Hamilton Canadian Correlations

HCA Etf

CAD 34.19 0.30 0.89%

The current 90-days correlation between Hamilton Canadian Bank and CI Canada Lifeco is 0.43 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Hamilton Canadian moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Hamilton Canadian Bank moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Hamilton Canadian Correlation With Market

Very poor diversification

The correlation between Hamilton Canadian Bank and DJI is 0.87 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hamilton Canadian Bank and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Hamilton Canadian 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 Canadian 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 Canadian - 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 Canadian Bank to buy it.

Moving together with Hamilton Etf

0.99	ZEB	BMO SPTSX Equal	Pair Corr
0.99	XFN	iShares SPTSX Capped	Pair Corr
0.96	ZBK	BMO Equal Weight	Pair Corr
0.96	ZUB	BMO Equal Weight	Pair Corr
0.91	FSF	CI Global Financial	Pair Corr
0.96	ZWK	BMO Covered Call	Pair Corr
0.99	CIC	CI Canadian Banks	Pair Corr
0.85	FLI	CI Canada Lifeco	Pair Corr
0.93	CEW	iShares Equal Weight	Pair Corr
0.74	HGU	BetaPro Canadian Gold	Pair Corr
0.82	ZGD	BMO Equal Weight	Pair Corr
0.81	ZJG	BMO Junior Gold	Pair Corr
0.79	XGD	iShares SPTSX Global	Pair Corr
0.61	HZU	BetaPro Silver 2x	Pair Corr
0.96	HFU	BetaPro SPTSX Capped	Pair Corr
0.78	HEP	Global X Enhanced	Pair Corr
0.82	XBM	iShares SPTSX Global	Pair Corr
0.62	HSU	BetaPro SP 500	Pair Corr

Related Correlations Analysis

	RIDH	QXM	TILV	XSE	XDUH	XSMC	FCQH	ZFC	CALL	FLI
RIDH		0.92	0.85	-0.1	0.85	0.87	0.55	0.87	0.92	0.64	RIDH
QXM	0.92		0.67	-0.2	0.69	0.85	0.57	0.87	0.91	0.73	QXM
TILV	0.85	0.67		0.28	0.85	0.76	0.29	0.71	0.66	0.28	TILV
XSE	-0.1	-0.2	0.28		0.05	0.07	-0.02	-0.02	-0.29	-0.39	XSE
XDUH	0.85	0.69	0.85	0.05		0.77	0.42	0.68	0.77	0.41	XDUH
XSMC	0.87	0.85	0.76	0.07	0.77		0.59	0.86	0.81	0.52	XSMC
FCQH	0.55	0.57	0.29	-0.02	0.42	0.59		0.55	0.58	0.59	FCQH
ZFC	0.87	0.87	0.71	-0.02	0.68	0.86	0.55		0.77	0.47	ZFC
CALL	0.92	0.91	0.66	-0.29	0.77	0.81	0.58	0.77		0.81	CALL
FLI	0.64	0.73	0.28	-0.39	0.41	0.52	0.59	0.47	0.81		FLI
	RIDH	QXM	TILV	XSE	XDUH	XSMC	FCQH	ZFC	CALL	FLI

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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

QXM	+ 0.92	RIDH
CALL	+ 0.92	RIDH
CALL	+ 0.91	QXM
XSMC	+ 0.87	RIDH
ZFC	+ 0.87	RIDH
ZFC	+ 0.87	QXM

High negative correlations

FLI	- 0.39	XSE
CALL	- 0.29	XSE
XSE	- 0.2	QXM
XSE	- 0.1	RIDH
ZFC	- 0.02	XSE
FCQH	- 0.02	XSE

Hamilton Canadian Constituents Risk-Adjusted Indicators

There is a big difference between Hamilton Etf performing well and Hamilton Canadian 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 Canadian'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
RIDH	0.51	0.13	0.16	0.34	0.34	(0.66)	1.15	(0.82)	3.29
QXM	0.58	0.12	0.11	0.38	0.48	(0.66)	1.45	(1.00)	3.48
TILV	0.41	0.12	0.09	0.91	0.24	(0.47)	0.99	(0.68)	2.68
XSE	0.13	(0.01)	(0.45)	(0.20)	0.17	(0.14)	0.23	(0.23)	0.79
XDUH	0.55	0.12	0.08	0.50	0.50	(0.64)	1.28	(1.01)	4.03
XSMC	0.89	0.10	0.06	0.29	0.86	(1.04)	2.48	(1.50)	5.56
FCQH	0.48	(0.02)	(0.09)	0.04	0.65	(0.52)	1.09	(1.22)	4.57
ZFC	0.80	0.03	0.00	0.13	1.55	(0.83)	1.69	(3.55)	10.10
CALL	0.85	0.26	0.20	0.72	0.70	(0.98)	2.15	(1.25)	5.01
FLI	0.66	0.04	(0.01)	0.20	0.75	(0.75)	1.40	(1.15)	4.74

Be your own money manager

Our tools can tell you how much better you can do entering a position in Hamilton Canadian 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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