Dynamic Active Correlations

DXC Etf

CAD 43.94 0.04 0.09%

The current 90-days correlation between Dynamic Active Canadian and First Asset Morningstar is 0.59 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Dynamic Active moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Dynamic Active Canadian moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Dynamic Active Correlation With Market

Weak diversification

The correlation between Dynamic Active Canadian and DJI is 0.33 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Dynamic Active Canadian and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Dynamic Etf

0.78	ZWC	BMO Canadian High	Pair Corr
0.75	XDV	iShares Canadian Select	Pair Corr
0.92	CDZ	iShares SPTSX Canadian	Pair Corr
0.76	PDC	Invesco Canadian Dividend	Pair Corr
0.73	XEI	iShares SPTSX Composite	Pair Corr
0.79	VDY	Vanguard FTSE Canadian	Pair Corr
0.8	ZDV	BMO Canadian Dividend	Pair Corr
0.74	DGRC	CI Canada Quality	Pair Corr
0.84	CDIV	Manulife Smart Dividend	Pair Corr
0.77	HXH	Global X Canadian	Pair Corr
0.74	HGU	BetaPro Canadian Gold	Pair Corr
0.79	HFU	BetaPro SPTSX Capped	Pair Corr
0.78	ZGD	BMO Equal Weight	Pair Corr
0.76	ZJG	BMO Junior Gold	Pair Corr
0.79	EBNK	Evolve European Banks	Pair Corr
0.66	HLIT	Global X Lithium	Pair Corr
0.79	XCV	iShares Canadian Value	Pair Corr
0.85	VVL	Vanguard Global Value	Pair Corr
0.72	MXF	CI First Asset	Pair Corr
0.7	HLPR	Global X Laddered	Pair Corr
0.81	HXU	BetaPro SP TSX	Pair Corr
0.68	TOCA	TD One Click	Pair Corr
0.83	BFIN	Brompton North American	Pair Corr
0.76	CIC	CI Canadian Banks	Pair Corr
0.78	PXC	Invesco RAFI Canadian	Pair Corr
0.75	FCMI	Fidelity Canadian Monthly	Pair Corr
0.9	QCE	Mackenzie Canadian Large	Pair Corr
0.61	VSP	Vanguard SP 500	Pair Corr
0.77	FCUV	Fidelity Value ETF	Pair Corr
0.77	FIE	iShares Canadian Fin	Pair Corr

Moving against Dynamic Etf

0.39

HURA

Global X Uranium

Pair Corr

Related Correlations Analysis

	VXM	XST	AMAX	NALT	RUSB	HSH	PFL	ZEQT	RBNK	XMV
VXM		0.84	0.68	0.75	-0.22	0.65	0.94	0.66	0.96	0.9	VXM
XST	0.84		0.68	0.73	0.0	0.41	0.83	0.5	0.8	0.9	XST
AMAX	0.68	0.68		0.81	-0.34	0.29	0.59	0.32	0.7	0.82	AMAX
NALT	0.75	0.73	0.81		-0.22	0.32	0.75	0.42	0.77	0.83	NALT
RUSB	-0.22	0.0	-0.34	-0.22		-0.05	-0.13	-0.01	-0.33	-0.24	RUSB
HSH	0.65	0.41	0.29	0.32	-0.05		0.54	0.78	0.61	0.46	HSH
PFL	0.94	0.83	0.59	0.75	-0.13	0.54		0.63	0.93	0.84	PFL
ZEQT	0.66	0.5	0.32	0.42	-0.01	0.78	0.63		0.63	0.6	ZEQT
RBNK	0.96	0.8	0.7	0.77	-0.33	0.61	0.93	0.63		0.88	RBNK
XMV	0.9	0.9	0.82	0.83	-0.24	0.46	0.84	0.6	0.88		XMV
	VXM	XST	AMAX	NALT	RUSB	HSH	PFL	ZEQT	RBNK	XMV

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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

RBNK	+ 0.96	VXM
PFL	+ 0.94	VXM
RBNK	+ 0.93	PFL
XMV	+ 0.9	VXM
XMV	+ 0.9	XST
XMV	+ 0.88	RBNK

High negative correlations

RUSB	- 0.34	AMAX
RBNK	- 0.33	RUSB
XMV	- 0.24	RUSB
RUSB	- 0.22	NALT
RUSB	- 0.22	VXM
PFL	- 0.13	RUSB

Dynamic Active Constituents Risk-Adjusted Indicators

There is a big difference between Dynamic Etf performing well and Dynamic Active 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 Dynamic Active'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
VXM	0.46	0.10	0.08	0.36	0.46	(0.51)	1.04	(0.60)	3.49
XST	0.71	0.10	0.05	0.55	0.86	(0.73)	1.85	(1.40)	5.58
AMAX	1.72	0.12	0.03	0.30	2.64	(1.69)	3.83	(3.83)	12.45
NALT	0.55	0.05	(0.01)	0.38	0.67	(0.60)	1.17	(1.22)	3.69
RUSB	0.30	(0.01)	0.00	(0.32)	0.00	0.00	0.65	(0.50)	4.89
HSH	0.61	0.01	(0.02)	0.09	0.82	(0.59)	1.09	(1.34)	3.58
PFL	0.04	0.00	(0.92)	0.49	0.00	(0.07)	0.10	(0.05)	0.26
ZEQT	0.61	0.03	(0.01)	0.12	0.71	(0.64)	1.39	(1.08)	4.04
RBNK	0.51	0.13	0.13	0.39	0.42	(0.58)	1.25	(1.02)	2.86
XMV	0.42	0.05	0.02	0.25	0.39	(0.49)	1.06	(0.70)	3.15

Be your own money manager

Our tools can tell you how much better you can do entering a position in Dynamic Active 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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