Manulife Multifactor Correlations

Etfs . Canada . 
Etf . Manulife Multifactor Canadian
MCLC Etf  CAD 55.05  0.82  1.51%   
The current 90-days correlation between Manulife Multifactor and Global X NASDAQ 100 is 0.43 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Manulife Multifactor moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Manulife Multifactor Canadian moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Manulife Multifactor Correlation With Market

Almost no diversification

The correlation between Manulife Multifactor Canadian and DJI is 0.9 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Manulife Multifactor Canadian and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Manulife Multifactor could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Manulife Multifactor 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 Manulife Multifactor - 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 Manulife Multifactor Canadian to buy it.

Moving together with Manulife Etf

  0.98XIU iShares SPTSX 60PairCorr
  0.99XIC iShares Core SPTSXPairCorr
  0.99ZCN BMO SPTSX CappedPairCorr
  0.99VCN Vanguard FTSE CanadaPairCorr
  0.98HXT Global X SPTSXPairCorr
  0.99HXCN Global X SPTSXPairCorr
  0.99QCN Mackenzie Canadian EquityPairCorr
  0.98WXM First Asset MorningstarPairCorr
  0.99TTP TD Canadian EquityPairCorr
  0.77XSP iShares Core SPPairCorr
  0.91ZEB BMO SPTSX EqualPairCorr
  0.95NMNG Ninepoint Mining EvoPairCorr
  0.67HPF Harvest Energy LeadersPairCorr
  0.85CPD iShares SPTSX CanadianPairCorr
  0.87TCLV TD Q CanadianPairCorr
  0.93ZDM BMO MSCI EAFEPairCorr
  0.89NHYB NBI High YieldPairCorr
  0.87CALL Evolve Banks EnhancedPairCorr
  0.93XEU iShares MSCI EuropePairCorr
  0.61XEG iShares SPTSX CappedPairCorr
  0.66CTMB CI Target 2029PairCorr
  0.9DXBG Dynamic Global FixedPairCorr
  0.93HXU BetaPro SP TSXPairCorr
  0.87BANK Evolve Canadian BanksPairCorr
  0.88GDV Global Dividend GrowthPairCorr
  0.99XEN iShares Jantzi SocialPairCorr
  0.86UDIV Manulife Smart DividendPairCorr
  0.96ATSX Accelerate Canadian LongPairCorr
  0.63NXF First Asset EnergyPairCorr

Moving against Manulife Etf

  0.69NSCE NBI Sustainable CanadianPairCorr
  0.45TCLB TD Canadian LongPairCorr

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

VDU
+ 0.99
VI
XEU
+ 0.98
VI
VIDY
+ 0.98
VI
VDU
+ 0.98
XEU
VIDY
+ 0.98
VDU
QQCC
+ 0.95
XSUS
  

High negative correlations

XSUS
- 0.39
ENCC
QQCC
- 0.35
ENCC
XSUS
- 0.09
VIDY
QQCC
- 0.08
VIDY

Manulife Multifactor Constituents Risk-Adjusted Indicators

There is a big difference between Manulife Etf performing well and Manulife Multifactor 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 Manulife Multifactor'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
FCCQ  0.76  0.10  0.05  0.26  1.08 
(0.74)
 1.44 
(1.39)
 6.36 
VI  0.50  0.12  0.11  0.34  0.45 
(0.50)
 1.28 
(1.14)
 2.78 
XEU  0.55  0.06  0.03  0.19  0.61 
(0.56)
 1.16 
(1.17)
 3.06 
ENCC  0.75  0.17  0.09 (1.59) 0.90 
(0.84)
 1.60 
(1.57)
 4.96 
VDU  0.56  0.11  0.10  0.29  0.56 
(0.59)
 1.27 
(1.13)
 2.81 
XSU  0.94  0.07  0.04  0.16  1.08 
(0.97)
 2.09 
(1.90)
 5.59 
VIDY  0.55  0.15  0.15  0.43  0.46 
(0.58)
 1.44 
(1.18)
 3.12 
XSUS  0.57 (0.09) 0.00 (0.11) 0.00 
 0.00 
 1.09 
(1.32)
 3.45 
XMC  0.77  0.05  0.04  0.15  0.71 
(0.94)
 1.72 
(1.63)
 4.23 
QQCC  0.65 (0.09) 0.00 (0.11) 0.00 
 0.00 
 1.24 
(1.40)
 4.35 

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Our tools can tell you how much better you can do entering a position in Manulife Multifactor 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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