Manulife Multifactor Correlations
| MUMC Etf | CAD 51.52 0.21 0.41% |
The current 90-days correlation between Manulife Multifactor Mid and BMO Equal Weight is 0.23 (i.e., Modest 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 Mid moves in either direction, the perfectly negatively correlated security will move in the opposite direction.
Manulife Multifactor Correlation With Market
Very poor diversification
The correlation between Manulife Multifactor Mid and DJI is 0.84 (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 Mid and DJI in the same portfolio, assuming nothing else is changed.
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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 Mid to buy it.
Moving together with Manulife Etf
| 0.83 | XSU | iShares Small Cap | PairCorr |
| 0.88 | XMC | iShares SP Mid | PairCorr |
| 0.94 | XMH | iShares SP Mid | PairCorr |
| 0.92 | UMI | CI MidCap Dividend | PairCorr |
| 0.92 | XSMH | iShares SP Small | PairCorr |
| 0.82 | FHF | First Trust Nasdaq | PairCorr |
| 0.71 | DXZ | Dynamic Active Mid | PairCorr |
| 0.83 | HGU | BetaPro Canadian Gold | PairCorr |
| 0.89 | ZGD | BMO Equal Weight | PairCorr |
| 0.9 | ZJG | BMO Junior Gold | PairCorr |
| 0.89 | HGGG | Harvest Global Gold | PairCorr |
| 0.88 | GLDX | Global X Gold | PairCorr |
| 0.85 | HBU | BetaPro Gold Bullion | PairCorr |
| 0.67 | SVR | iShares Silver Bullion | PairCorr |
| 0.89 | XGD | iShares SPTSX Global | PairCorr |
| 0.66 | SBT | Silver Bullion Trust | PairCorr |
| 0.84 | TGFI | TD Active Global | PairCorr |
| 0.85 | XINC | iShares Core Income | PairCorr |
| 0.81 | CLF | iShares 1 5 | PairCorr |
| 0.86 | VCB | Vanguard Canadian | PairCorr |
| 0.67 | CORE | PIMCO Canadian Core | PairCorr |
| 0.89 | GBUL | Ninepoint Gold Bullion | PairCorr |
| 0.66 | SVR-C | iShares Silver Bullion | PairCorr |
| 0.85 | PSB | Invesco 1 5 | PairCorr |
| 0.92 | MCSM | Manulife Multifactor | PairCorr |
| 0.83 | XDIV | iShares Core MSCI | PairCorr |
| 0.9 | VCN | Vanguard FTSE Canada | PairCorr |
| 0.91 | FMAE | Fidelity Multi Alt | PairCorr |
| 0.82 | HEU | BetaPro SP TSX | PairCorr |
| 0.73 | HURA | Global X Uranium | PairCorr |
| 0.8 | PINV | Purpose Global Innovators | PairCorr |
| 0.95 | EIT-UN | Canoe EIT Income | PairCorr |
| 0.91 | HXH | Global X Canadian | PairCorr |
| 0.85 | HXU | BetaPro SP TSX | PairCorr |
| 0.81 | WSRD | Wealthsimple Developed | PairCorr |
| 0.93 | QDX | Mackenzie International | PairCorr |
| 0.85 | XEG | iShares SPTSX Capped | PairCorr |
| 0.9 | VSC | Vanguard Canadian Short | PairCorr |
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
| High negative correlations
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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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| PHE | 0.40 | 0.00 | (0.07) | (0.08) | 0.45 | 0.73 | 2.51 | |||
| FDN | 0.88 | (0.24) | 0.00 | (0.30) | 0.00 | 1.49 | 5.86 | |||
| TUEX | 0.67 | 0.03 | 0.01 | 0.09 | 0.88 | 1.37 | 6.76 | |||
| CMEY | 0.10 | 0.00 | (0.13) | 0.57 | 0.11 | 0.30 | 0.86 | |||
| FDL | 0.60 | 0.22 | 0.28 | 1.59 | 0.04 | 1.83 | 4.39 | |||
| USSL | 0.43 | (0.07) | 0.00 | (0.11) | 0.00 | 1.17 | 3.58 | |||
| DCC | 0.12 | 0.00 | (0.16) | (0.01) | 0.16 | 0.26 | 0.89 | |||
| ZHU | 0.70 | (0.11) | 0.00 | (0.28) | 0.00 | 1.46 | 4.90 |
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.Did you try this?
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