CIBC Qx Correlations

CQLI Etf

20.07 0.14 0.70%

The correlation of CIBC Qx 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 correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

CIBC Qx Correlation With Market

Significant diversification

The correlation between CIBC Qx International and DJI is 0.04 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding CIBC Qx International and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to CIBC Qx could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace CIBC Qx 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 CIBC Qx - 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 CIBC Qx International to buy it.

Moving against CIBC Etf

0.67	HBLK	Blockchain Technologies	Pair Corr
0.66	CHPS	Global X Semiconductor	Pair Corr
0.63	HBGD	Global X Big	Pair Corr
0.63	RUBH	RBC Banks Yield	Pair Corr
0.61	ZEB	BMO SPTSX Equal	Pair Corr
0.59	ZSP	BMO SP 500	Pair Corr
0.59	VFV	Vanguard SP 500	Pair Corr
0.58	XSP	iShares Core SP	Pair Corr
0.5	CARS	Evolve Automobile	Pair Corr
0.37	XIC	iShares Core SPTSX	Pair Corr
0.37	ZCN	BMO SPTSX Capped	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		-0.01	0.57	-0.52	0.29	0.49	0.3	0.91	-0.73	-0.04	META
MSFT	-0.01		-0.6	-0.02	-0.8	0.51	0.88	0.12	0.42	-0.56	MSFT
UBER	0.57	-0.6		-0.23	0.81	-0.1	-0.52	0.54	-0.84	0.57	UBER
F	-0.52	-0.02	-0.23		0.06	-0.12	-0.2	-0.41	0.44	0.42	F
T	0.29	-0.8	0.81	0.06		-0.44	-0.72	0.19	-0.65	0.61	T
A	0.49	0.51	-0.1	-0.12	-0.44		0.64	0.65	0.02	-0.21	A
CRM	0.3	0.88	-0.52	-0.2	-0.72	0.64		0.35	0.22	-0.62	CRM
JPM	0.91	0.12	0.54	-0.41	0.19	0.65	0.35		-0.63	0.0	JPM
MRK	-0.73	0.42	-0.84	0.44	-0.65	0.02	0.22	-0.63		-0.35	MRK
XOM	-0.04	-0.56	0.57	0.42	0.61	-0.21	-0.62	0.0	-0.35		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

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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

JPM	+ 0.91	META
CRM	+ 0.88	MSFT
T	+ 0.81	UBER
JPM	+ 0.65	A
CRM	+ 0.64	A
XOM	+ 0.61	T

High negative correlations

MRK	- 0.84	UBER
T	- 0.8	MSFT
MRK	- 0.73	META
CRM	- 0.72	T
MRK	- 0.65	T
MRK	- 0.63	JPM

CIBC Qx Competition Risk-Adjusted Indicators

There is a big difference between CIBC Etf performing well and CIBC Qx 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 CIBC Qx'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
META	1.63	0.03	0.01	0.02	2.30	(1.45)	2.96	(3.73)	8.90
MSFT	1.11	(0.21)	0.00	(0.24)	0.00	0.00	2.58	(2.14)	10.31
UBER	1.89	0.35	0.15	0.55	2.08	(2.07)	4.72	(3.13)	12.75
F	1.44	0.10	0.05	0.09	2.16	(1.40)	2.71	(2.88)	10.14
T	0.99	0.29	0.17	0.54	1.45	(1.12)	1.90	(1.55)	11.66
A	1.18	(0.19)	0.00	(0.19)	0.00	0.00	2.92	(2.59)	9.03
CRM	1.40	(0.29)	0.00	(0.24)	0.00	0.00	2.72	(3.81)	8.88
JPM	1.14	0.06	0.03	0.24	1.76	(1.09)	2.16	(3.35)	6.85
MRK	1.24	(0.18)	0.00	1.61	0.00	0.00	2.07	(2.25)	11.58
XOM	1.03	0.13	0.09	0.29	1.29	(1.05)	2.55	(2.36)	5.89

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