Hamilton Financials Correlations
| FMAX Etf | 19.04 0.07 0.37% |
The current 90-days correlation between Hamilton Financials YIELD and Hamilton Healthcare YIELD is 0.39 (i.e., Weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Hamilton Financials moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Hamilton Financials YIELD moves in either direction, the perfectly negatively correlated security will move in the opposite direction.
Hamilton Financials Correlation With Market
Very weak diversification
The correlation between Hamilton Financials YIELD and DJI is 0.41 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hamilton Financials YIELD and DJI in the same portfolio, assuming nothing else is changed.
Hamilton |
The ability to find closely correlated positions to Hamilton Financials could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Hamilton Financials 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 Hamilton Financials - 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 Hamilton Financials YIELD to buy it.
Moving together with Hamilton Etf
| 0.71 | ZEB | BMO SPTSX Equal | PairCorr |
| 0.74 | XFN | iShares SPTSX Capped | PairCorr |
| 0.93 | ZBK | BMO Equal Weight | PairCorr |
| 0.75 | HCA | Hamilton Canadian Bank | PairCorr |
| 0.92 | ZUB | BMO Equal Weight | PairCorr |
| 0.9 | FSF | CI Global Financial | PairCorr |
| 0.92 | ZWK | BMO Covered Call | PairCorr |
| 0.7 | CIC | CI Canadian Banks | PairCorr |
| 0.78 | FLI | CI Canada Lifeco | PairCorr |
| 0.66 | CEW | iShares Equal Weight | PairCorr |
| 0.68 | HGU | BetaPro Canadian Gold | PairCorr |
| 0.75 | HZU | BetaPro Silver 2x | PairCorr |
| 0.7 | ZGD | BMO Equal Weight | PairCorr |
| 0.75 | QCE | Mackenzie Canadian Large | PairCorr |
| 0.61 | HLPR | Global X Laddered | PairCorr |
| 0.72 | FLCD | Franklin FTSE Canada | PairCorr |
| 0.76 | HXU | BetaPro SP TSX | PairCorr |
| 0.69 | PXC | Invesco RAFI Canadian | PairCorr |
| 0.72 | NDIV | NBI Canadian Dividend | PairCorr |
Moving against Hamilton Etf
| 0.41 | FBTC | Fidelity Advantage | PairCorr |
| 0.41 | BTCQ | 3iQ Bitcoin ETF | PairCorr |
| 0.41 | EBIT | Bitcoin ETF CAD | PairCorr |
| 0.41 | CBCX | CI Galaxy Blockchain | PairCorr |
| 0.38 | BTCC | Purpose Bitcoin ETF | PairCorr |
| 0.39 | ETC | Evolve Cryptocurrencies | PairCorr |
| 0.37 | NVHE | Harvest NVIDIA Enhanced | PairCorr |
Related Correlations Analysis
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
| High negative correlations
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Hamilton Financials Constituents Risk-Adjusted Indicators
There is a big difference between Hamilton Etf performing well and Hamilton Financials 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 Hamilton Financials' 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| LMAX | 0.64 | 0.12 | 0.06 | 0.53 | 0.70 | 1.84 | 4.34 | |||
| PYF | 0.13 | (0.02) | 0.00 | (0.55) | 0.00 | 0.30 | 0.88 | |||
| EQLI | 0.42 | 0.01 | (0.07) | 0.09 | 0.54 | 0.83 | 2.51 | |||
| BKCL | 0.49 | 0.14 | 0.15 | 0.46 | 0.31 | 1.06 | 2.84 | |||
| ETSX | 0.54 | 0.06 | 0.02 | 0.22 | 0.59 | 1.24 | 3.42 | |||
| UTES | 0.44 | 0.00 | 0.00 | 0.00 | 0.00 | 0.88 | 2.63 | |||
| CNCC | 0.41 | 0.05 | 0.01 | 0.23 | 0.42 | 0.83 | 2.26 | |||
| VA | 0.68 | 0.02 | (0.02) | 0.13 | 0.96 | 1.34 | 4.66 | |||
| MREL | 0.63 | (0.02) | (0.09) | (0.02) | 0.86 | 1.29 | 5.03 | |||
| HBA | 0.79 | (0.04) | (0.07) | (0.01) | 1.05 | 1.65 | 5.31 |
Be your own money manager
Our tools can tell you how much better you can do entering a position in Hamilton Financials 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.Did you try this?
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