Global Healthcare Correlations

HIG Fund

CAD 8.21 0.03 0.37%

The current 90-days correlation between Global Healthcare Income and Tech Leaders Income is 0.22 (i.e., Modest diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Global Healthcare moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Global Healthcare Income moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Global Healthcare Correlation With Market

Modest diversification

The correlation between Global Healthcare Income and DJI is 0.2 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Global Healthcare Income and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Global 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 Global 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 Global 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 Global Healthcare Income to buy it.

Moving against Global Fund

0.86	0P000075FV	Fidelity Canadian Growth	Pair Corr
0.85	0P00012UCU	RBC Global Equity	Pair Corr
0.78	0P00007069	RBC Portefeuille	Pair Corr
0.77	0P0000706A	RBC Select Balanced	Pair Corr
0.75	0P00007065	RBC mondial dnergie	Pair Corr
0.73	0P0000IUYO	Edgepoint Global Por	Pair Corr
0.61	0P0001FAU8	TD Comfort Balanced	Pair Corr

Related Correlations Analysis

	TLF	BDIV	FINC	XHB	EDGF	SOLR	0P0000OXA6	ALA-PA	ECO	TKU
TLF		0.93	0.73	0.65	0.34	-0.59	0.92	-0.32	-0.01	-0.77	TLF
BDIV	0.93		0.71	0.68	0.39	-0.6	0.95	-0.12	-0.07	-0.7	BDIV
FINC	0.73	0.71		0.57	0.5	-0.27	0.71	-0.5	0.18	-0.76	FINC
XHB	0.65	0.68	0.57		0.28	-0.51	0.69	-0.12	-0.08	-0.68	XHB
EDGF	0.34	0.39	0.5	0.28		0.06	0.3	-0.3	0.29	-0.17	EDGF
SOLR	-0.59	-0.6	-0.27	-0.51	0.06		-0.65	-0.12	0.18	0.56	SOLR
0P0000OXA6	0.92	0.95	0.71	0.69	0.3	-0.65		-0.18	-0.21	-0.75	0P0000OXA6
ALA-PA	-0.32	-0.12	-0.5	-0.12	-0.3	-0.12	-0.18		-0.25	0.33	ALA-PA
ECO	-0.01	-0.07	0.18	-0.08	0.29	0.18	-0.21	-0.25		0.05	ECO
TKU	-0.77	-0.7	-0.76	-0.68	-0.17	0.56	-0.75	0.33	0.05		TKU
	TLF	BDIV	FINC	XHB	EDGF	SOLR	0P0000OXA6	ALA-PA	ECO	TKU

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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

0P0000OXA6	+ 0.95	BDIV
BDIV	+ 0.93	TLF
0P0000OXA6	+ 0.92	TLF
FINC	+ 0.73	TLF
FINC	+ 0.71	BDIV
0P0000OXA6	+ 0.71	FINC

High negative correlations

TKU	- 0.77	TLF
TKU	- 0.76	FINC
TKU	- 0.75	0P0000OXA6
TKU	- 0.7	BDIV
TKU	- 0.68	XHB
0P0000OXA6	- 0.65	SOLR

Risk-Adjusted Indicators

There is a big difference between Global Fund performing well and Global Healthcare Fund 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 Global 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
TLF	0.78	0.02	(0.01)	0.16	1.07	(0.84)	1.85	(2.33)	5.73
BDIV	0.54	0.07	(0.04)	0.44	0.71	(0.60)	1.00	(1.23)	4.61
FINC	0.11	0.01	0.00	0.60	0.00	0.00	0.37	0.00	2.23
XHB	0.21	0.03	(0.38)	0.34	0.00	(0.29)	0.52	(0.31)	1.07
EDGF	0.83	0.01	(0.07)	0.27	1.12	(1.22)	2.26	(1.87)	6.36
SOLR	6.76	0.09	0.00	0.21	8.90	(25.00)	25.00	(20.00)	58.33
0P0000OXA6	0.51	0.08	0.01	0.31	0.46	(0.56)	1.15	(1.18)	4.34
ALA-PA	0.53	0.02	(0.13)	0.30	0.64	(0.62)	1.15	(1.45)	3.73
ECO	1.52	0.06	(0.06)	0.01	1.91	(1.74)	3.84	(3.00)	11.63
TKU	7.01	0.56	0.01	(0.21)	9.88	(38.89)	33.33	(25.00)	83.33

Be your own money manager

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