Global X Correlations

HMMJ Etf

CAD 8.73 0.02 0.23%

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

Global X Correlation With Market

Good diversification

The correlation between Global X Marijuana and DJI is -0.05 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Global X Marijuana and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Global X 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 X 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 X - 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 X Marijuana to buy it.

Moving together with Global Etf

0.75	ZWU	BMO Covered Call	Pair Corr
0.79	ZUH	BMO Equal Weight	Pair Corr
0.83	XHC	iShares Global Healthcare	Pair Corr
0.77	HHL	Harvest Healthcare	Pair Corr
0.78	CWW	iShares Global Water	Pair Corr

Moving against Global Etf

0.87	HUN	Global X Natural	Pair Corr
0.76	TEC	TD Global Technology	Pair Corr
0.73	FHE	First Trust Indxx	Pair Corr
0.58	XIT	iShares SPTSX Capped	Pair Corr
0.33	HBLK	Blockchain Technologies	Pair Corr
0.9	CASH	GLOBAL X HIGH	Pair Corr
0.84	TBCF	TD Target 2026	Pair Corr
0.8	ZMBS	BMO Canadian MBS	Pair Corr
0.78	CINV	CI Global Alpha	Pair Corr
0.72	TERM	Manulife Smart Short	Pair Corr
0.7	FBTC	Fidelity Advantage	Pair Corr
0.67	SITU	Scotia Equity Index	Pair Corr
0.65	GIQU	Guardian i3 Quality	Pair Corr
0.62	QCLN	First Trust Nasdaq	Pair Corr
0.58	EQCC	Global X All	Pair Corr
0.58	DCG	Desjardins 1 5	Pair Corr
0.53	ESGG	BMO MSCI Global	Pair Corr
0.47	CEW	iShares Equal Weight	Pair Corr
0.41	ZGRO-T	BMO Growth ETF	Pair Corr
0.38	ZFC	BMO SIA Focused	Pair Corr
0.32	LEAD	Evolve Future Leadership	Pair Corr
0.89	MNY	Purpose Cash Management	Pair Corr
0.87	HPR	Global X Active	Pair Corr
0.85	DXP	Dynamic Active Preferred	Pair Corr
0.79	ZPAY	BMO Premium Yield	Pair Corr
0.76	UBIL-U	Global X 0	Pair Corr
0.76	USCL	Global X Enhanced	Pair Corr

Related Correlations Analysis

	HCRE	BKCL	GLCC	ENCC	UBIL-U	BNKL	SAFE	HXS-U	USCC-U
HCRE		-0.62	0.67	0.34	-0.87	-0.58	0.14	-0.28	-0.46	HCRE
BKCL	-0.62		-0.64	0.05	0.85	0.97	0.52	0.85	0.87	BKCL
GLCC	0.67	-0.64		0.2	-0.73	-0.6	-0.38	-0.5	-0.56	GLCC
ENCC	0.34	0.05	0.2		-0.35	-0.01	0.44	0.06	0.0	ENCC
UBIL-U	-0.87	0.85	-0.73	-0.35		0.84	0.17	0.62	0.71	UBIL-U
BNKL	-0.58	0.97	-0.6	-0.01	0.84		0.49	0.83	0.83	BNKL
SAFE	0.14	0.52	-0.38	0.44	0.17	0.49		0.6	0.49	SAFE
HXS-U	-0.28	0.85	-0.5	0.06	0.62	0.83	0.6		0.93	HXS-U
USCC-U	-0.46	0.87	-0.56	0.0	0.71	0.83	0.49	0.93		USCC-U
	HCRE	BKCL	GLCC	ENCC	UBIL-U	BNKL	SAFE	HXS-U	USCC-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

BNKL	+ 0.97	BKCL
USCC-U	+ 0.93	HXS-U
USCC-U	+ 0.87	BKCL
UBIL-U	+ 0.85	BKCL
HXS-U	+ 0.85	BKCL
BNKL	+ 0.84	UBIL-U

High negative correlations

UBIL-U	- 0.87	HCRE
UBIL-U	- 0.73	GLCC
GLCC	- 0.64	BKCL
BKCL	- 0.62	HCRE
BNKL	- 0.6	GLCC
BNKL	- 0.58	HCRE

Global X Constituents Risk-Adjusted Indicators

There is a big difference between Global Etf performing well and Global X 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 Global X'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
HCRE	0.61	(0.19)	0.00	(4.09)	0.00	0.00	1.20	(1.57)	4.02
BKCL	0.29	0.06	0.09	0.30	0.27	(0.32)	0.59	(0.72)	2.37
GLCC	1.59	(0.02)	0.00	0.24	0.00	0.00	3.61	(3.13)	11.29
ENCC	0.70	0.00	(0.02)	0.00	0.91	(0.69)	1.31	(1.48)	3.45
UBIL-U	0.02	0.00	0.00	0.60	0.00	0.00	0.04	(0.02)	0.44
BNKL	0.46	0.09	0.11	4.89	0.44	(0.53)	0.96	(0.73)	4.11
SAFE	0.49	(0.02)	0.00	(0.10)	0.00	0.00	0.82	(0.89)	3.14
HXS-U	0.60	0.03	0.03	0.08	0.84	(0.60)	1.28	(1.57)	5.32
USCC-U	0.50	0.04	0.03	0.11	0.74	(0.52)	1.30	(1.43)	4.24

Be your own money manager

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