Canoe EIT Correlations

EIT-PA Preferred Stock

CAD 25.60 0.01 0.04%

The current 90-days correlation between Canoe EIT Income and European Residential Real is 0.16 (i.e., Average diversification). The correlation of Canoe EIT 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.

Canoe EIT Correlation With Market

Good diversification

The correlation between Canoe EIT Income and DJI is -0.17 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Canoe EIT Income and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Canoe Preferred Stock

0.68	FFH-PK	Fairfax Financial	Pair Corr
0.62	ENB-PFC	Enbridge Pref 11	Pair Corr
0.64	WPK	Winpak	Pair Corr
0.73	IGM	IGM Financial	Pair Corr
0.66	EOG	Eco Atlantic Oil	Pair Corr
0.7	GRID	Tantalus Systems Holding	Pair Corr
0.74	TD	Toronto Dominion Bank	Pair Corr
0.66	HAI	Haivision Systems	Pair Corr
0.67	FFN	North American Financial	Pair Corr
0.78	NPTH	NeuPath Health	Pair Corr
0.64	WTE	Westshore Terminals	Pair Corr

Related Correlations Analysis

	YRB	KYS-H	DC-A	XHB	ERE-UN	CLU	RUDB	BN-PFI	XEG	SOLI-P
YRB		-0.21	-0.4	0.37	-0.19	0.4	0.14	0.44	0.42	-0.38	YRB
KYS-H	-0.21		0.58	-0.45	0.09	0.19	-0.32	0.0	0.04	-0.21	KYS-H
DC-A	-0.4	0.58		-0.45	0.16	0.07	-0.45	-0.38	-0.18	-0.23	DC-A
XHB	0.37	-0.45	-0.45		-0.33	-0.06	0.52	0.14	-0.19	0.11	XHB
ERE-UN	-0.19	0.09	0.16	-0.33		-0.1	-0.24	-0.11	0.06	0.04	ERE-UN
CLU	0.4	0.19	0.07	-0.06	-0.1		-0.5	0.73	0.46	-0.58	CLU
RUDB	0.14	-0.32	-0.45	0.52	-0.24	-0.5		-0.34	0.02	0.23	RUDB
BN-PFI	0.44	0.0	-0.38	0.14	-0.11	0.73	-0.34		0.31	-0.34	BN-PFI
XEG	0.42	0.04	-0.18	-0.19	0.06	0.46	0.02	0.31		-0.56	XEG
SOLI-P	-0.38	-0.21	-0.23	0.11	0.04	-0.58	0.23	-0.34	-0.56		SOLI-P
	YRB	KYS-H	DC-A	XHB	ERE-UN	CLU	RUDB	BN-PFI	XEG	SOLI-P

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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

BN-PFI	+ 0.73	CLU
DC-A	+ 0.58	KYS-H
RUDB	+ 0.52	XHB
XEG	+ 0.46	CLU
BN-PFI	+ 0.44	YRB
XEG	+ 0.42	YRB

High negative correlations

SOLI-P	- 0.58	CLU
SOLI-P	- 0.56	XEG
RUDB	- 0.5	CLU
RUDB	- 0.45	DC-A
XHB	- 0.45	DC-A
XHB	- 0.45	KYS-H

Risk-Adjusted Indicators

There is a big difference between Canoe Preferred Stock performing well and Canoe EIT Company 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 Canoe EIT'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
YRB	3.22	0.63	0.00	(2.13)	0.00	0.00	16.67	(14.29)	36.67
KYS-H	1.59	0.27	0.00	(0.51)	0.00	0.00	0.00	0.00	42.86
DC-A	2.43	(0.08)	0.00	(0.46)	0.00	0.00	6.27	(5.25)	15.57
XHB	0.14	0.00	(0.32)	0.07	0.15	(0.14)	0.25	(0.25)	0.85
ERE-UN	2.21	(0.69)	0.00	(12.35)	0.00	0.00	3.85	(1.89)	58.26
CLU	0.51	0.02	(0.03)	0.12	0.55	(0.60)	1.23	(1.16)	3.20
RUDB	0.21	(0.01)	0.00	0.23	0.00	0.00	0.45	(0.50)	1.45
BN-PFI	0.21	0.03	(0.11)	(1.33)	0.19	(0.27)	0.60	(0.43)	1.58
XEG	0.87	0.03	(0.03)	(0.72)	1.25	(0.83)	2.02	(1.56)	5.93
SOLI-P	1.25	(0.48)	0.00	(0.17)	0.00	0.00	0.00	0.00	61.67

Be your own money manager

Our tools can tell you how much better you can do entering a position in Canoe EIT 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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