Purpose Monthly Correlations

PIN Etf

CAD 19.43 0.02 0.10%

The current 90-days correlation between Purpose Monthly Income and Purpose Total Return is 0.3 (i.e., Weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Purpose Monthly moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Purpose Monthly Income moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Purpose Monthly Correlation With Market

Average diversification

The correlation between Purpose Monthly Income and DJI is 0.17 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Purpose Monthly Income and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Purpose Monthly 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 Monthly 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 Monthly - 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 Monthly Income to buy it.

Moving together with Purpose Etf

0.86	VBAL	Vanguard Balanced	Pair Corr
0.86	XBAL	iShares Core Balanced	Pair Corr
0.95	ZMI	BMO Monthly Income	Pair Corr
0.7	ZESG	BMO Balanced ESG	Pair Corr
0.83	ZBAL	BMO Balanced ETF	Pair Corr
0.89	MBAL	Mackenzie Balanced	Pair Corr
0.89	FCGI	Fidelity Global Monthly	Pair Corr
0.93	XIU	iShares SPTSX 60	Pair Corr
0.69	XSP	iShares Core SP	Pair Corr
0.93	XIC	iShares Core SPTSX	Pair Corr
0.93	ZCN	BMO SPTSX Capped	Pair Corr
0.83	ZEB	BMO SPTSX Equal	Pair Corr
0.69	LS	Middlefield Healthcare	Pair Corr
0.72	WSRD	Wealthsimple Developed	Pair Corr
0.87	PRP	Purpose Conservative	Pair Corr
0.88	XEF	iShares Core MSCI	Pair Corr
0.91	GLDX	Global X Gold	Pair Corr
0.63	THU	TD Equity CAD	Pair Corr
0.91	ZUD	BMO Dividend Hedged	Pair Corr
0.69	ZUE	BMO SP 500	Pair Corr
0.67	UDIV-B	Manulife Smart Dividend	Pair Corr
0.91	PFLS	Picton Mahoney Fortified	Pair Corr
0.9	ZWS	BMO High Dividend	Pair Corr
0.92	XEH	iShares MSCI Europe	Pair Corr
0.65	ZCS	BMO Short Corporate	Pair Corr
0.92	THE	TD International Equity	Pair Corr
0.88	MNS	Royal Canadian Mint	Pair Corr
0.9	FCVH	Fidelity Value Currency	Pair Corr

Moving against Purpose Etf

0.56	TCLB	TD Canadian Long	Pair Corr
0.35	XBB	iShares Canadian Universe	Pair Corr
0.34	ZAG	BMO Aggregate Bond	Pair Corr

Related Correlations Analysis

	PBD	HCLN	ZWQT	DRFG	ZZZD	ETP	HERO	XMY	CNCL	RPDH
PBD		0.23	0.45	0.38	0.47	0.59	-0.05	0.39	0.35	0.37	PBD
HCLN	0.23		0.08	0.26	-0.01	0.11	0.32	-0.22	-0.02	0.05	HCLN
ZWQT	0.45	0.08		0.81	0.63	0.91	-0.79	0.46	0.95	0.97	ZWQT
DRFG	0.38	0.26	0.81		0.48	0.75	-0.58	0.19	0.75	0.78	DRFG
ZZZD	0.47	-0.01	0.63	0.48		0.65	-0.43	0.61	0.56	0.61	ZZZD
ETP	0.59	0.11	0.91	0.75	0.65		-0.66	0.47	0.84	0.88	ETP
HERO	-0.05	0.32	-0.79	-0.58	-0.43	-0.66		-0.31	-0.85	-0.85	HERO
XMY	0.39	-0.22	0.46	0.19	0.61	0.47	-0.31		0.46	0.42	XMY
CNCL	0.35	-0.02	0.95	0.75	0.56	0.84	-0.85	0.46		0.96	CNCL
RPDH	0.37	0.05	0.97	0.78	0.61	0.88	-0.85	0.42	0.96		RPDH
	PBD	HCLN	ZWQT	DRFG	ZZZD	ETP	HERO	XMY	CNCL	RPDH

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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

RPDH	+ 0.97	ZWQT
RPDH	+ 0.96	CNCL
CNCL	+ 0.95	ZWQT
ETP	+ 0.91	ZWQT
RPDH	+ 0.88	ETP
CNCL	+ 0.84	ETP

High negative correlations

RPDH	- 0.85	HERO
CNCL	- 0.85	HERO
HERO	- 0.79	ZWQT
HERO	- 0.66	ETP
HERO	- 0.58	DRFG
HERO	- 0.43	ZZZD

Purpose Monthly Constituents Risk-Adjusted Indicators

There is a big difference between Purpose Etf performing well and Purpose Monthly 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 Monthly'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
PBD	0.18	0.00	(0.39)	0.81	0.15	(0.24)	0.42	(0.24)	1.21
HCLN	1.18	(0.05)	(0.04)	0.03	1.58	(1.22)	2.46	(2.86)	7.84
ZWQT	0.39	0.07	0.02	0.33	0.10	(0.51)	0.91	(0.60)	2.07
DRFG	0.70	0.08	0.02	0.24	1.36	(0.85)	1.16	(0.93)	9.68
ZZZD	0.40	0.05	(0.08)	1.33	0.41	(0.46)	0.99	(0.75)	3.26
ETP	0.18	0.03	(0.21)	1.38	0.14	(0.20)	0.33	(0.44)	1.15
HERO	0.58	(0.15)	0.00	(0.54)	0.00	0.00	0.83	(1.55)	2.54
XMY	0.35	0.00	(0.18)	(0.02)	0.45	(0.38)	0.73	(0.75)	2.51
CNCL	0.51	0.07	0.02	0.24	0.53	(0.59)	1.07	(1.20)	2.71
RPDH	0.45	0.15	0.16	0.74	0.00	(0.59)	1.41	(0.61)	3.60

Be your own money manager

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