MegaShort Canadian Correlations

CGMD Etf

1.12 0.13 10.40%

The current 90-days correlation between MegaShort Canadian Gold and Mackenzie Developed ex North is -0.04 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as MegaShort Canadian moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if MegaShort Canadian Gold moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

MegaShort Canadian Correlation With Market

Excellent diversification

The correlation between MegaShort Canadian Gold and DJI is -0.53 (i.e., Excellent diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding MegaShort Canadian Gold and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to MegaShort 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 MegaShort 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 MegaShort 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 MegaShort Canadian Gold to buy it.

Moving against MegaShort Etf

0.73	XIU	iShares SPTSX 60	Pair Corr
0.73	XIC	iShares Core SPTSX	Pair Corr
0.73	ZCN	BMO SPTSX Capped	Pair Corr
0.67	ZEB	BMO SPTSX Equal	Pair Corr
0.57	EDGF	Brompton European	Pair Corr
0.33	XSP	iShares Core SP	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.58	0.29	-0.3	0.2	-0.12	0.52	-0.1	-0.31	-0.38	META
MSFT	0.58		0.78	-0.55	0.52	0.21	0.32	-0.3	-0.84	-0.75	MSFT
UBER	0.29	0.78		-0.46	0.42	0.42	-0.02	-0.43	-0.8	-0.51	UBER
F	-0.3	-0.55	-0.46		-0.66	-0.08	0.11	0.63	0.69	0.64	F
T	0.2	0.52	0.42	-0.66		0.5	-0.23	-0.47	-0.5	-0.64	T
A	-0.12	0.21	0.42	-0.08	0.5		-0.38	-0.25	-0.21	-0.3	A
CRM	0.52	0.32	-0.02	0.11	-0.23	-0.38		0.53	-0.06	-0.27	CRM
JPM	-0.1	-0.3	-0.43	0.63	-0.47	-0.25	0.53		0.53	0.28	JPM
MRK	-0.31	-0.84	-0.8	0.69	-0.5	-0.21	-0.06	0.53		0.76	MRK
XOM	-0.38	-0.75	-0.51	0.64	-0.64	-0.3	-0.27	0.28	0.76		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	+ 0.78	MSFT
XOM	+ 0.76	MRK
MRK	+ 0.69	F
XOM	+ 0.64	F
JPM	+ 0.63	F
MSFT	+ 0.58	META

High negative correlations

MRK	- 0.84	MSFT
MRK	- 0.8	UBER
XOM	- 0.75	MSFT
T	- 0.66	F
XOM	- 0.64	T
F	- 0.55	MSFT

MegaShort Canadian Competition Risk-Adjusted Indicators

There is a big difference between MegaShort Etf performing well and MegaShort 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 MegaShort 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
META	1.42	(0.24)	0.00	(0.13)	0.00	0.00	3.16	(2.67)	13.46
MSFT	1.01	(0.23)	0.00	(0.50)	0.00	0.00	1.65	(2.50)	4.90
UBER	1.48	(0.23)	0.00	(0.20)	0.00	0.00	2.60	(3.82)	10.23
F	1.49	0.10	0.10	0.16	1.32	(1.82)	3.69	(2.35)	16.30
T	0.88	(0.19)	0.00	(0.46)	0.00	0.00	1.53	(1.85)	4.30
A	1.19	(0.15)	0.00	(0.02)	0.00	0.00	2.90	(2.24)	7.85
CRM	1.57	(0.20)	0.00	(0.06)	0.00	0.00	3.59	(3.10)	12.37
JPM	1.12	(0.09)	(0.03)	0.03	1.69	(1.11)	2.00	(3.11)	7.38
MRK	1.24	0.33	0.22	0.53	1.06	(1.54)	3.59	(1.98)	8.09
XOM	1.06	0.27	0.15	3.31	0.96	(1.21)	2.38	(1.51)	5.82

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

MegaShort SP 500 MegaShort Semiconductors Daily MegaShort NASDAQ 100 Daily MegaShort 20 Year MegaShort Canadian Gold NBI High Yield AGF GLOBAL OPPORTUNITIES NBI Unconstrained Fixed Mackenzie Developed ex North American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup SentinelOne

Risk & Return

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