Mackenzie Emerging Correlations

QEBH Etf

CAD 81.33 0.32 0.39%

The current 90-days correlation between Mackenzie Emerging and Global X Equal is 0.03 (i.e., Significant diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Mackenzie Emerging moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Mackenzie Emerging Markets moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Mackenzie Emerging Correlation With Market

Very weak diversification

The correlation between Mackenzie Emerging Markets and DJI is 0.4 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mackenzie Emerging Markets and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Mackenzie Etf

0.62	ZEF	BMO Emerging Markets	Pair Corr
0.69	XEB	iShares JP Morgan	Pair Corr
0.68	DXN	Dynamic Active Global	Pair Corr
0.65	ZUD	BMO Dividend Hedged	Pair Corr

Related Correlations Analysis

	XRB	XIG	CUD	XDSR	HFIN	XEH	XBM	ZGD	CGR	BKCC
XRB		0.57	0.31	0.18	-0.35	-0.04	-0.03	-0.01	0.61	-0.25	XRB
XIG	0.57		0.37	0.46	0.23	0.35	0.35	0.39	0.63	0.3	XIG
CUD	0.31	0.37		0.63	0.19	0.5	0.5	0.51	0.6	0.5	CUD
XDSR	0.18	0.46	0.63		0.62	0.95	0.93	0.88	0.7	0.82	XDSR
HFIN	-0.35	0.23	0.19	0.62		0.75	0.65	0.6	0.17	0.89	HFIN
XEH	-0.04	0.35	0.5	0.95	0.75		0.97	0.9	0.56	0.91	XEH
XBM	-0.03	0.35	0.5	0.93	0.65	0.97		0.96	0.55	0.85	XBM
ZGD	-0.01	0.39	0.51	0.88	0.6	0.9	0.96		0.54	0.81	ZGD
CGR	0.61	0.63	0.6	0.7	0.17	0.56	0.55	0.54		0.38	CGR
BKCC	-0.25	0.3	0.5	0.82	0.89	0.91	0.85	0.81	0.38		BKCC
	XRB	XIG	CUD	XDSR	HFIN	XEH	XBM	ZGD	CGR	BKCC

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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

XBM	+ 0.97	XEH
ZGD	+ 0.96	XBM
XEH	+ 0.95	XDSR
XBM	+ 0.93	XDSR
BKCC	+ 0.91	XEH
ZGD	+ 0.9	XEH

High negative correlations

HFIN	- 0.35	XRB
BKCC	- 0.25	XRB
XEH	- 0.04	XRB
XBM	- 0.03	XRB
ZGD	- 0.01	XRB

Mackenzie Emerging Constituents Risk-Adjusted Indicators

There is a big difference between Mackenzie Etf performing well and Mackenzie Emerging 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 Mackenzie Emerging'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
XRB	0.30	0.01	(0.11)	0.15	0.35	(0.33)	0.61	(0.53)	2.20
XIG	0.23	0.00	(0.17)	0.06	0.28	(0.25)	0.46	(0.45)	1.76
CUD	0.59	0.12	0.06	2.42	0.79	(0.66)	1.43	(0.91)	6.14
XDSR	0.58	0.11	0.06	(1.38)	0.61	(0.60)	1.24	(0.96)	3.05
HFIN	0.61	0.13	0.08	(1.27)	0.58	(0.72)	1.62	(1.27)	3.56
XEH	0.45	0.12	0.09	(1.47)	0.40	(0.50)	1.31	(1.03)	2.76
XBM	1.76	0.54	0.19	4.55	1.99	(1.96)	3.60	(4.12)	12.02
ZGD	2.12	0.56	0.14	1.09	3.03	(2.24)	5.23	(5.22)	18.06
CGR	0.51	0.07	0.04	0.45	0.53	(0.57)	1.18	(0.87)	3.38
BKCC	0.43	0.12	0.11	3.75	0.29	(0.51)	0.95	(0.85)	2.82

Be your own money manager

Our tools can tell you how much better you can do entering a position in Mackenzie Emerging 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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