Purpose Core Correlations

PDF Etf

CAD 41.15 0.18 0.44%

The current 90-days correlation between Purpose Core Dividend and Mackenzie Canadian Large is 0.67 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Purpose Core moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Purpose Core Dividend moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Purpose Core Correlation With Market

Very poor diversification

The correlation between Purpose Core Dividend and DJI is 0.83 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Purpose Core Dividend and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Purpose Core could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Purpose Core 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 Purpose Core - 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 Purpose Core Dividend to buy it.

Moving together with Purpose Etf

0.79	WSRI	Wealthsimple North	Pair Corr
0.71	PINV	Purpose Global Innovators	Pair Corr
0.93	PDIV	Purpose Enhanced Dividend	Pair Corr
0.73	HGU	BetaPro Canadian Gold	Pair Corr
0.87	HGGG	Harvest Global Gold	Pair Corr
0.82	GLDX	Global X Gold	Pair Corr
0.86	ZGD	BMO Equal Weight	Pair Corr
0.87	ZJG	BMO Junior Gold	Pair Corr
0.61	HUZ	Global X Silver	Pair Corr
0.62	SVR	iShares Silver Bullion	Pair Corr
0.82	HBU	BetaPro Gold Bullion	Pair Corr
0.86	XGD	iShares SPTSX Global	Pair Corr
0.89	CTMB	CI Target 2029	Pair Corr
0.72	DXAU	Dynamic Active Global	Pair Corr
0.77	TCLV	TD Q Canadian	Pair Corr
0.88	XSB	iShares Canadian Short	Pair Corr
0.7	ZLC	BMO Long Corporate	Pair Corr
0.93	TERM	Manulife Smart Short	Pair Corr
0.92	XEU	iShares MSCI Europe	Pair Corr
0.77	NHYB	NBI High Yield	Pair Corr
0.93	XSH	iShares Core Canadian	Pair Corr
0.82	ZMID	BMO SP Mid	Pair Corr
0.92	HPF	Harvest Energy Leaders	Pair Corr
0.87	DXN	Dynamic Active Global	Pair Corr
0.92	BMAX	Brompton Enhanced Multi	Pair Corr
0.94	DGRC	CI Canada Quality	Pair Corr
0.81	AMAX	Hamilton Gold Producer	Pair Corr
0.73	HAZ	Global X Active	Pair Corr
0.71	HXU	BetaPro SP TSX	Pair Corr
0.84	XEN	iShares Jantzi Social	Pair Corr
0.97	UDIV	Manulife Smart Dividend	Pair Corr
0.95	DXBG	Dynamic Global Fixed	Pair Corr
0.89	XEG	iShares SPTSX Capped	Pair Corr
0.85	ZCON	BMO Conservative ETF	Pair Corr

Moving against Purpose Etf

0.58

PBI

Purpose Best Ideas

Pair Corr

Related Correlations Analysis

	PID	PDIV	XHD	FCVH	IQD	RUDH	XMW	GGRO	QCE
PID		0.92	0.68	0.86	0.92	0.11	0.39	0.14	0.83	PID
PDIV	0.92		0.55	0.89	0.94	0.1	0.32	0.3	0.92	PDIV
XHD	0.68	0.55		0.29	0.42	0.18	0.56	-0.03	0.31	XHD
FCVH	0.86	0.89	0.29		0.95	0.26	0.06	0.41	0.96	FCVH
IQD	0.92	0.94	0.42	0.95		0.06	0.25	0.27	0.94	IQD
RUDH	0.11	0.1	0.18	0.26	0.06		-0.31	0.64	0.2	RUDH
XMW	0.39	0.32	0.56	0.06	0.25	-0.31		-0.04	0.13	XMW
GGRO	0.14	0.3	-0.03	0.41	0.27	0.64	-0.04		0.48	GGRO
QCE	0.83	0.92	0.31	0.96	0.94	0.2	0.13	0.48		QCE
	PID	PDIV	XHD	FCVH	IQD	RUDH	XMW	GGRO	QCE

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

QCE	+ 0.96	FCVH
IQD	+ 0.95	FCVH
IQD	+ 0.94	PDIV
QCE	+ 0.94	IQD
PDIV	+ 0.92	PID
IQD	+ 0.92	PID

High negative correlations

XMW	- 0.31	RUDH
GGRO	- 0.04	XMW
GGRO	- 0.03	XHD

Purpose Core Constituents Risk-Adjusted Indicators

There is a big difference between Purpose Etf performing well and Purpose Core 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 Purpose Core'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
PID	0.55	0.14	0.14	0.41	0.42	(0.68)	1.32	(1.06)	3.36
PDIV	0.31	0.05	0.00	0.22	0.39	(0.35)	0.63	(0.83)	3.21
XHD	0.59	0.10	0.04	0.89	0.97	(0.59)	1.40	(0.90)	6.53
FCVH	0.64	0.12	0.14	0.22	0.48	(0.77)	1.42	(1.12)	4.53
IQD	0.56	0.10	0.09	0.25	0.45	(0.68)	1.63	(1.15)	3.40
RUDH	0.55	(0.01)	(0.03)	0.05	0.88	(0.63)	1.30	(0.90)	6.19
XMW	0.34	0.00	(0.13)	0.09	0.40	(0.37)	0.76	(0.83)	2.05
GGRO	0.57	0.00	(0.04)	0.06	0.79	(0.59)	1.00	(1.32)	3.62
QCE	0.59	0.12	0.10	0.30	0.64	(0.64)	1.27	(1.29)	4.78

Be your own money manager

Our tools can tell you how much better you can do entering a position in Purpose Core 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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