Ninepoint Web3 Correlations

TKN Etf

21.93 0.21 0.95%

The current 90-days correlation between Ninepoint Web3 Innovators and Ninepoint Canadian Natural is -0.14 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Ninepoint Web3 moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Ninepoint Web3 Innovators moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Ninepoint Web3 Correlation With Market

Very good diversification

The correlation between Ninepoint Web3 Innovators and DJI is -0.37 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Ninepoint Web3 Innovators and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Ninepoint Web3 could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Ninepoint Web3 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 Ninepoint Web3 - 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 Ninepoint Web3 Innovators to buy it.

Moving together with Ninepoint Etf

0.62	HED	BetaPro SPTSX Capped	Pair Corr
0.83	FHC	First Trust Dow	Pair Corr
0.86	HBLK	Blockchain Technologies	Pair Corr

Moving against Ninepoint Etf

0.76	XDUH	iShares Core MSCI	Pair Corr
0.75	DXN	Dynamic Active Global	Pair Corr
0.7	SHPD	SavvyShort Shopify ETF	Pair Corr
0.67	ZGI	BMO Global Infrastructure	Pair Corr
0.66	XEG	iShares SPTSX Capped	Pair Corr
0.61	XSH	iShares Core Canadian	Pair Corr
0.59	XSTB	iShares ESG Aware	Pair Corr
0.56	MINT-B	Manulife Multifactor	Pair Corr
0.55	GCTB	Guardian Ultra Short	Pair Corr
0.54	HOU	BetaPro Crude Oil	Pair Corr
0.51	ZDM	BMO MSCI EAFE	Pair Corr
0.51	ZLC	BMO Long Corporate	Pair Corr
0.46	RAAA	Corton Enhanced Income	Pair Corr
0.43	HQD	BetaPro NASDAQ 100	Pair Corr
0.41	CVD	iShares Convertible Bond	Pair Corr
0.39	ATSX	Accelerate Canadian Long	Pair Corr
0.38	TCLV	TD Q Canadian	Pair Corr
0.37	HAC	Global X Seasonal	Pair Corr
0.36	NHYB	NBI High Yield	Pair Corr
0.35	XCNS	iShares Core Conservative	Pair Corr
0.74	ZUD	BMO Dividend Hedged	Pair Corr
0.73	ZWU	BMO Covered Call	Pair Corr
0.72	ZEO	BMO Equal Weight	Pair Corr
0.69	HPF	Harvest Energy Leaders	Pair Corr
0.68	NXF	First Asset Energy	Pair Corr
0.63	UDIV	Manulife Smart Dividend	Pair Corr
0.63	XSB	iShares Canadian Short	Pair Corr
0.61	DXBG	Dynamic Global Fixed	Pair Corr
0.6	TERM	Manulife Smart Short	Pair Corr
0.59	CTMB	CI Target 2029	Pair Corr
0.57	GDV	Global Dividend Growth	Pair Corr

Related Correlations Analysis

	GLDE	BITC-U	SHHI	RYHI	SLVE	BCHI	NNRG	ABHI	CQHI
GLDE		-0.29	-0.39	0.71	0.0	0.72	0.3	0.95	0.4	GLDE
BITC-U	-0.29		0.57	-0.33	0.0	-0.5	-0.62	-0.16	-0.58	BITC-U
SHHI	-0.39	0.57		0.03	0.0	-0.81	-0.85	-0.2	-0.88	SHHI
RYHI	0.71	-0.33	0.03		0.0	0.31	-0.08	0.73	0.0	RYHI
SLVE	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	SLVE
BCHI	0.72	-0.5	-0.81	0.31	0.0		0.69	0.62	0.77	BCHI
NNRG	0.3	-0.62	-0.85	-0.08	0.0	0.69		0.11	0.93	NNRG
ABHI	0.95	-0.16	-0.2	0.73	0.0	0.62	0.11		0.24	ABHI
CQHI	0.4	-0.58	-0.88	0.0	0.0	0.77	0.93	0.24		CQHI
	GLDE	BITC-U	SHHI	RYHI	SLVE	BCHI	NNRG	ABHI	CQHI

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

ABHI	+ 0.95	GLDE
CQHI	+ 0.93	NNRG
CQHI	+ 0.77	BCHI
ABHI	+ 0.73	RYHI
BCHI	+ 0.72	GLDE
RYHI	+ 0.71	GLDE

High negative correlations

CQHI	- 0.88	SHHI
NNRG	- 0.85	SHHI
BCHI	- 0.81	SHHI
NNRG	- 0.62	BITC-U
CQHI	- 0.58	BITC-U
BCHI	- 0.5	BITC-U

Ninepoint Web3 Constituents Risk-Adjusted Indicators

There is a big difference between Ninepoint Etf performing well and Ninepoint Web3 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 Ninepoint Web3'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
GLDE	1.99	0.35	0.12	0.39	2.75	(2.13)	3.43	(3.86)	15.41
BITC-U	1.80	(0.40)	0.00	3.65	0.00	0.00	3.58	(3.77)	14.97
SHHI	2.92	(0.35)	0.00	(0.18)	0.00	0.00	6.39	(7.85)	20.14
RYHI	0.71	0.14	0.09	2.55	0.70	(0.79)	1.72	(1.44)	4.91
SLVE	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
BCHI	0.87	0.15	0.08	(0.93)	0.99	(1.00)	2.34	(1.92)	5.42
NNRG	1.17	0.21	0.11	0.86	1.28	(1.26)	2.54	(2.13)	7.22
ABHI	1.91	0.38	0.12	0.45	2.77	(2.23)	4.68	(3.41)	20.76
CQHI	1.49	0.32	0.14	(2.85)	1.65	(1.65)	3.75	(2.98)	7.26

Be your own money manager

Our tools can tell you how much better you can do entering a position in Ninepoint Web3 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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