BMO Floating Correlations

ZFH Etf

CAD 14.97 0.03 0.20%

The current 90-days correlation between BMO Floating Rate and BMO Long Corporate is 0.07 (i.e., Significant diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as BMO Floating moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if BMO Floating Rate moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

BMO Floating Correlation With Market

Very good diversification

The correlation between BMO Floating Rate 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 BMO Floating Rate and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with BMO Etf

0.68	IFRF	IA Clarington Floating	Pair Corr
0.62	FSL	First Trust Senior	Pair Corr

Moving against BMO Etf

0.73	ZFS-L	BMO Short Federal	Pair Corr
0.7	PDIV	Purpose Enhanced Dividend	Pair Corr
0.68	DCG	Desjardins 1 5	Pair Corr
0.67	RPDH	RBC Quant European	Pair Corr
0.66	CLF	iShares 1 5	Pair Corr
0.65	XFR	iShares Floating Rate	Pair Corr
0.65	XEG	iShares SPTSX Capped	Pair Corr
0.64	XINC	iShares Core Income	Pair Corr
0.64	VCN	Vanguard FTSE Canada	Pair Corr
0.64	CYH	iShares Global Monthly	Pair Corr
0.63	HXE	Global X SPTSX	Pair Corr
0.62	XESG	iShares ESG Aware	Pair Corr
0.62	VCB	Vanguard Canadian	Pair Corr
0.6	VGV	Vanguard Canadian	Pair Corr
0.6	RID	RBC Quant EAFE	Pair Corr
0.58	PREF	Quadravest Preferred	Pair Corr
0.58	GBUL	Ninepoint Gold Bullion	Pair Corr
0.57	HBB	Global X Canadian	Pair Corr
0.57	XRB	iShares Canadian Real	Pair Corr
0.55	BANK	Evolve Canadian Banks	Pair Corr
0.51	VLB	Vanguard Canadian Long	Pair Corr
0.5	XLB	iShares Core Canadian	Pair Corr
0.48	XSMH	iShares SP Small	Pair Corr
0.47	PINV	Purpose Global Innovators	Pair Corr
0.44	ZSML	BMO SP Small	Pair Corr
0.35	SVR	iShares Silver Bullion	Pair Corr
0.34	SVR-C	iShares Silver Bullion	Pair Corr
0.73	PINC	Purpose Multi Asset	Pair Corr
0.71	HXH	Global X Canadian	Pair Corr
0.67	FMAE	Fidelity Multi Alt	Pair Corr
0.66	VSB	Vanguard Canadian Short	Pair Corr
0.65	TGFI	TD Active Global	Pair Corr
0.64	HEU	BetaPro SP TSX	Pair Corr
0.64	VSC	Vanguard Canadian Short	Pair Corr
0.64	CORE	PIMCO Canadian Core	Pair Corr
0.64	PSB	Invesco 1 5	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		-0.09	-0.11	-0.05	0.14	-0.2	-0.05	0.11	-0.01	0.15	META
MSFT	-0.09		0.84	-0.59	-0.87	0.84	0.94	0.44	-0.92	-0.95	MSFT
UBER	-0.11	0.84		-0.54	-0.77	0.87	0.77	0.27	-0.82	-0.83	UBER
F	-0.05	-0.59	-0.54		0.35	-0.46	-0.5	-0.19	0.64	0.59	F
T	0.14	-0.87	-0.77	0.35		-0.76	-0.85	-0.37	0.79	0.8	T
A	-0.2	0.84	0.87	-0.46	-0.76		0.75	0.44	-0.77	-0.86	A
CRM	-0.05	0.94	0.77	-0.5	-0.85	0.75		0.58	-0.86	-0.93	CRM
JPM	0.11	0.44	0.27	-0.19	-0.37	0.44	0.58		-0.29	-0.47	JPM
MRK	-0.01	-0.92	-0.82	0.64	0.79	-0.77	-0.86	-0.29		0.93	MRK
XOM	0.15	-0.95	-0.83	0.59	0.8	-0.86	-0.93	-0.47	0.93		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

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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

CRM	+ 0.94	MSFT
XOM	+ 0.93	MRK
A	+ 0.87	UBER
UBER	+ 0.84	MSFT
A	+ 0.84	MSFT
XOM	+ 0.8	T

High negative correlations

XOM	- 0.95	MSFT
XOM	- 0.93	CRM
MRK	- 0.92	MSFT
T	- 0.87	MSFT
MRK	- 0.86	CRM
XOM	- 0.86	A

BMO Floating Competition Risk-Adjusted Indicators

There is a big difference between BMO Etf performing well and BMO Floating 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 BMO Floating'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
META	1.47	0.07	0.03	0.12	1.58	(1.57)	2.38	(2.81)	13.69
MSFT	1.33	(0.28)	0.00	(0.60)	0.00	0.00	2.19	(2.87)	13.28
UBER	1.55	(0.17)	0.00	(0.34)	0.00	0.00	2.70	(3.82)	11.09
F	1.31	(0.03)	0.00	1.61	0.00	0.00	3.61	(2.59)	9.82
T	1.07	0.20	0.14	(0.72)	0.94	(1.26)	3.87	(1.76)	7.44
A	1.22	(0.40)	0.00	(0.38)	0.00	0.00	2.48	(2.73)	7.20
CRM	1.78	(0.27)	0.00	(0.21)	0.00	0.00	3.66	(4.75)	12.37
JPM	1.25	(0.09)	0.00	(0.02)	0.00	0.00	2.34	(3.11)	8.17
MRK	1.20	0.21	0.13	0.55	1.27	(1.26)	2.54	(2.06)	7.10
XOM	1.34	0.41	0.26	3.02	1.14	(1.59)	2.90	(2.44)	6.83

Be your own money manager

Our tools can tell you how much better you can do entering a position in BMO Floating 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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