NBI Active Correlations

Etfs . Canada . 
Etf . NBI Active Canadian
NPRF Etf  CAD 26.69  0.04  0.15%   
The current 90-days correlation between NBI Active Canadian and Purpose Premium Yield is -0.05 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as NBI Active moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if NBI Active Canadian moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

NBI Active Correlation With Market

Excellent diversification

The correlation between NBI Active Canadian and DJI is -0.53 (i.e., Excellent diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding NBI Active Canadian and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to NBI Active could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace NBI Active 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 NBI Active - 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 NBI Active Canadian to buy it.

Moving against NBI Etf

  0.66SVR iShares Silver BullionPairCorr
  0.64GLDX Global X GoldPairCorr
  0.63PR Lysander Slater PrefPairCorr
  0.62FPR CI Preferred SharePairCorr
  0.62ZGD BMO Equal WeightPairCorr
  0.62ZJG BMO Junior GoldPairCorr
  0.61HFP Global X ActivePairCorr
  0.61HGGG Harvest Global GoldPairCorr
  0.6HGU BetaPro Canadian GoldPairCorr
  0.59DIVS Evolve Active CanadianPairCorr
  0.59HBU BetaPro Gold BullionPairCorr
  0.57RPF RBC Canadian PreferredPairCorr
  0.57DXP Dynamic Active PreferredPairCorr
  0.57XPF iShares SPTSX NorthPairCorr
  0.56ZPR BMO Laddered PreferredPairCorr
  0.56HZU BetaPro Silver 2xPairCorr
  0.55HPR Global X ActivePairCorr
  0.48CPD iShares SPTSX CanadianPairCorr
  0.68PFCO PICTON Credit OpportPairCorr
  0.68NHYB NBI High YieldPairCorr
  0.67HXX Global X EuropePairCorr
  0.66SBT Silver Bullion TrustPairCorr
  0.66HAC Global X SeasonalPairCorr
  0.65XGD iShares SPTSX GlobalPairCorr
  0.64CGXF CI Gold GiantsPairCorr
  0.62AMAX Hamilton Gold ProducerPairCorr
  0.61WSHR Wealthsimple ShariahPairCorr
  0.59XEN iShares Jantzi SocialPairCorr
  0.58MINT-B Manulife MultifactorPairCorr
  0.54XEG iShares SPTSX CappedPairCorr
  0.5DXN Dynamic Active GlobalPairCorr
  0.47BANK Evolve Canadian BanksPairCorr
  0.38FLUS Franklin Large CapPairCorr
  0.37XDUH iShares Core MSCIPairCorr
  0.36ZUD BMO Dividend HedgedPairCorr
  0.35ZLC BMO Long CorporatePairCorr
  0.71XEU iShares MSCI EuropePairCorr
  0.7ZDM BMO MSCI EAFEPairCorr
  0.69NMNG Ninepoint Mining EvoPairCorr
  0.68RAAA Corton Enhanced IncomePairCorr

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

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

NBI Active Competition Risk-Adjusted Indicators

There is a big difference between NBI Etf performing well and NBI Active 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 NBI Active'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
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 NBI Active 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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