PHN Canadian Correlations

0P0000N468

CAD 22.71 0.07 0.31%

The current 90-days correlation between PHN Canadian Equity and BMO Aggregate Bond is -0.01 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as PHN Canadian moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if PHN Canadian Equity moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

PHN Canadian Correlation With Market

Modest diversification

The correlation between PHN Canadian Equity and DJI is 0.27 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding PHN Canadian Equity and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to PHN 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 PHN 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 PHN 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 PHN Canadian Equity to buy it.

Moving together with PHN Fund

0.96	0P00007173	Mawer Canadien actions	Pair Corr
1.0	0P00007061	RBC Canadian Equity	Pair Corr
0.95	0P0000706A	RBC Select Balanced	Pair Corr
0.95	0P00007069	RBC Portefeuille	Pair Corr
0.86	0P0000IUYO	Edgepoint Global Por	Pair Corr
0.87	0P0001FAU8	TD Comfort Balanced	Pair Corr
0.97	0P00012UCU	RBC Global Equity	Pair Corr
0.96	0P0000OXA6	PHN Multi Style	Pair Corr

Related Correlations Analysis

	0P0000N468	ZUAG-U	XHB	EDGF	SOLR	0P0000OXA6	ALA-PA	ECO	TKU	ERE-UN
0P0000N468		-0.72	0.7	0.35	-0.64	0.96	-0.24	-0.04	-0.82	0.86	0P0000N468
ZUAG-U	-0.72		-0.28	-0.15	0.53	-0.83	0.29	0.41	0.58	-0.49	ZUAG-U
XHB	0.7	-0.28		0.31	-0.5	0.65	-0.31	0.0	-0.73	0.8	XHB
EDGF	0.35	-0.15	0.31		0.01	0.34	-0.48	0.29	-0.21	0.14	EDGF
SOLR	-0.64	0.53	-0.5	0.01		-0.63	-0.04	0.16	0.57	-0.65	SOLR
0P0000OXA6	0.96	-0.83	0.65	0.34	-0.63		-0.28	-0.21	-0.77	0.8	0P0000OXA6
ALA-PA	-0.24	0.29	-0.31	-0.48	-0.04	-0.28		-0.23	0.36	-0.17	ALA-PA
ECO	-0.04	0.41	0.0	0.29	0.16	-0.21	-0.23		0.01	-0.07	ECO
TKU	-0.82	0.58	-0.73	-0.21	0.57	-0.77	0.36	0.01		-0.8	TKU
ERE-UN	0.86	-0.49	0.8	0.14	-0.65	0.8	-0.17	-0.07	-0.8		ERE-UN
	0P0000N468	ZUAG-U	XHB	EDGF	SOLR	0P0000OXA6	ALA-PA	ECO	TKU	ERE-UN

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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

0P0000OXA6	+ 0.96	0P0000N468
ERE-UN	+ 0.86	0P0000N468
ERE-UN	+ 0.8	XHB
ERE-UN	+ 0.8	0P0000OXA6
XHB	+ 0.7	0P0000N468
0P0000OXA6	+ 0.65	XHB

High negative correlations

0P0000OXA6	- 0.83	ZUAG-U
TKU	- 0.82	0P0000N468
ERE-UN	- 0.8	TKU
TKU	- 0.77	0P0000OXA6
TKU	- 0.73	XHB
ZUAG-U	- 0.72	0P0000N468

Risk-Adjusted Indicators

There is a big difference between PHN Fund performing well and PHN Canadian Fund 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 PHN Canadian'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
0P0000N468	0.40	0.10	0.02	0.70	0.21	(0.51)	1.01	(0.63)	2.47
ZUAG-U	0.14	(0.03)	0.00	(2.55)	0.00	0.00	0.46	(0.46)	2.35
XHB	0.20	0.01	(0.41)	0.19	0.05	(0.26)	0.51	(0.31)	1.07
EDGF	0.82	0.00	(0.06)	0.09	1.13	(1.21)	2.20	(1.86)	6.42
SOLR	6.36	0.07	0.00	0.04	0.00	0.00	25.00	(20.00)	50.00
0P0000OXA6	0.51	0.13	0.04	1.06	0.45	(0.56)	1.15	(1.18)	4.34
ALA-PA	0.52	0.02	(0.11)	0.29	0.65	(0.62)	1.15	(1.45)	3.73
ECO	1.51	0.07	(0.05)	(0.01)	1.90	(1.74)	3.84	(3.00)	11.63
TKU	6.36	(0.25)	0.00	(0.02)	0.00	0.00	25.00	(25.00)	83.33
ERE-UN	1.43	0.31	0.29	0.29	0.78	(1.93)	3.40	(1.58)	20.23

Be your own money manager

Our tools can tell you how much better you can do entering a position in PHN Canadian 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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