Harvest Healthcare Correlations

HHL-B Etf

CAD 9.34 0.04 0.43%

The current 90-days correlation between Harvest Healthcare and Harvest Premium Yield is 0.18 (i.e., Average diversification). The correlation of Harvest Healthcare 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Harvest Healthcare Correlation With Market

Modest diversification

The correlation between Harvest Healthcare Leaders 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 Harvest Healthcare Leaders and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Harvest Etf

0.76	ZAG	BMO Aggregate Bond	Pair Corr
0.76	XBB	iShares Canadian Universe	Pair Corr
0.73	TCLB	TD Canadian Long	Pair Corr
0.73	FHE	First Trust Indxx	Pair Corr

Moving against Harvest Etf

0.63	CARS	Evolve Automobile	Pair Corr
0.48	HBGD	Global X Big	Pair Corr
0.39	HBLK	Blockchain Technologies	Pair Corr
0.39	CHPS	Global X Semiconductor	Pair Corr

Related Correlations Analysis

	HPYT	HLFE	HBIG	CNYE	MSTE	HUIB	METE	HHIS	HPF-U
HPYT		0.0	0.61	0.2	-0.42	0.0	0.11	-0.18	-0.34	HPYT
HLFE	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	HLFE
HBIG	0.61	0.0		0.14	0.04	0.0	0.6	0.54	-0.47	HBIG
CNYE	0.2	0.0	0.14		0.33	0.0	-0.09	-0.13	-0.27	CNYE
MSTE	-0.42	0.0	0.04	0.33		0.0	0.52	0.68	0.4	MSTE
HUIB	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	HUIB
METE	0.11	0.0	0.6	-0.09	0.52	0.0		0.8	-0.16	METE
HHIS	-0.18	0.0	0.54	-0.13	0.68	0.0	0.8		-0.21	HHIS
HPF-U	-0.34	0.0	-0.47	-0.27	0.4	0.0	-0.16	-0.21		HPF-U
	HPYT	HLFE	HBIG	CNYE	MSTE	HUIB	METE	HHIS	HPF-U

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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

HHIS	+ 0.8	METE
HHIS	+ 0.68	MSTE
HBIG	+ 0.61	HPYT
METE	+ 0.6	HBIG
HHIS	+ 0.54	HBIG
METE	+ 0.52	MSTE

High negative correlations

HPF-U	- 0.47	HBIG
MSTE	- 0.42	HPYT
HPF-U	- 0.34	HPYT
HPF-U	- 0.27	CNYE
HPF-U	- 0.21	HHIS
HHIS	- 0.18	HPYT

Harvest Healthcare Constituents Risk-Adjusted Indicators

There is a big difference between Harvest Etf performing well and Harvest Healthcare 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 Harvest Healthcare'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
HPYT	0.53	0.01	0.05	0.21	0.59	(0.56)	1.37	(0.97)	2.80
HLFE	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
HBIG	0.37	0.03	0.11	0.18	0.38	(0.46)	0.88	(0.71)	2.21
CNYE	4.62	(0.83)	0.00	(0.53)	0.00	0.00	8.57	(18.40)	20.56
MSTE	5.28	0.83	0.09	0.48	7.52	(5.74)	15.25	(19.53)	20.00
HUIB	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
METE	1.79	(0.03)	0.00	(0.05)	0.00	0.00	2.82	(5.02)	8.50
HHIS	2.25	(0.15)	0.00	(0.13)	0.00	0.00	4.47	(5.02)	15.75
HPF-U	1.16	(0.04)	0.00	0.19	0.00	0.00	2.37	(2.62)	7.88

Be your own money manager

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