BetaPro Canadian Correlations

HGU Etf

CAD 148.05 15.62 11.79%

The current 90-days correlation between BetaPro Canadian Gold and Invesco ESG Canadian is 0.05 (i.e., Significant diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as BetaPro Canadian moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if BetaPro Canadian Gold moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

BetaPro Canadian Correlation With Market

Poor diversification

The correlation between BetaPro Canadian Gold and DJI is 0.79 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding BetaPro Canadian Gold and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to BetaPro 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 BetaPro 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 BetaPro 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 BetaPro Canadian Gold to buy it.

Moving together with BetaPro Etf

0.62	HSU	BetaPro SP 500	Pair Corr
0.9	HXU	BetaPro SP TSX	Pair Corr
0.92	HBU	BetaPro Gold Bullion	Pair Corr
0.98	ZGD	BMO Equal Weight	Pair Corr
0.89	HZU	BetaPro Silver 2x	Pair Corr
0.98	ZJG	BMO Junior Gold	Pair Corr
0.98	HGGG	Harvest Global Gold	Pair Corr
0.99	XGD	iShares SPTSX Global	Pair Corr
0.93	MNS	Royal Canadian Mint	Pair Corr
0.99	HEP	Global X Enhanced	Pair Corr
0.79	NHYB	NBI High Yield	Pair Corr
0.72	CALL	Evolve Banks Enhanced	Pair Corr
0.63	FLUS	Franklin Large Cap	Pair Corr
0.8	ZCON	BMO Conservative ETF	Pair Corr
0.77	RAAA	Corton Enhanced Income	Pair Corr
0.74	XSH	iShares Core Canadian	Pair Corr
0.73	TERM	Manulife Smart Short	Pair Corr
0.91	DGRC	CI Canada Quality	Pair Corr
0.72	WSHR	Wealthsimple Shariah	Pair Corr
0.64	CTMB	CI Target 2029	Pair Corr
0.61	XSB	iShares Canadian Short	Pair Corr
0.75	TCLV	TD Q Canadian	Pair Corr
0.92	ATSX	Accelerate Canadian Long	Pair Corr
0.65	XCNS	iShares Core Conservative	Pair Corr
0.7	ZBK	BMO Equal Weight	Pair Corr
0.94	NMNG	Ninepoint Mining Evo	Pair Corr
0.78	ZMID	BMO SP Mid	Pair Corr

Moving against BetaPro Etf

0.9	HXD	BetaPro SPTSX 60	Pair Corr
0.69	HSD	BetaPro SP 500	Pair Corr
0.62	HOD	BetaPro Crude Oil	Pair Corr
0.43	HNU	BetaPro Natural Gas	Pair Corr
0.41	HQD	BetaPro NASDAQ 100	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

BetaPro Canadian Competition Risk-Adjusted Indicators

There is a big difference between BetaPro Etf performing well and BetaPro 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 BetaPro 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
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 BetaPro 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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