Manulife Multifactor Correlations

MINT-B Etf

CAD 43.62 0.23 0.52%

The current 90-days correlation between Manulife Multifactor and Manulife Smart Dividend is 0.3 (i.e., Weak diversification). The correlation of Manulife Multifactor 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.

Manulife Multifactor Correlation With Market

Very poor diversification

The correlation between Manulife Multifactor Developed and DJI is 0.89 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Manulife Multifactor Developed 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 Developed to buy it.

Moving together with Manulife Etf

0.81	XIU	iShares SPTSX 60	Pair Corr
0.64	XSP	iShares Core SP	Pair Corr
0.84	XIC	iShares Core SPTSX	Pair Corr
0.84	ZCN	BMO SPTSX Capped	Pair Corr
0.81	ZEB	BMO SPTSX Equal	Pair Corr
0.68	CGRA	CI Global Real	Pair Corr
0.76	FTN	Financial 15 Split Split	Pair Corr
0.82	CALL	Evolve Banks Enhanced	Pair Corr
0.8	NXF	First Asset Energy	Pair Corr
0.92	GDV	Global Dividend Growth	Pair Corr
0.92	EIT-UN	Canoe EIT Income	Pair Corr
0.88	NMNG	Ninepoint Mining Evo	Pair Corr
0.75	XEG	iShares SPTSX Capped	Pair Corr
0.86	ATSX	Accelerate Canadian Long	Pair Corr
0.83	ZMID	BMO SP Mid	Pair Corr
0.77	RAAA	Corton Enhanced Income	Pair Corr
0.89	ZUD	BMO Dividend Hedged	Pair Corr
0.8	NHYB	NBI High Yield	Pair Corr
0.88	GCTB	Guardian Ultra Short	Pair Corr
0.92	XEU	iShares MSCI Europe	Pair Corr
0.9	HXX	Global X Europe	Pair Corr
0.75	XSB	iShares Canadian Short	Pair Corr
0.76	CTMB	CI Target 2029	Pair Corr
0.74	CPD	iShares SPTSX Canadian	Pair Corr
0.84	HPF	Harvest Energy Leaders	Pair Corr
0.78	BMAX	Brompton Enhanced Multi	Pair Corr
0.83	XEN	iShares Jantzi Social	Pair Corr
0.95	UDIV	Manulife Smart Dividend	Pair Corr
0.84	TERM	Manulife Smart Short	Pair Corr
0.81	ZCON	BMO Conservative ETF	Pair Corr

Related Correlations Analysis

	MFUN	MUMC	IDEF-B	MCOR	TERM	CBND	MINT	MINT-B	UDIV
MFUN		-0.12	-0.5	0.0	-0.16	-0.13	-0.15	-0.03	-0.02	MFUN
MUMC	-0.12		0.61	0.0	0.77	0.44	0.93	0.9	0.91	MUMC
IDEF-B	-0.5	0.61		0.0	0.7	0.66	0.72	0.65	0.61	IDEF-B
MCOR	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	MCOR
TERM	-0.16	0.77	0.7	0.0		0.72	0.87	0.84	0.85	TERM
CBND	-0.13	0.44	0.66	0.0	0.72		0.55	0.58	0.56	CBND
MINT	-0.15	0.93	0.72	0.0	0.87	0.55		0.95	0.95	MINT
MINT-B	-0.03	0.9	0.65	0.0	0.84	0.58	0.95		0.95	MINT-B
UDIV	-0.02	0.91	0.61	0.0	0.85	0.56	0.95	0.95		UDIV
	MFUN	MUMC	IDEF-B	MCOR	TERM	CBND	MINT	MINT-B	UDIV

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

MINT-B	+ 0.95	MINT
UDIV	+ 0.95	MINT
UDIV	+ 0.95	MINT-B
MINT	+ 0.93	MUMC
UDIV	+ 0.91	MUMC
MINT-B	+ 0.9	MUMC

High negative correlations

IDEF-B	- 0.5	MFUN
TERM	- 0.16	MFUN
MINT	- 0.15	MFUN
CBND	- 0.13	MFUN
MUMC	- 0.12	MFUN
MINT-B	- 0.03	MFUN

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 Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
MFUN	0.41	(0.01)	(0.09)	(0.01)	0.54	(0.51)	0.93	(0.83)	3.72
MUMC	0.78	0.06	0.03	0.14	1.03	(0.89)	1.60	(1.56)	8.53
IDEF-B	0.24	0.11	0.00	(0.38)	0.00	0.00	0.00	0.00	7.38
MCOR	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
TERM	0.09	0.00	(0.31)	0.00	0.00	(0.13)	0.21	(0.21)	0.51
CBND	0.14	0.02	(0.12)	(1.34)	0.11	(0.20)	0.33	(0.22)	1.30
MINT	0.47	0.11	0.11	0.34	0.37	(0.53)	0.96	(1.07)	2.83
MINT-B	1.00	0.11	0.05	0.40	1.29	(1.02)	2.05	(2.25)	5.16
UDIV	0.64	0.07	0.05	0.21	0.75	(0.70)	1.26	(1.38)	4.37

Be your own money manager

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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