.87	0.08	0.32	0.49	0.9	0.04	-0.08		DODWX
	AAVXF	MSTSX	ID	KNF	LICY	CIRAX	SEIC	GSHD	DODWX

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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

GSHD	+ 0.98	SEIC
DODWX	+ 0.9	CIRAX
DODWX	+ 0.87	MSTSX
SEIC	+ 0.86	KNF
KNF	+ 0.83	ID
GSHD	+ 0.83	ID

High negative correlations

GSHD	- 0.13	CIRAX
DODWX	- 0.08	GSHD
SEIC	- 0.05	CIRAX
DODWX	- 0.0	AAVXF
GSHD	- 0.0	AAVXF
SEIC	- 0.0	AAVXF

Bank of Montreal Constituents Risk-Adjusted Indicators

There is a big difference between Bank Etf performing well and Bank of Montreal 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 Bank of Montreal'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
AAVXF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
MSTSX	0.49	(0.04)	(0.13)	0.06	0.52	(0.61)	1.21	(1.02)	2.80
ID	3.77	0.53	0.10	0.68	4.01	(5.10)	7.69	(6.67)	20.54
KNF	1.55	0.21	0.13	0.23	1.90	(1.62)	2.77	(2.46)	12.78
LICY	6.73	0.67	0.09	0.90	6.69	(8.44)	14.15	(10.47)	55.51
CIRAX	0.34	(0.05)	(0.26)	0.00	0.43	(0.34)	0.66	(0.82)	1.81
SEIC	0.81	0.21	0.19	0.37	0.57	(0.95)	1.57	(1.56)	7.23
GSHD	1.67	0.61	0.41	1.00	0.83	(2.15)	5.06	(2.22)	14.35
DODWX	0.52	(0.09)	0.00	(0.02)	0.00	0.00	1.08	(1.09)	3.17

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