MegaLong Canadian Correlations
| BNKU Etf | 33.72 1.44 2.10% |
A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as MegaLong Canadian moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if MegaLong Canadian Banks moves in either direction, the perfectly negatively correlated security will move in the opposite direction.
MegaLong |
The ability to find closely correlated positions to MegaLong 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 MegaLong 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 MegaLong 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 MegaLong Canadian Banks to buy it.
Moving together with MegaLong Etf
| 0.94 | XIU | iShares SPTSX 60 | PairCorr |
| 0.88 | XSP | iShares Core SP | PairCorr |
| 0.94 | XIC | iShares Core SPTSX | PairCorr |
| 0.93 | ZAG | BMO Aggregate Bond | PairCorr |
| 0.93 | XBB | iShares Canadian Universe | PairCorr |
| 0.94 | ZCN | BMO SPTSX Capped | PairCorr |
| 0.9 | ZSP | BMO SP 500 | PairCorr |
| 0.87 | TCLB | TD Canadian Long | PairCorr |
| 0.9 | VFV | Vanguard SP 500 | PairCorr |
| 0.87 | ZEB | BMO SPTSX Equal | PairCorr |
Related Correlations Analysis
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
| High negative correlations
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MegaLong Canadian Competition Risk-Adjusted Indicators
There is a big difference between MegaLong Etf performing well and MegaLong 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 MegaLong 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 | 1.28 | (0.25) | 0.00 | 1.02 | 0.00 | 2.12 | 14.49 | |||
| MSFT | 0.78 | (0.13) | 0.00 | (0.06) | 0.00 | 1.85 | 5.08 | |||
| UBER | 1.45 | (0.06) | (0.03) | 0.06 | 1.83 | 3.34 | 9.09 | |||
| F | 1.37 | 0.11 | 0.10 | 0.19 | 1.44 | 3.66 | 16.30 | |||
| T | 0.97 | (0.19) | 0.00 | (0.55) | 0.00 | 1.82 | 6.25 | |||
| A | 1.33 | 0.26 | 0.22 | 0.32 | 0.92 | 3.82 | 10.46 | |||
| CRM | 1.56 | (0.03) | (0.02) | 0.09 | 2.15 | 3.59 | 9.91 | |||
| JPM | 0.79 | 0.16 | 0.02 | (1.09) | 0.99 | 1.67 | 4.74 | |||
| MRK | 1.17 | 0.14 | 0.01 | (1.58) | 1.16 | 1.80 | 11.45 | |||
| XOM | 0.86 | 0.15 | 0.03 | 1.52 | 1.02 | 1.77 | 4.70 |
MegaLong Canadian 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 MegaLong Canadian etf to make a market-neutral strategy. Peer analysis of MegaLong Canadian could also be used in its relative valuation, which is a method of valuing MegaLong Canadian by comparing valuation metrics with similar companies.
| Risk & Return | Correlation |