Mackenzie Bluewater Correlations

MFC091 Fund

18.41 0.10 0.54%

The current 90-days correlation between Mackenzie Bluewater and Mackenzie Ivy European is 0.2 (i.e., Modest diversification). The correlation of Mackenzie Bluewater 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.

Mackenzie Bluewater Correlation With Market

Poor diversification

The correlation between Mackenzie Bluewater Canadian and DJI is 0.65 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mackenzie Bluewater Canadian and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Mackenzie Fund

0.88	0P0000706A	RBC Select Balanced	Pair Corr
0.93	0P00007069	RBC Portefeuille	Pair Corr
0.83	0P0000IUYO	Edgepoint Global Por	Pair Corr
0.95	0P0001FAU8	TD Comfort Balanced	Pair Corr
0.61	0P00012UCU	RBC Global Equity	Pair Corr

Related Correlations Analysis

	0P0001N8MZ	MFC4644	MFC296	MFC091	FTHI	0P00007694	BLB-UN	0P000075GQ
0P0001N8MZ		-0.19	0.0	0.62	0.13	0.31	-0.13	0.42	0P0001N8MZ
MFC4644	-0.19		0.0	0.45	0.72	-0.11	0.56	0.33	MFC4644
MFC296	0.0	0.0		0.0	0.0	0.0	0.0	0.0	MFC296
MFC091	0.62	0.45	0.0		0.74	0.38	0.3	0.6	MFC091
FTHI	0.13	0.72	0.0	0.74		0.38	0.47	0.42	FTHI
0P00007694	0.31	-0.11	0.0	0.38	0.38		0.2	-0.13	0P00007694
BLB-UN	-0.13	0.56	0.0	0.3	0.47	0.2		0.19	BLB-UN
0P000075GQ	0.42	0.33	0.0	0.6	0.42	-0.13	0.19		0P000075GQ
	0P0001N8MZ	MFC4644	MFC296	MFC091	FTHI	0P00007694	BLB-UN	0P000075GQ

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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

FTHI	+ 0.74	MFC091
FTHI	+ 0.72	MFC4644
MFC091	+ 0.62	0P0001N8MZ
0P000075GQ	+ 0.6	MFC091
BLB-UN	+ 0.56	MFC4644
BLB-UN	+ 0.47	FTHI

High negative correlations

MFC4644	- 0.19	0P0001N8MZ
0P000075GQ	- 0.13	0P00007694
BLB-UN	- 0.13	0P0001N8MZ
0P00007694	- 0.11	MFC4644
0P000075GQ	- 0.0	MFC296
BLB-UN	- 0.0	MFC296

Risk-Adjusted Indicators

There is a big difference between Mackenzie Fund performing well and Mackenzie Bluewater 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 Mackenzie Bluewater'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
0P0001N8MZ	0.56	0.05	0.13	0.40	0.72	(0.55)	1.21	(1.12)	3.25
MFC4644	1.04	(0.13)	0.00	(0.27)	0.00	0.00	2.00	(2.02)	5.79
MFC296	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
MFC091	0.61	0.02	0.00	(0.03)	0.00	0.00	1.16	(1.31)	2.80
FTHI	0.53	(0.03)	0.00	(0.17)	0.00	0.00	1.04	(1.26)	3.79
0P00007694	0.71	(0.11)	0.00	0.69	0.00	0.00	1.16	(1.63)	6.45
BLB-UN	0.42	(0.01)	0.05	0.03	0.62	(1.76)	1.79	(1.86)	4.46
0P000075GQ	0.04	(0.02)	0.00	(0.70)	0.00	0.00	0.11	0.00	1.42

Mackenzie Bluewater Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with Mackenzie Bluewater fund to make a market-neutral strategy. Peer analysis of Mackenzie Bluewater could also be used in its relative valuation, which is a method of valuing Mackenzie Bluewater by comparing valuation metrics with similar companies.

Mackenzie Ivy European Mackenzie All Cap Mackenzie Glo Small Mackenzie Bluewater Canadian Fidelity Tactical High Fidelity ClearPath 2045 Bloom Select Income 0P000075GQ American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup SentinelOne CVS Health Corp

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