Evolve Canadian Correlations

BANK Etf

CAD 7.91 0.09 1.12%

The current 90-days correlation between Evolve Canadian Banks and Evolve Global Healthcare is 0.19 (i.e., Average diversification). 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.

Evolve Canadian Correlation With Market

Weak diversification

The correlation between Evolve Canadian Banks and DJI is 0.36 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Evolve Canadian Banks and DJI in the same portfolio, assuming nothing else is changed.

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.

Moving together with Evolve Etf

0.65	HCAL	Hamilton Enhanced	Pair Corr
0.73	HAC	Global X Seasonal	Pair Corr
0.72	PHE	Purpose Tactical Hedged	Pair Corr
0.68	VRE	Vanguard FTSE Canadian	Pair Corr

Moving against Evolve Etf

0.68	HXD	BetaPro SPTSX 60	Pair Corr
0.65	HIU	BetaPro SP 500	Pair Corr
0.47	HNU	BetaPro Natural Gas	Pair Corr
0.35	FHE	First Trust Indxx	Pair Corr
0.32	ARB	Accelerate Arbitrage	Pair Corr

Related Correlations Analysis

	LIFE-U	FIXD	DATA-B	EBNK-B	EDGE	BOND	ETC-U	QQQT-B	BANK
LIFE-U		0.44	0.25	0.29	0.51	0.51	-0.29	-0.13	0.42	LIFE-U
FIXD	0.44		0.7	0.5	0.76	0.32	0.41	0.5	0.35	FIXD
DATA-B	0.25	0.7		0.61	0.8	0.02	0.71	0.72	0.22	DATA-B
EBNK-B	0.29	0.5	0.61		0.61	-0.41	0.55	0.74	-0.17	EBNK-B
EDGE	0.51	0.76	0.8	0.61		0.27	0.46	0.55	0.42	EDGE
BOND	0.51	0.32	0.02	-0.41	0.27		-0.44	-0.5	0.75	BOND
ETC-U	-0.29	0.41	0.71	0.55	0.46	-0.44		0.82	-0.16	ETC-U
QQQT-B	-0.13	0.5	0.72	0.74	0.55	-0.5	0.82		-0.27	QQQT-B
BANK	0.42	0.35	0.22	-0.17	0.42	0.75	-0.16	-0.27		BANK
	LIFE-U	FIXD	DATA-B	EBNK-B	EDGE	BOND	ETC-U	QQQT-B	BANK

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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

QQQT-B	+ 0.82	ETC-U
EDGE	+ 0.8	DATA-B
EDGE	+ 0.76	FIXD
BANK	+ 0.75	BOND
QQQT-B	+ 0.74	EBNK-B
QQQT-B	+ 0.72	DATA-B

High negative correlations

QQQT-B	- 0.5	BOND
ETC-U	- 0.44	BOND
BOND	- 0.41	EBNK-B
ETC-U	- 0.29	LIFE-U
BANK	- 0.27	QQQT-B
BANK	- 0.17	EBNK-B

Evolve Canadian Constituents Risk-Adjusted Indicators

There is a big difference between Evolve Etf performing well and Evolve Canadian 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 Evolve 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
LIFE-U	0.46	(0.04)	0.00	(0.11)	0.00	0.00	1.11	(1.27)	5.54
FIXD	0.19	0.02	0.03	0.90	0.20	(0.46)	0.56	(0.71)	2.11
DATA-B	0.98	0.11	0.08	0.26	1.15	(1.04)	2.44	(1.96)	7.48
EBNK-B	0.94	0.26	0.20	2.31	0.97	(1.12)	2.11	(1.50)	8.56
EDGE	0.74	0.07	0.07	0.11	0.91	(0.78)	1.57	(1.45)	4.95
BOND	0.57	(0.01)	0.00	(0.03)	0.00	0.00	1.62	(1.07)	3.41
ETC-U	2.96	0.64	0.19	15.38	2.85	(3.45)	8.28	(5.88)	25.00
QQQT-B	0.97	0.12	0.07	0.29	1.21	(1.36)	2.44	(2.43)	7.90
BANK	0.45	0.00	(0.01)	(0.01)	0.67	(0.44)	0.76	(1.12)	3.42

Be your own money manager

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