Purpose Canadian Correlations

BNC Etf

CAD 29.57 0.11 0.37%

The current 90-days correlation between Purpose Canadian Fin and Purpose Bitcoin Yield is 0.44 (i.e., Very weak diversification). 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 Financial moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Purpose Canadian Correlation With Market

Weak diversification

The correlation between Purpose Canadian Financial 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 Purpose Canadian Financial and DJI in the same portfolio, assuming nothing else is changed.

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.

Moving together with Purpose Etf

0.97	ZEB	BMO SPTSX Equal	Pair Corr
0.99	XFN	iShares SPTSX Capped	Pair Corr
0.92	ZBK	BMO Equal Weight	Pair Corr
0.96	HCA	Hamilton Canadian Bank	Pair Corr
0.91	ZUB	BMO Equal Weight	Pair Corr
0.94	FSF	CI Global Financial	Pair Corr
0.93	ZWK	BMO Covered Call	Pair Corr
0.98	CIC	CI Canadian Banks	Pair Corr
0.96	FLI	CI Canada Lifeco	Pair Corr
1.0	CEW	iShares Equal Weight	Pair Corr
0.7	FHE	First Trust Indxx	Pair Corr
0.94	HBLK	Blockchain Technologies	Pair Corr

Moving against Purpose Etf

0.97	HXD	BetaPro SPTSX 60	Pair Corr
0.92	HIU	BetaPro SP 500	Pair Corr
0.89	HQD	BetaPro NASDAQ 100	Pair Corr

Related Correlations Analysis

	BTCY-B	PYF-B	FLOT-U	ETHY	SBT-U	PRP	IGB	PAYF	SYLD
BTCY-B		0.8	0.66	0.94	0.35	0.57	0.46	0.73	0.89	BTCY-B
PYF-B	0.8		0.42	0.67	0.54	0.35	0.32	0.61	0.72	PYF-B
FLOT-U	0.66	0.42		0.72	-0.35	0.27	0.04	0.21	0.38	FLOT-U
ETHY	0.94	0.67	0.72		0.18	0.62	0.47	0.68	0.82	ETHY
SBT-U	0.35	0.54	-0.35	0.18		0.34	0.45	0.57	0.56	SBT-U
PRP	0.57	0.35	0.27	0.62	0.34		0.83	0.66	0.76	PRP
IGB	0.46	0.32	0.04	0.47	0.45	0.83		0.71	0.74	IGB
PAYF	0.73	0.61	0.21	0.68	0.57	0.66	0.71		0.8	PAYF
SYLD	0.89	0.72	0.38	0.82	0.56	0.76	0.74	0.8		SYLD
	BTCY-B	PYF-B	FLOT-U	ETHY	SBT-U	PRP	IGB	PAYF	SYLD

Click cells to compare fundamentals

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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

ETHY	+ 0.94	BTCY-B
SYLD	+ 0.89	BTCY-B
IGB	+ 0.83	PRP
SYLD	+ 0.82	ETHY
PYF-B	+ 0.8	BTCY-B
SYLD	+ 0.8	PAYF

High negative correlations

SBT-U

- 0.35

FLOT-U

Purpose Canadian Constituents Risk-Adjusted Indicators

There is a big difference between Purpose Etf performing well and Purpose 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 Purpose 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
BTCY-B	2.28	0.66	0.32	0.87	1.62	(2.89)	5.87	(3.30)	15.28
PYF-B	0.14	0.04	0.00	(0.99)	0.00	0.00	0.58	(0.39)	1.86
FLOT-U	0.31	0.08	0.00	3.49	0.00	0.00	0.86	(0.65)	3.68
ETHY	2.78	0.29	0.16	0.27	2.47	(3.42)	7.65	(4.13)	16.95
SBT-U	0.87	0.29	0.00	(0.58)	0.00	0.00	2.75	0.00	25.28
PRP	0.21	0.03	(0.37)	0.51	0.00	(0.28)	0.46	(0.40)	1.10
IGB	0.12	0.02	(0.54)	(3.76)	0.00	(0.16)	0.33	(0.27)	0.88
PAYF	0.24	(0.01)	(0.26)	0.06	0.36	(0.24)	0.54	(0.68)	1.37
SYLD	0.20	0.08	(0.21)	42.93	0.00	(0.25)	0.53	(0.37)	1.39

Be your own money manager

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