Mackenzie Canadian Correlations

QBB Etf

CAD 94.91 0.37 0.39%

The current 90-days correlation between Mackenzie Canadian and Mackenzie Core Plus is 0.2 (i.e., Modest diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Mackenzie Canadian moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Mackenzie Canadian Aggregate moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Mackenzie Canadian Correlation With Market

Average diversification

The correlation between Mackenzie Canadian Aggregate and DJI is 0.11 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Mackenzie Canadian Aggregate and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Mackenzie Canadian 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 Canadian 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 Canadian - 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 Canadian Aggregate to buy it.

Moving together with Mackenzie Etf

0.92	ZAG	BMO Aggregate Bond	Pair Corr
0.92	XBB	iShares Canadian Universe	Pair Corr
0.9	ZCPB	BMO Core Plus	Pair Corr
0.99	ZDB	BMO Discount Bond	Pair Corr
0.92	XGB	iShares Canadian Gov	Pair Corr
0.99	ZMP	BMO Mid Provincial	Pair Corr
0.92	ZFM	BMO Mid Federal	Pair Corr
0.89	XQB	iShares High Quality	Pair Corr
0.92	HBB	Global X Canadian	Pair Corr
0.91	CCRE	CIBC Core Fixed	Pair Corr
0.88	XLB	iShares Core Canadian	Pair Corr
0.73	XFR	iShares Floating Rate	Pair Corr
0.86	VLB	Vanguard Canadian Long	Pair Corr
0.99	VGV	Vanguard Canadian	Pair Corr
0.9	CLF	iShares 1 5	Pair Corr
0.87	DCG	Desjardins 1 5	Pair Corr
0.78	ZFS-L	BMO Short Federal	Pair Corr
0.96	XRB	iShares Canadian Real	Pair Corr
0.79	UBIL-U	Global X 0	Pair Corr
0.84	CAGS	CI Canadian Short	Pair Corr
0.8	DRMD	Desjardins RI Developed	Pair Corr
0.79	VE	Vanguard FTSE Developed	Pair Corr
0.65	SVR	iShares Silver Bullion	Pair Corr
0.74	DRFE	Desjardins RI Emerging	Pair Corr
0.74	VIDY	Vanguard FTSE Developed	Pair Corr
0.88	QSB	Mackenzie Canadian	Pair Corr
0.75	HXX	Global X Europe	Pair Corr
0.75	XEM	iShares MSCI Emerging	Pair Corr
0.91	PSB	Invesco 1 5	Pair Corr
0.73	HUTL	Harvest Equal Weight	Pair Corr
0.74	KILO	Purpose Gold Bullion	Pair Corr
0.68	VALT	CI Gold Bullion	Pair Corr
0.76	ESGE	BMO MSCI EAFE	Pair Corr
0.78	HHL-B	Harvest Healthcare	Pair Corr
0.71	EHE	CI Europe Hedged	Pair Corr
0.88	RBO	RBC 1 5	Pair Corr
0.92	VCB	Vanguard Canadian	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		-0.2	0.68	-0.48	0.47	0.32	0.11	0.89	-0.78	0.18	META
MSFT	-0.2		-0.65	0.38	-0.76	0.64	0.88	-0.04	0.52	-0.25	MSFT
UBER	0.68	-0.65		-0.49	0.8	-0.23	-0.56	0.6	-0.86	0.45	UBER
F	-0.48	0.38	-0.49		-0.24	0.18	0.23	-0.38	0.64	0.24	F
T	0.47	-0.76	0.8	-0.24		-0.53	-0.67	0.28	-0.69	0.44	T
A	0.32	0.64	-0.23	0.18	-0.53		0.74	0.56	0.14	-0.04	A
CRM	0.11	0.88	-0.56	0.23	-0.67	0.74		0.2	0.33	-0.3	CRM
JPM	0.89	-0.04	0.6	-0.38	0.28	0.56	0.2		-0.66	0.19	JPM
MRK	-0.78	0.52	-0.86	0.64	-0.69	0.14	0.33	-0.66		-0.27	MRK
XOM	0.18	-0.25	0.45	0.24	0.44	-0.04	-0.3	0.19	-0.27		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	+ 0.89	META
CRM	+ 0.88	MSFT
T	+ 0.8	UBER
CRM	+ 0.74	A
UBER	+ 0.68	META
A	+ 0.64	MSFT

High negative correlations

MRK	- 0.86	UBER
MRK	- 0.78	META
T	- 0.76	MSFT
MRK	- 0.69	T
CRM	- 0.67	T
MRK	- 0.66	JPM

Mackenzie Canadian Competition Risk-Adjusted Indicators

There is a big difference between Mackenzie Etf performing well and Mackenzie Canadian 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 Mackenzie Canadian'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	1.57	0.08	0.00	(0.01)	0.00	0.00	2.57	(3.59)	8.90
MSFT	1.10	(0.14)	0.00	(0.31)	0.00	0.00	2.58	(2.14)	10.31
UBER	1.93	0.23	0.10	0.33	2.40	(2.00)	4.72	(3.30)	12.75
F	1.44	0.06	0.00	(0.04)	0.00	0.00	2.71	(2.89)	10.14
T	1.04	0.28	0.18	0.42	1.60	(1.11)	1.90	(1.75)	11.66
A	1.14	(0.15)	0.00	(0.25)	0.00	0.00	2.92	(2.59)	9.03
CRM	1.42	(0.23)	0.00	(0.30)	0.00	0.00	2.72	(3.81)	8.88
JPM	1.09	0.05	0.00	(0.05)	0.00	0.00	1.99	(3.35)	6.85
MRK	1.21	(0.11)	0.00	2.40	0.00	0.00	2.07	(2.25)	11.58
XOM	1.05	0.06	0.08	0.06	1.38	(1.09)	2.55	(2.36)	5.89

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Our tools can tell you how much better you can do entering a position in Mackenzie Canadian 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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