Manulife Multifactor Correlations

Etfs . Canada . 
Etf . Manulife Multifactor Canadian
MCLC Etf  CAD 43.21  0.16  0.37%   
The current 90-days correlation between Manulife Multifactor and Manulife Multifactor Large is 0.09 (i.e., Significant diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Manulife Multifactor moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Manulife Multifactor Canadian moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Manulife Multifactor Correlation With Market

Weak diversification

The correlation between Manulife Multifactor Canadian and DJI is 0.37 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Manulife Multifactor Canadian and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Manulife Multifactor could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Manulife Multifactor 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 Manulife Multifactor - 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 Manulife Multifactor Canadian to buy it.

Moving together with Manulife Etf

  0.99XIU iShares SPTSX 60PairCorr
  1.0XIC iShares Core SPTSXPairCorr
  1.0ZCN BMO SPTSX CappedPairCorr
  1.0VCN Vanguard FTSE CanadaPairCorr
  0.99HXT Global X SPTSXPairCorr
  1.0QCN Mackenzie Canadian EquityPairCorr
  0.98WXM First Asset MorningstarPairCorr
  0.98TTP TD Canadian EquityPairCorr
  0.99VCE Vanguard FTSE CanadaPairCorr
  0.97BNC Purpose Canadian FinPairCorr
  0.91ZGQ BMO MSCI AllPairCorr
  0.94XQQ iShares NASDAQ 100PairCorr
  0.96QQC Invesco NASDAQ 100PairCorr
  0.95XMU iShares MSCI MinPairCorr
  0.93XHU iShares High DividendPairCorr
  0.95ZDJ BMO Dow JonesPairCorr

Moving against Manulife Etf

  0.93HQD BetaPro NASDAQ 100PairCorr

Related Correlations Analysis

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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   
MUMC
+ 0.99
MULC
MCSM
+ 0.85
MULC
MCSM
+ 0.85
MINT
MCSM
+ 0.82
MUMC
MINT
+ 0.79
MULC
MINT
+ 0.73
MUMC
  
High negative correlations   
MGB
- 0.36
MCSM
MGB
- 0.22
MULC
MGB
- 0.21
MUMC
MGB
- 0.17
MINT

Manulife Multifactor Constituents Risk-Adjusted Indicators

There is a big difference between Manulife Etf performing well and Manulife Multifactor 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 Manulife Multifactor'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.

Be your own money manager

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