Purpose Canadian Financial Etf Market Value
| BNC Etf | CAD 29.48 0.06 0.20% |
| Symbol | Purpose |
Purpose 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 Purpose 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 Purpose Canadian.
| 12/09/2022 |
| 11/28/2024 |
If you would invest 0.00 in Purpose Canadian on December 9, 2022 and sell it all today you would earn a total of 0.00 from holding Purpose Canadian Financial or generate 0.0% return on investment in Purpose Canadian over 720 days. Purpose Canadian is related to or competes with Purpose Floating, Purpose Ether, Purpose Conservative, Purpose Global, Purpose Enhanced, and Purpose Strategic. The fund seeks to provide shareholders with long-term capital appreciation through investment in a portfolio of Canadian Banks and Canadian Insurance Companies and monthly distributions PURPOSE CDN is traded on Toronto Stock Exchange in Canada. More
Purpose 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 Purpose 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 Purpose Canadian Financial upside and downside potential and time the market with a certain degree of confidence.
| Downside Deviation | 0.4382 | |||
| Information Ratio | 0.1377 | |||
| Maximum Drawdown | 2.99 | |||
| Value At Risk | (0.43) | |||
| Potential Upside | 0.8299 |
Purpose Canadian Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Purpose Canadian's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Purpose Canadian's standard deviation. In reality, there are many statistical measures that can use Purpose Canadian historical prices to predict the future Purpose Canadian's volatility.| Risk Adjusted Performance | 0.3028 | |||
| Jensen Alpha | 0.1543 | |||
| Total Risk Alpha | 0.1107 | |||
| Sortino Ratio | 0.1542 | |||
| Treynor Ratio | 0.6715 |
Purpose Canadian Fin Backtested Returns
As of now, Purpose Etf is very steady. Purpose Canadian Fin maintains Sharpe Ratio (i.e., Efficiency) of 0.39, which implies the entity had a 0.39% return per unit of risk over the last 3 months. We have found twenty-nine technical indicators for Purpose Canadian Fin, which you can use to evaluate the volatility of the etf. Please check Purpose Canadian's Risk Adjusted Performance of 0.3028, downside deviation of 0.4382, and Standard Deviation of 0.4907 to confirm if the risk estimate we provide is consistent with the expected return of 0.19%. The etf holds a Beta of 0.28, which implies not very significant fluctuations relative to the market. As returns on the market increase, Purpose Canadian's returns are expected to increase less than the market. However, during the bear market, the loss of holding Purpose Canadian is expected to be smaller as well.
Auto-correlation | -0.44 |
Modest reverse predictability
Purpose Canadian Financial has modest reverse predictability. Overlapping area represents the amount of predictability between Purpose Canadian time series from 9th of December 2022 to 4th of December 2023 and 4th of December 2023 to 28th 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 Purpose Canadian Fin price movement. The serial correlation of -0.44 indicates that just about 44.0% of current Purpose Canadian price fluctuation can be explain by its past prices.
| Correlation Coefficient | -0.44 | |
| Spearman Rank Test | -0.26 | |
| Residual Average | 0.0 | |
| Price Variance | 2.94 |
Purpose Canadian Fin lagged returns against current returns
Autocorrelation, which is Purpose 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 Purpose Canadian's etf expected returns. We can calculate the autocorrelation of Purpose Canadian returns to help us make a trade decision. For example, suppose you find that Purpose 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 |
Purpose 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 Purpose Canadian etf is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Purpose Canadian etf is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Purpose Canadian etf over time.
Current vs Lagged Prices |
| Timeline |
Purpose Canadian Lagged Returns
When evaluating Purpose Canadian's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Purpose Canadian etf have on its future price. Purpose 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, Purpose Canadian autocorrelation shows the relationship between Purpose Canadian etf current value and its past values and can show if there is a momentum factor associated with investing in Purpose Canadian Financial.
Regressed Prices |
| Timeline |
Pair Trading with Purpose 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 Purpose 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 Purpose Canadian will appreciate offsetting losses from the drop in the long position's value.Moving together with Purpose Etf
| 0.96 | ZEB | BMO SPTSX Equal | PairCorr |
| 0.99 | XFN | iShares SPTSX Capped | PairCorr |
| 0.88 | ZBK | BMO Equal Weight | PairCorr |
| 0.96 | HCA | Hamilton Canadian Bank | PairCorr |
| 0.87 | ZUB | BMO Equal Weight | PairCorr |
Moving against Purpose Etf
| 0.61 | TCLB | TD Canadian Long | PairCorr |
| 0.49 | RIT | CI Canadian REIT | PairCorr |
| 0.37 | HND | BetaPro Natural Gas | PairCorr |
The ability to find closely correlated positions to Purpose 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 Purpose 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 Purpose 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 Purpose Canadian Financial to buy it.
The correlation of Purpose 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 Purpose Canadian moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Purpose Canadian Fin 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 Purpose 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 Purpose Etf
Purpose Canadian financial ratios help investors to determine whether Purpose 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 Purpose with respect to the benefits of owning Purpose Canadian security.