BMO Government Correlations

ZGB Etf  CAD 46.85  0.07  0.15%   
The current 90-days correlation between BMO Government Bond and BMO Corporate Bond is 0.1 (i.e., Average diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as BMO Government moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if BMO Government Bond moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

BMO Government Correlation With Market

Significant diversification

The correlation between BMO Government Bond and DJI is 0.09 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding BMO Government Bond and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to BMO Government could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace BMO Government 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 BMO Government - 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 BMO Government Bond to buy it.

Moving together with BMO Etf

  0.91ZAG BMO Aggregate BondPairCorr
  0.91XBB iShares Canadian UniversePairCorr
  0.89ZCPB BMO Core PlusPairCorr
  0.91ZDB BMO Discount BondPairCorr
  0.91XGB iShares Canadian GovPairCorr
  0.89ZMP BMO Mid ProvincialPairCorr
  0.9ZFM BMO Mid FederalPairCorr
  0.88XQB iShares High QualityPairCorr
  0.91HBB Global X CanadianPairCorr
  0.88CCRE CIBC Core FixedPairCorr
  0.86XLB iShares Core CanadianPairCorr
  0.81VLB Vanguard Canadian LongPairCorr
  0.9VGV Vanguard CanadianPairCorr
  0.76CLF iShares 1 5PairCorr
  0.73DCG Desjardins 1 5PairCorr
  0.89XRB iShares Canadian RealPairCorr
  0.85CBH iShares 1 10YrPairCorr

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   
JPMMETA
CRMMSFT
TMETA
TUBER
JPMUBER
XOMF
  
High negative correlations   
MRKMETA
MRKJPM
MRKT
MRKUBER
UBERMSFT
FMETA

BMO Government Competition Risk-Adjusted Indicators

There is a big difference between BMO Etf performing well and BMO Government 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 BMO Government'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
META  1.36  0.28  0.17  0.57  1.44 
 3.22 
 7.11 
MSFT  1.03 (0.05) 0.00 (0.16) 0.00 
 2.20 
 10.31 
UBER  1.95  0.16  0.06  3.78  2.78 
 4.72 
 12.29 
F  1.35 (0.11) 0.00 (0.13) 0.00 
 2.55 
 10.97 
T  0.94  0.30  0.27  0.50  0.88 
 1.90 
 7.94 
A  1.07 (0.03) 0.00 (0.07) 0.00 
 2.81 
 9.03 
CRM  1.45 (0.15) 0.00 (0.22) 0.00 
 2.21 
 15.92 
JPM  0.89  0.14  0.11  0.15  1.16 
 1.97 
 6.85 
MRK  1.26 (0.10) 0.00 (2.54) 0.00 
 2.15 
 11.57 
XOM  0.91 (0.12) 0.00 (0.25) 0.00 
 1.76 
 5.69 

Be your own money manager

Our tools can tell you how much better you can do entering a position in BMO Government 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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