Bank Of Montreal Correlations

NRGU Etf

USD 502.48 0.00 0.00%

The current 90-days correlation between Bank Of Montreal and ProShares Ultra SP500 is -0.05 (i.e., 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Check out Correlation Analysis to better understand how to build diversified portfolios. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in price.

Moving together with Bank Etf

0.84

HUM

Humana Inc Buyout Trend

Pair Corr

Moving against Bank Etf

0.74	EWC	iShares MSCI Canada	Pair Corr
0.66	PPA	Invesco Aerospace Defense	Pair Corr
0.63	SPY	SPDR SP 500	Pair Corr
0.62	BST	BlackRock Science Tech	Pair Corr
0.6	SSO	ProShares Ultra SP500	Pair Corr
0.58	SPXL	Direxion Daily SP500	Pair Corr
0.58	UPRO	ProShares UltraPro SP500	Pair Corr
0.51	QLD	ProShares Ultra QQQ Sell-off Trend	Pair Corr
0.49	UYG	ProShares Ultra Fina	Pair Corr
0.47	FNGU	MicroSectors FANG Index	Pair Corr
0.45	ARKW	ARK Next Generation	Pair Corr
0.43	TECL	Direxion Daily Technology	Pair Corr
0.83	HD	Home Depot	Pair Corr
0.75	T	ATT Inc Aggressive Push	Pair Corr
0.72	AXP	American Express Fiscal Year End 24th of January 2025	Pair Corr
0.68	AA	Alcoa Corp Fiscal Year End 15th of January 2025	Pair Corr
0.68	WMT	Walmart Aggressive Push	Pair Corr
0.66	DD	Dupont De Nemours Fiscal Year End 4th of February 2025	Pair Corr
0.62	GE	GE Aerospace Fiscal Year End 28th of January 2025	Pair Corr
0.6	XOM	Exxon Mobil Corp Fiscal Year End 7th of February 2025	Pair Corr
0.6	HPQ	HP Inc	Pair Corr
0.57	TRV	The Travelers Companies Fiscal Year End 17th of January 2025	Pair Corr
0.47	CVX	Chevron Corp Fiscal Year End 7th of February 2025	Pair Corr
0.43	BAC	Bank of America Fiscal Year End 10th of January 2025	Pair Corr
0.42	VZ	Verizon Communications Aggressive Push	Pair Corr
0.41	DIS	Walt Disney Aggressive Push	Pair Corr

Related Correlations Analysis

	SSO	SPXL	QLD	UPRO	TECL	LABU	GUSH	FNGU	UYG
SSO		1.0	0.98	1.0	0.91	-0.2	0.51	0.95	0.86	SSO
SPXL	1.0		0.98	1.0	0.92	-0.18	0.52	0.95	0.86	SPXL
QLD	0.98	0.98		0.98	0.95	-0.13	0.53	0.97	0.79	QLD
UPRO	1.0	1.0	0.98		0.92	-0.18	0.52	0.95	0.86	UPRO
TECL	0.91	0.92	0.95	0.92		-0.04	0.52	0.9	0.65	TECL
LABU	-0.2	-0.18	-0.13	-0.18	-0.04		-0.13	-0.21	-0.34	LABU
GUSH	0.51	0.52	0.53	0.52	0.52	-0.13		0.53	0.48	GUSH
FNGU	0.95	0.95	0.97	0.95	0.9	-0.21	0.53		0.86	FNGU
UYG	0.86	0.86	0.79	0.86	0.65	-0.34	0.48	0.86		UYG
	SSO	SPXL	QLD	UPRO	TECL	LABU	GUSH	FNGU	UYG

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

SPXL	+ 1.0	SSO
UPRO	+ 1.0	SSO
UPRO	+ 1.0	SPXL
QLD	+ 0.98	SSO
QLD	+ 0.98	SPXL
UPRO	+ 0.98	QLD

High negative correlations

UYG	- 0.34	LABU
FNGU	- 0.21	LABU
LABU	- 0.2	SSO
LABU	- 0.18	UPRO
LABU	- 0.18	SPXL
GUSH	- 0.13	LABU

Bank Of Montreal Constituents 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
SSO	1.11	0.00	0.04	0.09	1.42	(1.14)	2.17	(2.62)	7.58
SPXL	1.65	0.00	0.05	0.08	2.20	(1.65)	3.24	(3.94)	11.38
QLD	1.60	(0.05)	0.01	0.06	2.42	(1.48)	3.15	(4.83)	10.27
UPRO	1.67	0.00	0.05	0.08	2.17	(1.65)	3.28	(3.94)	11.39
TECL	3.00	(0.18)	0.01	0.03	4.60	(2.95)	5.44	(7.23)	19.94
LABU	2.91	(0.64)	0.00	(0.10)	0.00	0.00	5.44	(7.93)	23.20
GUSH	2.40	0.02	0.03	0.10	3.07	(2.47)	4.29	(4.96)	14.55
FNGU	3.24	0.06	0.05	0.10	4.81	(3.17)	7.14	(9.87)	20.09
UYG	1.42	0.15	0.17	0.15	1.26	(1.57)	2.77	(2.52)	15.62

Bank Of Montreal Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with Bank Of Montreal etf to make a market-neutral strategy. Peer analysis of Bank Of Montreal could also be used in its relative valuation, which is a method of valuing Bank Of Montreal by comparing valuation metrics with similar companies.

ProShares Ultra SP500 Direxion Daily SP500 ProShares Ultra QQQ ProShares UltraPro SP500 Direxion Daily Technology Direxion Daily SP Direxion Daily SP MicroSectors FANG Index ProShares Ultra Financials American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup SentinelOne

Risk & Return

Correlation

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC