Bank of Montreal Correlations

JETD Etf

10.71 0.07 0.66%

The current 90-days correlation between Bank of Montreal and Ultimus Managers Trust is -0.34 (i.e., Very good diversification). The correlation of Bank of Montreal 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.

Bank of Montreal Correlation With Market

Excellent diversification

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

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Bank of Montreal. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as various price indices.

For information on how to trade Bank Etf refer to our How to Trade Bank Etf guide.

Moving together with Bank Etf

0.62	QID	ProShares UltraShort QQQ	Pair Corr
0.84	TAIL	Cambria Tail Risk	Pair Corr

Moving against Bank Etf

0.68	VUG	Vanguard Growth Index	Pair Corr
0.58	SPY	SPDR SP 500	Pair Corr
0.58	IVV	iShares Core SP	Pair Corr
0.52	VTI	Vanguard Total Stock	Pair Corr
0.38	GE	GE Aerospace	Pair Corr
0.36	WMT	Walmart Aggressive Push	Pair Corr
0.34	MSFT	Microsoft Downward Rally	Pair Corr
0.32	BAC	Bank of America Sell-off Trend	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.36	-0.36	-0.5	0.24	0.77	0.4	0.13	-0.02	-0.28	META
MSFT	0.36		-0.58	-0.32	0.48	0.2	0.55	0.3	0.05	-0.46	MSFT
UBER	-0.36	-0.58		0.74	-0.19	-0.01	-0.47	0.06	-0.05	0.77	UBER
F	-0.5	-0.32	0.74		0.06	-0.31	-0.16	0.03	-0.01	0.87	F
T	0.24	0.48	-0.19	0.06		0.11	0.51	0.59	0.1	-0.17	T
A	0.77	0.2	-0.01	-0.31	0.11		0.1	0.26	-0.03	-0.17	A
CRM	0.4	0.55	-0.47	-0.16	0.51	0.1		0.0	0.18	-0.16	CRM
JPM	0.13	0.3	0.06	0.03	0.59	0.26	0.0		-0.27	-0.24	JPM
MRK	-0.02	0.05	-0.05	-0.01	0.1	-0.03	0.18	-0.27		-0.01	MRK
XOM	-0.28	-0.46	0.77	0.87	-0.17	-0.17	-0.16	-0.24	-0.01		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	+ 0.87	F
A	+ 0.77	META
XOM	+ 0.77	UBER
F	+ 0.74	UBER
JPM	+ 0.59	T
CRM	+ 0.55	MSFT

High negative correlations

UBER	- 0.58	MSFT
F	- 0.5	META
CRM	- 0.47	UBER
XOM	- 0.46	MSFT
UBER	- 0.36	META
F	- 0.32	MSFT

Bank of Montreal Competition Risk-Adjusted Indicators

There is a big difference between Bank Etf performing well and Bank of Montreal 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 Bank of Montreal'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	1.39	0.31	0.17	0.79	1.22	(1.63)	3.43	(1.95)	7.43
MSFT	1.12	(0.03)	0.00	(0.42)	0.00	0.00	2.20	(2.79)	7.31
UBER	1.46	(0.19)	0.00	(0.30)	0.00	0.00	2.67	(2.53)	12.29
F	1.33	(0.08)	(0.05)	0.00	1.73	(1.43)	2.46	(2.89)	9.39
T	1.00	0.10	0.04	0.30	1.08	(1.12)	1.91	(1.84)	7.94
A	1.15	0.13	0.04	1.36	1.14	(1.37)	2.81	(2.16)	5.70
CRM	1.55	0.28	0.13	0.81	1.42	(1.88)	3.96	(2.95)	14.80
JPM	1.05	0.25	0.15	0.96	1.05	(1.23)	1.92	(1.42)	15.87
MRK	1.03	(0.03)	0.00	1.47	0.00	0.00	2.00	(2.13)	5.24
XOM	0.82	(0.16)	0.00	(0.28)	0.00	0.00	1.71	(1.74)	6.06

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