CIBC Premium Correlations

CCAD Etf

50.04 0.08 0.16%

The current 90-days correlation between CIBC Premium Cash and CIBC Global Growth is 0.17 (i.e., Average diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as CIBC Premium moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if CIBC Premium Cash moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

CIBC Premium Correlation With Market

Very poor diversification

The correlation between CIBC Premium Cash and DJI is 0.83 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding CIBC Premium Cash and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with CIBC Etf

0.96	XIU	iShares SPTSX 60	Pair Corr
0.97	XIC	iShares Core SPTSX	Pair Corr
0.97	ZCN	BMO SPTSX Capped	Pair Corr
0.94	ZEB	BMO SPTSX Equal	Pair Corr

Moving against CIBC Etf

0.76	TCLB	TD Canadian Long	Pair Corr
0.48	ZAG	BMO Aggregate Bond	Pair Corr
0.45	XBB	iShares Canadian Universe	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.31	0.06	0.06	-0.07	-0.27	0.34	-0.03	-0.05	0.04	META
MSFT	0.31		0.75	-0.47	0.48	0.32	0.39	-0.1	-0.81	-0.68	MSFT
UBER	0.06	0.75		-0.45	0.47	0.51	0.07	-0.23	-0.8	-0.52	UBER
F	0.06	-0.47	-0.45		-0.59	-0.33	0.02	0.46	0.64	0.6	F
T	-0.07	0.48	0.47	-0.59		0.61	-0.09	-0.25	-0.46	-0.64	T
A	-0.27	0.32	0.51	-0.33	0.61		-0.13	-0.12	-0.32	-0.52	A
CRM	0.34	0.39	0.07	0.02	-0.09	-0.13		0.62	-0.13	-0.45	CRM
JPM	-0.03	-0.1	-0.23	0.46	-0.25	-0.12	0.62		0.35	-0.05	JPM
MRK	-0.05	-0.81	-0.8	0.64	-0.46	-0.32	-0.13	0.35		0.68	MRK
XOM	0.04	-0.68	-0.52	0.6	-0.64	-0.52	-0.45	-0.05	0.68		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

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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

UBER	+ 0.75	MSFT
XOM	+ 0.68	MRK
MRK	+ 0.64	F
JPM	+ 0.62	CRM
A	+ 0.61	T
XOM	+ 0.6	F

High negative correlations

MRK	- 0.81	MSFT
MRK	- 0.8	UBER
XOM	- 0.68	MSFT
XOM	- 0.64	T
T	- 0.59	F
XOM	- 0.52	A

CIBC Premium Competition Risk-Adjusted Indicators

There is a big difference between CIBC Etf performing well and CIBC Premium 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 CIBC Premium'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
META	1.60	(0.03)	(0.01)	0.02	2.40	(1.68)	3.43	(2.67)	13.02
MSFT	1.24	(0.29)	0.00	(1.12)	0.00	0.00	1.85	(2.70)	4.90
UBER	1.47	(0.24)	0.00	(0.26)	0.00	0.00	2.50	(3.82)	10.23
F	1.47	0.18	0.10	0.52	1.32	(1.82)	3.65	(2.35)	16.30
T	0.88	(0.03)	0.00	(0.14)	0.00	0.00	1.63	(1.85)	4.30
A	1.19	(0.22)	0.00	(0.12)	0.00	0.00	2.90	(2.58)	7.85
CRM	1.53	(0.30)	0.00	(0.24)	0.00	0.00	2.94	(4.26)	12.37
JPM	1.11	0.04	(0.01)	(0.50)	1.66	(1.09)	2.00	(3.11)	7.38
MRK	1.26	0.30	0.21	0.47	1.14	(1.53)	3.59	(1.98)	8.09
XOM	1.06	0.24	0.18	0.45	0.96	(1.23)	2.38	(1.51)	5.82

CIBC Premium 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 CIBC Premium etf to make a market-neutral strategy. Peer analysis of CIBC Premium could also be used in its relative valuation, which is a method of valuing CIBC Premium by comparing valuation metrics with similar companies.

CIBC Multifactor Equity CIBC Core Fixed CIBC Canadian Equity CIBC Clean Energy CIBC High Dividend CIBC Conservative Fixed CIBC Qx Low CIBC Sustainable Balanced CIBC Global Growth American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup SentinelOne

Risk & Return

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