Hamilton Technology Correlations

QMAX Etf

22.05 0.03 0.14%

The current 90-days correlation between Hamilton Technology Yield and Evolve Canadian Banks is 0.44 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Hamilton Technology moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Hamilton Technology Yield moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Hamilton Technology Correlation With Market

Very good diversification

The correlation between Hamilton Technology Yield and DJI is -0.26 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hamilton Technology Yield and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Hamilton Etf

0.92	XIT	iShares SPTSX Capped	Pair Corr
0.88	TEC	TD Global Technology	Pair Corr
0.72	CYBR	Evolve Cyber Security	Pair Corr

Moving against Hamilton Etf

0.56	XST	iShares SPTSX Capped	Pair Corr
0.54	COW	iShares Global Agric	Pair Corr
0.54	HHL-B	Harvest Healthcare	Pair Corr
0.49	HCAL	Hamilton Enhanced	Pair Corr
0.37	EQL-U	Invesco SP 500	Pair Corr

Related Correlations Analysis

	SMAX	TXF	XIT	DGRC	WXM	HCAL	TUED	AMAX	ZWE	BANK
SMAX		0.39	0.52	-0.13	-0.07	-0.19	0.86	-0.11	0.1	-0.18	SMAX
TXF	0.39		0.07	0.46	0.62	0.61	0.52	0.56	0.73	0.57	TXF
XIT	0.52	0.07		-0.68	-0.59	-0.51	0.4	-0.68	-0.44	-0.51	XIT
DGRC	-0.13	0.46	-0.68		0.97	0.88	-0.02	0.96	0.83	0.89	DGRC
WXM	-0.07	0.62	-0.59	0.97		0.94	0.06	0.97	0.9	0.93	WXM
HCAL	-0.19	0.61	-0.51	0.88	0.94		-0.13	0.88	0.87	0.99	HCAL
TUED	0.86	0.52	0.4	-0.02	0.06	-0.13		0.04	0.18	-0.14	TUED
AMAX	-0.11	0.56	-0.68	0.96	0.97	0.88	0.04		0.89	0.87	AMAX
ZWE	0.1	0.73	-0.44	0.83	0.9	0.87	0.18	0.89		0.86	ZWE
BANK	-0.18	0.57	-0.51	0.89	0.93	0.99	-0.14	0.87	0.86		BANK
	SMAX	TXF	XIT	DGRC	WXM	HCAL	TUED	AMAX	ZWE	BANK

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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

BANK	+ 0.99	HCAL
WXM	+ 0.97	DGRC
AMAX	+ 0.97	WXM
AMAX	+ 0.96	DGRC
HCAL	+ 0.94	WXM
BANK	+ 0.93	WXM

High negative correlations

AMAX	- 0.68	XIT
DGRC	- 0.68	XIT
WXM	- 0.59	XIT
BANK	- 0.51	XIT
HCAL	- 0.51	XIT
ZWE	- 0.44	XIT

Hamilton Technology Constituents Risk-Adjusted Indicators

There is a big difference between Hamilton Etf performing well and Hamilton Technology 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 Hamilton Technology'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
SMAX	0.53	(0.03)	(0.09)	0.01	0.72	(0.52)	0.97	(1.24)	3.41
TXF	0.93	0.05	0.02	0.15	1.26	(0.86)	1.73	(2.13)	5.70
XIT	1.53	(0.24)	0.00	(0.27)	0.00	0.00	2.55	(4.07)	9.80
DGRC	0.54	0.13	0.10	2.92	0.46	(0.59)	1.26	(1.05)	2.86
WXM	0.68	0.21	0.18	0.87	0.60	(0.76)	1.44	(1.37)	4.45
HCAL	0.62	0.18	0.19	0.63	0.45	(0.74)	1.33	(1.26)	3.76
TUED	0.78	0.00	(0.04)	0.07	1.03	(0.76)	1.65	(1.92)	5.08
AMAX	1.50	0.47	0.24	1.15	1.42	(1.82)	3.96	(3.60)	8.89
ZWE	0.44	0.04	(0.02)	0.21	0.43	(0.53)	0.91	(1.01)	2.61
BANK	0.48	0.15	0.15	0.55	0.34	(0.54)	1.32	(0.91)	2.97

Be your own money manager

Our tools can tell you how much better you can do entering a position in Hamilton Technology 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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