Bank of Montreal Correlations

JETD Etf

14.86 0.19 1.30%

The current 90-days correlation between Bank of Montreal and First Trust Indxx is -0.7 (i.e., Excellent diversification). The correlation of Bank of Montreal 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.

Bank of Montreal Correlation With Market

Excellent diversification

The correlation between Bank of Montreal and DJI is -0.61 (i.e., Excellent diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Bank of Montreal and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Bank of Montreal. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in estimate.

For information on how to trade Bank Etf refer to our How to Trade Bank Etf guide.

Moving together with Bank Etf

0.88	SH	ProShares Short SP500	Pair Corr
0.84	PSQ	ProShares Short QQQ	Pair Corr
0.93	SPXU	ProShares UltraPro Short	Pair Corr
0.88	SDS	ProShares UltraShort	Pair Corr
0.93	SPXS	Direxion Daily SP	Pair Corr
0.9	QID	ProShares UltraShort QQQ	Pair Corr
0.95	RWM	ProShares Short Russ	Pair Corr
0.88	SPDN	Direxion Daily SP	Pair Corr
0.85	TAIL	Cambria Tail Risk	Pair Corr
0.88	DOG	ProShares Short Dow30 Sell-off Trend	Pair Corr

Moving against Bank Etf

0.92	UPRO	ProShares UltraPro SP500	Pair Corr
0.9	XTOC	Innovator ETFs Trust	Pair Corr
0.89	QTOC	Innovator ETFs Trust	Pair Corr
0.89	XTJA	Innovator ETFs Trust	Pair Corr
0.85	QTJA	Innovator ETFs Trust	Pair Corr
0.59	QTAP	Innovator Growth 100 Low Volatility	Pair Corr
0.4	XTAP	Innovator Equity Acc Low Volatility	Pair Corr
0.88	AXP	American Express Sell-off Trend	Pair Corr
0.84	BAC	Bank of America Sell-off Trend	Pair Corr
0.65	DIS	Walt Disney	Pair Corr
0.63	BA	Boeing	Pair Corr
0.63	HPQ	HP Inc	Pair Corr
0.59	CAT	Caterpillar	Pair Corr
0.46	MSFT	Microsoft	Pair Corr
0.41	AA	Alcoa Corp	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		-0.04	0.59	-0.54	0.32	0.42	0.26	0.9	-0.75	-0.01	META
MSFT	-0.04		-0.62	0.09	-0.79	0.69	0.89	0.1	0.44	-0.52	MSFT
UBER	0.59	-0.62		-0.35	0.8	-0.25	-0.53	0.53	-0.85	0.54	UBER
F	-0.54	0.09	-0.35		-0.05	-0.04	-0.08	-0.39	0.56	0.31	F
T	0.32	-0.79	0.8	-0.05		-0.57	-0.71	0.17	-0.65	0.58	T
A	0.42	0.69	-0.25	-0.04	-0.57		0.79	0.62	0.1	-0.3	A
CRM	0.26	0.89	-0.53	-0.08	-0.71	0.79		0.33	0.24	-0.58	CRM
JPM	0.9	0.1	0.53	-0.39	0.17	0.62	0.33		-0.63	0.07	JPM
MRK	-0.75	0.44	-0.85	0.56	-0.65	0.1	0.24	-0.63		-0.31	MRK
XOM	-0.01	-0.52	0.54	0.31	0.58	-0.3	-0.58	0.07	-0.31		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

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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

JPM	+ 0.9	META
CRM	+ 0.89	MSFT
T	+ 0.8	UBER
CRM	+ 0.79	A
A	+ 0.69	MSFT
JPM	+ 0.62	A

High negative correlations

MRK	- 0.85	UBER
T	- 0.79	MSFT
MRK	- 0.75	META
CRM	- 0.71	T
MRK	- 0.65	T
MRK	- 0.63	JPM

Bank of Montreal Competition Risk-Adjusted Indicators

There is a big difference between Bank Etf performing well and Bank of Montreal 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 Bank of Montreal'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
META	1.59	0.02	0.00	(0.05)	0.00	0.00	2.57	(3.73)	8.90
MSFT	1.12	(0.15)	0.00	(0.28)	0.00	0.00	2.58	(2.14)	10.31
UBER	1.88	0.41	0.19	0.74	2.06	(2.04)	4.72	(3.13)	12.75
F	1.47	0.07	0.03	0.00	2.22	(1.39)	2.71	(2.89)	10.14
T	1.04	0.26	0.16	0.40	1.61	(1.11)	1.90	(1.75)	11.66
A	1.15	(0.15)	0.00	(0.23)	0.00	0.00	2.92	(2.59)	9.03
CRM	1.38	(0.27)	0.00	(0.31)	0.00	0.00	2.72	(3.81)	8.88
JPM	1.10	0.09	0.05	0.02	1.74	(1.04)	1.99	(3.35)	6.85
MRK	1.17	(0.11)	0.00	1.52	0.00	0.00	2.07	(1.80)	11.58
XOM	1.06	0.11	0.10	0.17	1.39	(1.08)	2.55	(2.36)	5.89

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