Canoe EIT Correlations

EIT-UN Etf

CAD 16.96 0.08 0.47%

The current 90-days correlation between Canoe EIT Income and Bitcoin Fund Unit is 0.14 (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

Poor diversification

The correlation between Canoe EIT Income and DJI is 0.63 (i.e., Poor 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 Etf

0.66	GDV	Global Dividend Growth	Pair Corr
0.67	MNT	Royal Canadian Mint	Pair Corr
0.78	ENI-UN	Energy Income	Pair Corr
0.73	HXX	Global X Europe	Pair Corr
0.71	NXF	First Asset Energy	Pair Corr
0.62	ZUD	BMO Dividend Hedged	Pair Corr
0.85	GCTB	Guardian Ultra Short	Pair Corr
0.62	ZCON	BMO Conservative ETF	Pair Corr
0.85	MINT-B	Manulife Multifactor	Pair Corr
0.64	XSB	iShares Canadian Short	Pair Corr
0.64	XEG	iShares SPTSX Capped	Pair Corr
0.64	CPD	iShares SPTSX Canadian	Pair Corr
0.65	XSH	iShares Core Canadian	Pair Corr
0.83	TERM	Manulife Smart Short	Pair Corr
0.71	HPF	Harvest Energy Leaders	Pair Corr
0.66	BMAX	Brompton Enhanced Multi	Pair Corr
0.7	XEU	iShares MSCI Europe	Pair Corr
0.62	ZEO	BMO Equal Weight	Pair Corr
0.93	UDIV	Manulife Smart Dividend	Pair Corr
0.73	DXAU	Dynamic Active Global	Pair Corr
0.61	PDIV	Purpose Enhanced Dividend	Pair Corr
0.7	CTMB	CI Target 2029	Pair Corr
0.78	DXN	Dynamic Active Global	Pair Corr

Moving against Canoe Etf

0.31

ETC

Evolve Cryptocurrencies

Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		-0.41	-0.46	0.43	0.16	-0.53	-0.1	0.33	0.48	0.43	META
MSFT	-0.41		0.8	-0.53	-0.65	0.71	0.81	0.06	-0.85	-0.91	MSFT
UBER	-0.46	0.8		-0.46	-0.48	0.78	0.53	-0.09	-0.8	-0.74	UBER
F	0.43	-0.53	-0.46		0.06	-0.41	-0.23	0.3	0.68	0.6	F
T	0.16	-0.65	-0.48	0.06		-0.39	-0.75	-0.13	0.4	0.58	T
A	-0.53	0.71	0.78	-0.41	-0.39		0.48	-0.04	-0.63	-0.78	A
CRM	-0.1	0.81	0.53	-0.23	-0.75	0.48		0.44	-0.56	-0.81	CRM
JPM	0.33	0.06	-0.09	0.3	-0.13	-0.04	0.44		0.21	-0.08	JPM
MRK	0.48	-0.85	-0.8	0.68	0.4	-0.63	-0.56	0.21		0.82	MRK
XOM	0.43	-0.91	-0.74	0.6	0.58	-0.78	-0.81	-0.08	0.82		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

XOM	+ 0.82	MRK
CRM	+ 0.81	MSFT
UBER	+ 0.8	MSFT
A	+ 0.78	UBER
A	+ 0.71	MSFT
MRK	+ 0.68	F

High negative correlations

XOM	- 0.91	MSFT
MRK	- 0.85	MSFT
XOM	- 0.81	CRM
MRK	- 0.8	UBER
XOM	- 0.78	A
CRM	- 0.75	T

Canoe EIT Competition Risk-Adjusted Indicators

There is a big difference between Canoe Etf performing well and Canoe EIT 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 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
META	1.51	0.00	(0.02)	0.06	1.53	(1.82)	3.43	(2.82)	13.69
MSFT	1.32	(0.36)	0.00	(0.92)	0.00	0.00	1.90	(2.74)	13.28
UBER	1.50	(0.46)	0.00	(0.90)	0.00	0.00	2.41	(3.82)	11.09
F	1.22	0.07	0.05	0.14	1.20	(1.48)	3.34	(2.30)	7.16
T	1.02	0.23	0.17	3.71	0.77	(1.19)	3.87	(1.54)	5.31
A	1.27	(0.30)	0.00	(0.17)	0.00	0.00	2.90	(2.73)	7.85
CRM	1.68	(0.41)	0.00	(0.35)	0.00	0.00	2.94	(4.75)	12.37
JPM	1.26	(0.15)	0.00	(0.04)	0.00	0.00	2.34	(3.11)	7.38
MRK	1.35	0.49	0.35	0.77	0.97	(1.72)	3.59	(1.98)	8.74
XOM	1.24	0.36	0.22	1.65	1.11	(1.42)	2.68	(2.12)	6.83

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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