Manulife Multifactor Correlations

MUMC-B Etf

CAD 50.60 0.58 1.13%

The correlation of Manulife Multifactor 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.

Manulife Multifactor Correlation With Market

Very weak diversification

The correlation between Manulife Multifactor Mid and DJI is 0.5 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Manulife Multifactor Mid 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 Mid to buy it.

Moving together with Manulife Etf

0.91	XSP	iShares Core SP	Pair Corr
0.95	ZSP	BMO SP 500	Pair Corr
0.94	VFV	Vanguard SP 500	Pair Corr
0.93	ZEB	BMO SPTSX Equal	Pair Corr
0.9	HBLK	Blockchain Technologies	Pair Corr
0.81	HBGD	Global X Big	Pair Corr
0.79	CHPS	Global X Semiconductor	Pair Corr
0.9	RUBH	RBC Banks Yield	Pair Corr

Moving against Manulife Etf

0.75	HUN	Global X Natural	Pair Corr
0.42	FHE	First Trust Indxx	Pair Corr
0.35	ZAG	BMO Aggregate Bond	Pair Corr
0.34	XBB	iShares Canadian Universe	Pair Corr

Related Correlations Analysis

	BSKT	MUMC	IDEF-B	TERM	CBND	MINT	MINT-B	UDIV	MUMC-B
BSKT		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	BSKT
MUMC	0.0		-0.81	-0.36	-0.24	-0.29	-0.56	0.9	0.95	MUMC
IDEF-B	0.0	-0.81		0.57	0.42	0.54	0.75	-0.73	-0.82	IDEF-B
TERM	0.0	-0.36	0.57		0.95	0.93	0.89	-0.31	-0.45	TERM
CBND	0.0	-0.24	0.42	0.95		0.86	0.81	-0.21	-0.33	CBND
MINT	0.0	-0.29	0.54	0.93	0.86		0.89	-0.2	-0.4	MINT
MINT-B	0.0	-0.56	0.75	0.89	0.81	0.89		-0.48	-0.63	MINT-B
UDIV	0.0	0.9	-0.73	-0.31	-0.21	-0.2	-0.48		0.89	UDIV
MUMC-B	0.0	0.95	-0.82	-0.45	-0.33	-0.4	-0.63	0.89		MUMC-B
	BSKT	MUMC	IDEF-B	TERM	CBND	MINT	MINT-B	UDIV	MUMC-B

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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-B	+ 0.95	MUMC
CBND	+ 0.95	TERM
MINT	+ 0.93	TERM
UDIV	+ 0.9	MUMC
MINT-B	+ 0.89	TERM
MINT-B	+ 0.89	MINT

High negative correlations

MUMC-B	- 0.82	IDEF-B
IDEF-B	- 0.81	MUMC
UDIV	- 0.73	IDEF-B
MUMC-B	- 0.63	MINT-B
MINT-B	- 0.56	MUMC
UDIV	- 0.48	MINT-B

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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
BSKT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
MUMC	0.59	(0.04)	0.00	(0.28)	0.00	0.00	1.34	(1.19)	4.51
IDEF-B	0.20	0.09	0.00	0.67	0.00	0.00	0.30	0.00	5.27
TERM	0.11	0.01	0.07	(3.35)	0.00	(0.15)	0.21	(0.21)	0.83
CBND	0.25	0.02	0.05	0.56	0.22	(0.32)	0.65	(0.43)	1.63
MINT	0.52	0.13	0.16	0.79	0.62	(0.58)	1.13	(1.03)	4.16
MINT-B	0.59	0.09	0.12	1.37	0.60	(0.65)	1.49	(0.91)	3.55
UDIV	0.66	0.01	0.02	0.02	0.75	(0.75)	1.34	(1.11)	5.24
MUMC-B	0.67	(0.06)	0.00	(0.12)	0.00	0.00	1.40	(1.61)	3.30

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.

Did you try this?

Run Stocks Directory Now

Stocks Directory

Find actively traded stocks across global markets

All Next

Launch Module

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC