Blockchain Technologies Correlations

HBLK Etf

CAD 14.89 0.12 0.80%

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

Blockchain Technologies Correlation With Market

Weak diversification

The correlation between Blockchain Technologies ETF and DJI is 0.38 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Blockchain Technologies ETF and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Blockchain Etf

0.73	ZUH	BMO Equal Weight	Pair Corr
0.66	XIT	iShares SPTSX Capped	Pair Corr
0.87	HMMJ	Global X Marijuana	Pair Corr
0.91	TXF	First Asset Tech	Pair Corr
0.96	TEC	TD Global Technology	Pair Corr
0.94	HBGD	Global X Big	Pair Corr
0.88	CHPS	Global X Semiconductor	Pair Corr
0.74	CARS	Evolve Automobile	Pair Corr
0.83	RUBH	RBC Banks Yield	Pair Corr

Moving against Blockchain Etf

0.87	HUN	Global X Natural	Pair Corr
0.86	ZWU	BMO Covered Call	Pair Corr
0.72	ZUT	BMO Equal Weight	Pair Corr
0.6	FHE	First Trust Indxx	Pair Corr
0.41	XHC	iShares Global Healthcare	Pair Corr
0.38	HHL	Harvest Healthcare	Pair Corr

Related Correlations Analysis

	ZWU	ZUH	XIT	ZUT	HMMJ	TXF	TEC	XHC	HHL	CWW
ZWU		-0.52	-0.39	0.62	-0.9	-0.71	-0.82	0.64	0.64	0.27	ZWU
ZUH	-0.52		0.66	-0.77	0.54	0.69	0.73	0.16	0.24	-0.24	ZUH
XIT	-0.39	0.66		-0.74	0.5	0.84	0.76	0.25	0.2	-0.05	XIT
ZUT	0.62	-0.77	-0.74		-0.56	-0.7	-0.69	-0.04	-0.07	0.27	ZUT
HMMJ	-0.9	0.54	0.5	-0.56		0.78	0.87	-0.53	-0.55	-0.14	HMMJ
TXF	-0.71	0.69	0.84	-0.7	0.78		0.96	-0.19	-0.21	-0.18	TXF
TEC	-0.82	0.73	0.76	-0.69	0.87	0.96		-0.31	-0.32	-0.15	TEC
XHC	0.64	0.16	0.25	-0.04	-0.53	-0.19	-0.31		0.97	0.1	XHC
HHL	0.64	0.24	0.2	-0.07	-0.55	-0.21	-0.32	0.97		0.08	HHL
CWW	0.27	-0.24	-0.05	0.27	-0.14	-0.18	-0.15	0.1	0.08		CWW
	ZWU	ZUH	XIT	ZUT	HMMJ	TXF	TEC	XHC	HHL	CWW

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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

HHL	+ 0.97	XHC
TEC	+ 0.96	TXF
TEC	+ 0.87	HMMJ
TXF	+ 0.84	XIT
TXF	+ 0.78	HMMJ
TEC	+ 0.76	XIT

High negative correlations

HMMJ	- 0.9	ZWU
TEC	- 0.82	ZWU
ZUT	- 0.77	ZUH
ZUT	- 0.74	XIT
TXF	- 0.71	ZWU
TXF	- 0.7	ZUT

Blockchain Technologies Constituents Risk-Adjusted Indicators

There is a big difference between Blockchain Etf performing well and Blockchain Technologies 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 Blockchain Technologies' 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
ZWU	0.45	0.11	0.25	0.60	0.32	(0.53)	1.05	(0.76)	2.50
ZUH	0.66	(0.03)	0.00	(0.08)	0.00	0.00	1.24	(1.51)	3.56
XIT	1.43	(0.06)	0.00	(0.07)	0.00	0.00	2.87	(3.50)	8.12
ZUT	0.72	0.06	0.07	0.22	0.93	(0.78)	1.60	(1.28)	6.13
HMMJ	1.12	(0.30)	0.00	(0.54)	0.00	0.00	2.25	(2.67)	9.44
TXF	1.30	(0.13)	0.00	(0.14)	0.00	0.00	1.99	(3.25)	6.74
TEC	1.08	(0.14)	0.00	(0.18)	0.00	0.00	2.14	(2.40)	6.37
XHC	0.58	0.07	0.13	0.16	0.56	(0.64)	1.25	(1.04)	3.28
HHL	0.59	0.08	0.14	0.17	0.53	(0.75)	1.28	(0.99)	3.25
CWW	0.78	(0.10)	0.00	(0.36)	0.00	0.00	1.54	(1.30)	10.47

Be your own money manager

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