Evolve Canadian Banks Etf Market Value
| BANK Etf | CAD 8.37 0.01 0.12% |
| Symbol | Evolve |
Evolve Canadian 'What if' Analysis
In the world of financial modeling, what-if analysis is part of sensitivity analysis performed to test how changes in assumptions impact individual outputs in a model. When applied to Evolve Canadian's etf what-if analysis refers to the analyzing how the change in your past investing horizon will affect the profitability against the current market value of Evolve Canadian.
| 01/06/2023 |
| 11/26/2024 |
If you would invest 0.00 in Evolve Canadian on January 6, 2023 and sell it all today you would earn a total of 0.00 from holding Evolve Canadian Banks or generate 0.0% return on investment in Evolve Canadian over 690 days. Evolve Canadian is related to or competes with Evolve Innovation, Evolve Enhanced, and Evolve Global. BMO Global Banks Hedged to CAD Index ETF seeks to replicate, to the extent possible, the performance of a global banks i... More
Evolve Canadian Upside/Downside Indicators
Understanding different market momentum indicators often help investors to time their next move. Potential upside and downside technical ratios enable traders to measure Evolve Canadian's etf current market value against overall market sentiment and can be a good tool during both bulling and bearish trends. Here we outline some of the essential indicators to assess Evolve Canadian Banks upside and downside potential and time the market with a certain degree of confidence.
| Downside Deviation | 0.5329 | |||
| Information Ratio | 0.2481 | |||
| Maximum Drawdown | 2.89 | |||
| Value At Risk | (0.41) | |||
| Potential Upside | 1.15 |
Evolve Canadian Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Evolve Canadian's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Evolve Canadian's standard deviation. In reality, there are many statistical measures that can use Evolve Canadian historical prices to predict the future Evolve Canadian's volatility.| Risk Adjusted Performance | 0.3606 | |||
| Jensen Alpha | 0.2334 | |||
| Total Risk Alpha | 0.171 | |||
| Sortino Ratio | 0.2623 | |||
| Treynor Ratio | 1.22 |
Evolve Canadian Banks Backtested Returns
Evolve Canadian appears to be very steady, given 3 months investment horizon. Evolve Canadian Banks secures Sharpe Ratio (or Efficiency) of 0.45, which denotes the etf had a 0.45% return per unit of risk over the last 3 months. We have found twenty-eight technical indicators for Evolve Canadian Banks, which you can use to evaluate the volatility of the entity. Please utilize Evolve Canadian's Coefficient Of Variation of 209.87, mean deviation of 0.4251, and Standard Deviation of 0.5633 to check if our risk estimates are consistent with your expectations. The etf shows a Beta (market volatility) of 0.21, which means not very significant fluctuations relative to the market. As returns on the market increase, Evolve Canadian's returns are expected to increase less than the market. However, during the bear market, the loss of holding Evolve Canadian is expected to be smaller as well.
Auto-correlation | -0.44 |
Modest reverse predictability
Evolve Canadian Banks has modest reverse predictability. Overlapping area represents the amount of predictability between Evolve Canadian time series from 6th of January 2023 to 17th of December 2023 and 17th of December 2023 to 26th of November 2024. The more autocorrelation exist between current time interval and its lagged values, the more accurately you can make projection about the future pattern of Evolve Canadian Banks price movement. The serial correlation of -0.44 indicates that just about 44.0% of current Evolve Canadian price fluctuation can be explain by its past prices.
| Correlation Coefficient | -0.44 | |
| Spearman Rank Test | -0.28 | |
| Residual Average | 0.0 | |
| Price Variance | 0.33 |
Evolve Canadian Banks lagged returns against current returns
Autocorrelation, which is Evolve Canadian etf's lagged correlation, explains the relationship between observations of its time series of returns over different periods of time. The observations are said to be independent if autocorrelation is zero. Autocorrelation is calculated as a function of mean and variance and can have practical application in predicting Evolve Canadian's etf expected returns. We can calculate the autocorrelation of Evolve Canadian returns to help us make a trade decision. For example, suppose you find that Evolve Canadian has exhibited high autocorrelation historically, and you observe that the etf is moving up for the past few days. In that case, you can expect the price movement to match the lagging time series.
Current and Lagged Values |
| Timeline |
Evolve Canadian regressed lagged prices vs. current prices
Serial correlation can be approximated by using the Durbin-Watson (DW) test. The correlation can be either positive or negative. If Evolve Canadian etf is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Evolve Canadian etf is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Evolve Canadian etf over time.
Current vs Lagged Prices |
| Timeline |
Evolve Canadian Lagged Returns
When evaluating Evolve Canadian's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Evolve Canadian etf have on its future price. Evolve Canadian autocorrelation represents the degree of similarity between a given time horizon and a lagged version of the same horizon over the previous time interval. In other words, Evolve Canadian autocorrelation shows the relationship between Evolve Canadian etf current value and its past values and can show if there is a momentum factor associated with investing in Evolve Canadian Banks.
Regressed Prices |
| Timeline |
Pair Trading with Evolve Canadian
One of the main advantages of trading using pair correlations is that every trade hedges away some risk. Because there are two separate transactions required, even if Evolve Canadian position performs unexpectedly, the other equity can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Evolve Canadian will appreciate offsetting losses from the drop in the long position's value.Moving together with Evolve Etf
| 0.99 | HCAL | Hamilton Enhanced | PairCorr |
| 0.94 | PFLS | Picton Mahoney Fortified | PairCorr |
| 0.79 | HAC | Global X Seasonal | PairCorr |
| 0.64 | ARB | Accelerate Arbitrage | PairCorr |
| 0.89 | PHE | Purpose Tactical Hedged | PairCorr |
The ability to find closely correlated positions to Evolve Canadian could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Evolve Canadian 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 Evolve Canadian - 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 Evolve Canadian Banks to buy it.
The correlation of Evolve Canadian is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Evolve Canadian moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Evolve Canadian Banks moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Correlation analysis and pair trading evaluation for Evolve Canadian can also be used as hedging techniques within a particular sector or industry or even over random equities to generate a better risk-adjusted return on your portfolios.Other Information on Investing in Evolve Etf
Evolve Canadian financial ratios help investors to determine whether Evolve Etf is cheap or expensive when compared to a particular measure, such as profits or enterprise value. In other words, they help investors to determine the cost of investment in Evolve with respect to the benefits of owning Evolve Canadian security.