CI Europe Correlations

EHE Etf

CAD 35.16 0.02 0.06%

The current 90-days correlation between CI Europe Hedged and NBI High Yield is -0.04 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as CI Europe moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if CI Europe Hedged moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

CI Europe Correlation With Market

Modest diversification

The correlation between CI Europe Hedged and DJI is 0.23 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding CI Europe Hedged and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with EHE Etf

0.92	ZWP	BMO Europe High	Pair Corr
0.98	ZWE	BMO Europe High	Pair Corr
0.94	XEU	iShares MSCI Europe	Pair Corr
0.97	ZEQ	BMO MSCI Europe	Pair Corr
0.94	VE	Vanguard FTSE Developed	Pair Corr
0.99	XEH	iShares MSCI Europe	Pair Corr
0.95	HXX	Global X Europe	Pair Corr
0.96	RPDH	RBC Quant European	Pair Corr
0.78	ZAG	BMO Aggregate Bond	Pair Corr
0.78	XBB	iShares Canadian Universe	Pair Corr
0.7	TCLB	TD Canadian Long	Pair Corr

Moving against EHE Etf

0.42

ZEB

BMO SPTSX Equal

Pair Corr

Related Correlations Analysis

	EHE	NHYB	AGLB	NUBF	QDXB	ZSB	CNDD	ZBI	GDEP
EHE		0.89	0.0	0.86	-0.19	0.88	-0.39	0.93	0.41	EHE
NHYB	0.89		0.0	0.82	-0.06	0.83	-0.51	0.88	0.42	NHYB
AGLB	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	AGLB
NUBF	0.86	0.82	0.0		0.09	0.88	-0.46	0.88	0.55	NUBF
QDXB	-0.19	-0.06	0.0	0.09		-0.19	-0.48	-0.13	0.57	QDXB
ZSB	0.88	0.83	0.0	0.88	-0.19		-0.25	0.95	0.28	ZSB
CNDD	-0.39	-0.51	0.0	-0.46	-0.48	-0.25		-0.35	-0.64	CNDD
ZBI	0.93	0.88	0.0	0.88	-0.13	0.95	-0.35		0.35	ZBI
GDEP	0.41	0.42	0.0	0.55	0.57	0.28	-0.64	0.35		GDEP
	EHE	NHYB	AGLB	NUBF	QDXB	ZSB	CNDD	ZBI	GDEP

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

ZBI	+ 0.95	ZSB
ZBI	+ 0.93	EHE
NHYB	+ 0.89	EHE
ZSB	+ 0.88	EHE
ZBI	+ 0.88	NHYB
ZSB	+ 0.88	NUBF

High negative correlations

GDEP	- 0.64	CNDD
CNDD	- 0.51	NHYB
CNDD	- 0.48	QDXB
CNDD	- 0.46	NUBF
CNDD	- 0.39	EHE
ZBI	- 0.35	CNDD

CI Europe Constituents Risk-Adjusted Indicators

There is a big difference between EHE Etf performing well and CI Europe 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 CI Europe'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
EHE	0.60	0.14	0.23	0.62	0.61	(0.66)	1.11	(1.18)	3.52
NHYB	0.29	0.01	0.19	0.03	0.32	(0.38)	0.74	(0.50)	1.89
AGLB	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NUBF	0.25	0.01	0.19	0.10	0.28	(0.31)	0.58	(0.58)	1.57
QDXB	0.31	(0.03)	0.00	(1.53)	0.00	0.00	0.70	(0.71)	1.97
ZSB	0.13	0.02	0.43	0.59	0.00	(0.14)	0.27	(0.26)	0.80
CNDD	1.30	(0.08)	0.05	(0.01)	1.46	(1.45)	2.72	(2.41)	7.69
ZBI	0.10	0.01	0.68	0.30	0.00	(0.12)	0.23	(0.16)	0.65
GDEP	0.37	(0.03)	0.00	(1.17)	0.00	0.00	0.79	(0.85)	1.84

Be your own money manager

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