Energy Income Correlations

ENI-UN Etf

CAD 2.20 0.13 6.28%

The current 90-days correlation between Energy Income and Commerce Split Corp is -0.01 (i.e., Good diversification). The correlation of Energy Income 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.

Energy Income Correlation With Market

Very weak diversification

The correlation between Energy Income and DJI is 0.59 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Energy Income and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Energy Etf

0.65	XMC	iShares SP Mid	Pair Corr
0.78	EIT-UN	Canoe EIT Income	Pair Corr
0.77	PRP	Purpose Conservative	Pair Corr
0.78	DXO	Dynamic Active Crossover	Pair Corr
0.71	NTGA	NBI Target 2026	Pair Corr
0.63	PFIG	Picton Mahoney Fortified	Pair Corr
0.77	ETP	First Trust Global	Pair Corr
0.72	TQGM	TD Q Global	Pair Corr
0.71	ZWU	BMO Covered Call	Pair Corr
0.82	XRE	iShares SPTSX Capped	Pair Corr
0.74	RIIN	Russell Investments	Pair Corr
0.62	CMR	iShares Premium Money	Pair Corr
0.68	MNY	Purpose Cash Management	Pair Corr
0.75	RPDH	RBC Quant European	Pair Corr
0.75	XEU	iShares MSCI Europe	Pair Corr
0.68	MUMC	Manulife Multifactor Mid	Pair Corr
0.79	ZRE	BMO Equal Weight	Pair Corr
0.78	WSHR	Wealthsimple Shariah	Pair Corr
0.72	DXN	Dynamic Active Global	Pair Corr
0.75	FCIV	Fidelity International	Pair Corr
0.71	DGLM	Desjardins Global Macro	Pair Corr
0.79	XEF	iShares Core MSCI	Pair Corr
0.69	MCSM	Manulife Multifactor	Pair Corr
0.66	TLV	Invesco SPTSX Composite	Pair Corr
0.65	PMIF	PIMCO Monthly Income	Pair Corr
0.75	PFSS	Picton Mahoney Fortified	Pair Corr
0.62	BDIV	Brompton Global Dividend	Pair Corr

Moving against Energy Etf

0.39	ETC	Evolve Cryptocurrencies	Pair Corr
0.33	FIE	iShares Canadian Fin	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

Energy Income Competition Risk-Adjusted Indicators

There is a big difference between Energy Etf performing well and Energy Income 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 Energy Income'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 Energy Income 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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