BMO Short Correlations

ZFS Etf

CAD 14.01 0.01 0.07%

The current 90-days correlation between BMO Short Federal and BMO Mid Term IG is 0.42 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as BMO Short moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if BMO Short Federal moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

BMO Short Correlation With Market

Modest diversification

The correlation between BMO Short Federal and DJI is 0.23 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding BMO Short Federal and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to BMO Short 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 Short 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 Short - 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 Short Federal to buy it.

Moving together with BMO Etf

0.88	XSB	iShares Canadian Short	Pair Corr
0.78	XSH	iShares Core Canadian	Pair Corr
0.79	ZCS	BMO Short Corporate	Pair Corr
0.89	VSB	Vanguard Canadian Short	Pair Corr
0.83	CBO	iShares 1 5	Pair Corr
0.82	PSB	Invesco 1 5	Pair Corr
0.92	CLF	iShares 1 5	Pair Corr
0.96	ZAG	BMO Aggregate Bond	Pair Corr
0.96	XBB	iShares Canadian Universe	Pair Corr
0.88	TCLB	TD Canadian Long	Pair Corr
0.64	XBAL	iShares Core Balanced	Pair Corr
0.78	HEU	BetaPro SP TSX	Pair Corr
0.7	CYH	iShares Global Monthly	Pair Corr
0.67	XDV	iShares Canadian Select	Pair Corr
0.67	PINC	Purpose Multi Asset	Pair Corr
0.62	QDX	Mackenzie International	Pair Corr
0.76	XDIV	iShares Core MSCI	Pair Corr
0.61	XSEM	iShares ESG Aware	Pair Corr
0.63	UMI	CI MidCap Dividend	Pair Corr

Related Correlations Analysis

	HBB	XEC	XDIV	TPE	VEE	XGD	ZMU	XAW	ZIC
HBB		0.7	0.69	0.69	0.7	0.58	0.79	0.63	0.29	HBB
XEC	0.7		0.78	0.98	0.98	0.92	0.55	0.93	-0.24	XEC
XDIV	0.69	0.78		0.83	0.7	0.75	0.73	0.65	-0.18	XDIV
TPE	0.69	0.98	0.83		0.95	0.91	0.59	0.91	-0.27	TPE
VEE	0.7	0.98	0.7	0.95		0.89	0.51	0.96	-0.14	VEE
XGD	0.58	0.92	0.75	0.91	0.89		0.45	0.84	-0.35	XGD
ZMU	0.79	0.55	0.73	0.59	0.51	0.45		0.46	0.18	ZMU
XAW	0.63	0.93	0.65	0.91	0.96	0.84	0.46		-0.07	XAW
ZIC	0.29	-0.24	-0.18	-0.27	-0.14	-0.35	0.18	-0.07		ZIC
	HBB	XEC	XDIV	TPE	VEE	XGD	ZMU	XAW	ZIC

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

TPE	+ 0.98	XEC
VEE	+ 0.98	XEC
XAW	+ 0.96	VEE
VEE	+ 0.95	TPE
XAW	+ 0.93	XEC
XGD	+ 0.92	XEC

High negative correlations

ZIC	- 0.35	XGD
ZIC	- 0.27	TPE
ZIC	- 0.24	XEC
ZIC	- 0.18	XDIV
ZIC	- 0.14	VEE
ZIC	- 0.07	XAW

BMO Short Constituents Risk-Adjusted Indicators

There is a big difference between BMO Etf performing well and BMO Short 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 Short'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
HBB	0.16	0.01	(0.26)	0.34	0.22	(0.16)	0.32	(0.34)	1.29
XEC	0.63	0.15	0.15	0.41	0.44	(0.72)	1.42	(1.04)	4.63
XDIV	0.31	0.07	0.00	0.50	0.42	(0.33)	0.69	(0.65)	2.80
TPE	0.50	0.12	0.11	0.30	0.39	(0.55)	1.17	(1.11)	2.77
VEE	0.56	0.05	0.01	0.20	0.52	(0.60)	1.34	(1.03)	3.80
XGD	1.95	0.52	0.14	0.58	2.86	(2.01)	4.55	(4.21)	16.14
ZMU	0.20	0.01	(0.19)	0.18	0.28	(0.22)	0.39	(0.31)	2.09
XAW	0.47	0.01	(0.03)	0.10	0.51	(0.52)	1.06	(0.95)	3.12
ZIC	0.27	(0.04)	0.00	(1.51)	0.00	0.00	0.50	(0.81)	1.46

Be your own money manager

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